CoreWeave’s stock sank nearly 10%% on Monday, falling well below its initial public offering price. Shares closed flat in the artificial intelligence cloud provider’s Friday debut after selling shares at $40 and opening at $39. CoreWeave’s debut marked the biggest tech debut since 2021 and the first major debut since a prolonged IPO drought. Michael Intrator, Founder & CEO of CoreWeave, Inc., Nvidia-backed cloud services provider, attends his company’s IPO at the Nasdaq Market, in New York City, U.S., March 28, 2025. Brendan McDermid | Reuters
CoreWeave‘s stock sank nearly 10% on Monday, falling well below its initial public offering price.
The artificial intelligence cloud provider sold shares at $40 and the stock opened at $39 in its market debut Friday. Shares closed at $40.
CoreWeave’s offering marked the biggest tech IPO since 2021 and the first pure-play AI company to go public. The initial share sale raised $1.5 billion. It was also the largest U.S. IPO since automation software maker UiPath‘s $1.57 billion debut in 2021.
CoreWeave’s public offering also served as a major test for an