AI company CoreWeave completed its IPO at $40 per share, raising $1.5 billion

On March 28, artificial intelligence company CoreWeave raised $1.5 billion through an initial public offering (IPO), with the company valued at approximately $23 billion. According to a report by Bloomberg on Thursday evening, there were previous reports that the company had reduced its IPO size. This cloud service provider sold 37.5 million shares at a price of $40 per share. It initially planned to sell 49 million shares, with a pricing range of $47 to $55 per share, but due to poor stock market performance, the company faced difficulties in raising funds.

As an investor in CoreWeave, AI giant Nvidia supported this IPO by subscribing for $250 million worth of shares. According to Bloomberg citing informed sources, Nvidia's move further consolidated its relationship with this AI cloud service company.

In addition, CoreWeave has a close relationship with Bitcoin mining enterprise CoreScientific and they have reached a multi-billion dollar deal aimed at boosting the New Jersey-based firm's artificial intelligence capabilities.