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CoreWeave, a leading AI cloud infrastructure provider backed by Nvidia, has significantly downsized its U.S. IPO. The company cut its offering by 23.5%, now aiming to raise $1.5 billion by selling 37.5 million shares at $40 each—well below the initial $47–$55 range. Nvidia has committed $250 million to anchor the IPO.
The revised valuation places CoreWeave at approximately $23 billion on a fully diluted basis, down from the initial $32 billion target. Of the total shares, 36.6 million are being sold by CoreWeave, with the rest by existing shareholders. Despite strong free cash flow, investor sentiment has been tempered by CoreWeave’s $8 billion debt, $2.6 billion in lease liabilities, and its reliance on Microsoft’s evolving AI data center strategy.
Sources indicate the IPO roadshow saw a weaker-than-expected reception, driven by concerns over the sustainability of CoreWeave’s capital-intensive model and long-term AI infrastructure demand. The company has deployed over 250,000 Nvidia GPUs and recently signed an $11.9 billion deal with OpenAI, which will also invest $350 million through a private placement.
Although CoreWeave has secured high-profile partnerships, it remains unprofitable, a key factor deterring IPO investors in recent years. Its cloud services—centered around powerful GPU access for AI workloads—are at the heart of growing AI data center investments, but market uncertainty and emerging global competition, including China’s DeepSeek, have raised caution flags.
The U.S. IPO market itself shows signs of slowing, with equity deals dropping to 187 in Q1 2025, down from 243 a year ago, according to Dealogic. CoreWeave’s IPO was led by Morgan Stanley, J.P. Morgan, and Goldman Sachs. The move signals a broader recalibration of investor appetite toward AI infrastructure startups.
