Trump was supposed to unlock the opi, Coreweave’s debut reflects skepticism

He was supposed to fall that way.

The presidency of Trump was scheduled to mark an avalanche of money to the markets, stimulated by a new era of deregulation and lower taxes that would lead to high -value technological companies from the cost and public exchanges after four years of four years. calm in initial public offers.

Goldman Sachs CEO David Solomon He said in January that he felt a “more constructive optimism” and that the OPI market “is going to collect.”

But just over two months later President Donald Trump’s Second term of the White House, the first test case has been a failure.

After reducing your information about your opi at night and prices below your expected range, Coreweave was No changes in your market debut On Friday, closing at $ 40 and leaving the company with a market capitalization that is just where the company was valued by private investors a year ago.

The debut coincided with 2.7% nasdaq On Friday, a decrease that reduced the technological nightmare index more than 10% in 2025 and in pace of its worst quarterly performance since mid -2022.

Macro concerns are being promoted by President Trump duty In the main commercial partners of the United States and the dramatic cuts of government costs, movements that combine to simultaneously increase prices and lift unemployment. He deterioration in the feeling of the consumer It was even worse than expected in March when inflation concerns intensified, according to a survey from the University of Michigan published on Friday.

All of that created a difficult backdrop for Coreweave to try to open the OPI market, particularly given the concerns revolving around the company and its assessment. Coreweave is one of the main suppliers of Nvidia Graphics processing units, or GPU, for artificial intelligence training and workloads. The demand has been so hot that Coreweave’s revenues rose more than 700% last year to almost 2 billion.

However, Coreweave counts in Microsoft For more than 60% of sales and registered a net loss of $ 863 million last year, due to considerable costs of GPUs and expenses associated with lease and operation data centers. As of December 31, the company had a debt of $ 8 billion.

“It is a bit disappointing that the price has been reduced so significantly outdoors,” said a hippeau lerer partner, “Money Movers” of CNBC. “This company has some idiosyncrasy around debt levels and income concentration that I think makes it a little challenged.”

The other companies related to the technology that have been presented to the public this year have very different profiles. Hinge health It is a digital health company that uses software to help patients treat pain and injuries, while Clear He is an online lender and Tray Directs a ticket market.

Those are some of the names that investors are waiting to see in the market in the near future, with the hope of a rebound after technology opi almost stopped at the end of 2021 and have barely stopped since then. According Insights CBThere are more than 1,200 new companies worldwide worth at least $ 1 billion in the private market. More than 50 of them have been valued at $ 10 billion or more.

Despite OPI’s scarcity, new higher profile companies have been able to raise cash from coverage funds, private capital companies and sovereign wealth funds, which have jumped to the risk capital game from the late stage. In addition, Megacap’s technological companies, including Microsoft, Google, Amazon and Nvidia (one of the key coreweave investors) has poured billions of dollars in private companies.

“If they are the founders or CEO of these companies, you do not want to deal with public markets. There is a lot of demand for these private buyers,” said Medved. “There are not so many incentives to leave.”

Coreweave could be fine. The action could appear at any time and the broader market could recover in the second quarter, which raises the confidence of investors in the OPI. And Coreweave has the benefit of approximately $ 1.5 billion in fresh capital of its sale of shares, despite the fact that this is well below the $ 2.7 billion that would have collected at the upper end of their range.

But the warm reception contrasts with how the opis were seen during the record years of 2020 and 2021, when technological companies would increase the range, the price above the upper end and still see the leap In your debut.

CEO and co -founder of Coreweave Michael Intora He told “Squawk Box” of CNBC that the company’s price of the company reflected “many winds against the macro.”

“We believe that as public markets know us, we know how we execute, we know how we build our infrastructure, we know how we build our relationships with customers and the incredible capacity of our solutions, the company will be very successful,” said Intora.

LOOK: Coreweave’s shares begin to quote after opening at $ 39 per share