Coreweave opens to $ 39 after the largest American technological IPO since 2021

CoreweaveThe shares opened to $ 39 and closed to $ 40 in their debut in Nasdaq on Friday after the company sold shares to $ 40 per piece, below the expected range.

The seller of artificial intelligence technology in the cloud raised $ 1.5 billion In its sale of shares, the best outpost with technological leaders in the USA since 2021.

The offer has captured the attention of investors from Wall Street to Silicon Valley, since Coreweave represents the first IPO of AI of pure game and the largest technological debut in the United States in four years. The OPI market has been largely closed since the late 2021, since the technology industry calculated with the increase in inflation and interest rates.

Technological actions are not doing choreweave any favor. The company reached the market on a day when Nasdaq went out at almost 3%, addressing its worst quarterly performance since mid -2012. The heavy technological index has dropped 10% so far this year.

As an OpenAi supplier, Coreweave is among the beneficiaries of the generative boom of AI who began with the launch of Chatgpt in the late 2022. MicrosoftThat provides OpenAi cloud services, is the largest customer in Coreweave, which represents 62% of the revenues of $ 1.92 billion of the company last year.

Coreweave rent access to hundreds of thousands of Nvidia Graphic processing units for other companies of great technology and artificial intelligence, including Goal, IBM and Cohere. Its toughest competition comes from the best suppliers of the cloud: Microsoft, Amazon, Google and Oracle.

Coreweave reported a net loss of $ 863 million last year, with the income that rose 737% compared to the previous year. It is a capital intensive business due to the high costs of renting and operating data centers. Coreweave has raised almost $ 13 billion in debt, with much of that assigned for GPUs that enter the company’s leased facilities in the United States and abroad.

After initially establishing its objective price at $ 47 to $ 55, with a plan to collect around $ 2.5 billion in half of the range, Coreweave lost the offer, a reflection of investor skepticism.

“There are many winds against in the macro,” said the CEO of Coreweave Michael Intora in “Squawk Box” of CNBC on Friday. “And we definitely had to climb or rights the transaction from where the purchase interest was.”

Few technology companies have debuted in US exchanges. In recent years. Only 13 OPI of technology backed by companies in 2022, 2023 and 2024 were combined, compared to 77 in the 2021 record year, according to Jay Ritter, Professor Emeritus of Finance at the University of Florida.

Coreweave’s offer is the UPO of USA. Uipath‘S $ 1.57 billion of the New York Stock Exchange Debut in 2021.

From Coreweave He presented his prospect With the SEC on March 3, the Hinge Health Digital Physiotherapy Company, the Swedish online lender Klarna and the Stubhub ticket market have followed. Discord, who executes a popular chat software, has hired banks for an IPO, Bloomberg reported on Wednesday.

If the agreement is negotiated well, the arrival of Coreweave to Nasdaq could inspire a “AI parade” To public markets, Mark Klein, CEO of Suro Capitalthat invests in private companies, he told CNBC before.

The Databricks Data Analysis Company, which partially generates income by executing artificial intelligence models on behalf of customers, announced a round of funds in a Valuation of $ 62 billion In December. Openai was closing In a financing round with an assessment of $ 260 billion last month.

Coreweave was founded in 2017 and is based in Livingston, New Jersey. The company had 881 employees at the end of 2024. Before the OPI, Intora controlled 38% of Coreweave’s vote power, while Nvidia had 1%. Other investors include Fidelity and Magnetar.

On Thursday CNBC reported that Nvidia was Anchor the IPO at $ 40 per share with an order of $ 250 million.

Nvidia is also a customer in addition to a key provider and investor of Coreweave, since it has paid the cloud supplier $ 320 million as of December 31, according to the prospect.

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