Artificial intelligence-focused firm CoreWeave raised $1.5 billion for its initial public offering (IPO), valuing the company at roughly $23 billion, Bloomberg reported on Thursday night, confirming earlier reports that it had downsized its IPO.
The cloud provider sold 37.5 million shares at $40 each. It had initially planned to sell 49 million shares at $47 to $55 each, but a weaker-than-expected stock market posed difficulties for the company.
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AI powerhouse Nvidia, an investor in CoreWeave, is anchoring the IPO with a $250 million order, Bloomberg reported, citing a person familiar with the matter.
CoreWeave is closely tied to bitcoin miner CoreScientific, which struck a multi-billion deal with the New Jersey-based firm to expand its artificial intelligence capabilities.
Nvidia’s own stock price is down 12% since the beginning of the year, The Information reported late Thursday, reflecting broader weakness in AI-focused firms.