CoreWeave Whipsaws After Heavily Downsized $1.5 Billion IPO
More than three quarters of CoreWeave’s 2024 revenue was generated by business with its two biggest customers, one of which was Microsoft Corp.
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CoreWeave Inc. fluctuated between gains and losses in its market debut after the cloud-computing provider raised $1.5 billion in a downsized initial public offering.
The company’s stock opened at $39 each on Friday, 2.5% below the $40 per share initial public offering, before closing at the same price it sold shares to investors. The cloud-computing provider sold 37.5 million shares at $40 apiece, down from an initial plan of 49 million shares at $47 to $55 each that might have raised as much as $2.7 billion.