CoreWeave Adjusts IPO Price Amid Market Turbulence, Raises $1.5B at $19B Valuation
Summary
CoreWeave, an AI computing solutions provider, adjusted its IPO pricing amid market volatility, raising $1.5 billion at a $19 billion valuation by pricing shares at $40, below the expected $47-$55 range, to align with buyer interest amidst macroeconomic challenges.
Key Points
- CoreWeave CEO Mike Intrator said the company had to 'rightsize' its IPO pricing to where the buying interest was due to macroeconomic headwinds
- The company priced its IPO at $40 per share, below the expected $47-$55 range, raising $1.5 billion at a $19 billion valuation
- CoreWeave plans to use the IPO proceeds to pay down debt and fund expansion, as demand for its AI computing solutions continues to grow rapidly