CoreWeave prices IPO at $40 a share, below expected range
Michael Intrator, co-founder and CEO of CoreWeave, speaks at Web Summit in Lisbon, Portugal, on Nov. 13, 2024.
Carlos Rodrigues | Sportsfile | Web Summit | Getty Images
CoreWeave on Thursday priced shares at $40 in the company’s IPO, raising $1.5 billion in the biggest U.S. tech offering since 2021, CNBC has confirmed.
The company, which provides access to Nvidia graphics processing units for artificial intelligence training and workloads, had planned to sell shares for between $47 and $55 each. At the top end of the range, that would’ve valued CoreWeave at about $26.5 billion, based on Class A and Class B shares outstanding.
The offering is down from 49 million shares to 37.5 million, according to a source familiar with the matter who asked not to be named because the announcement hasn’t been made public yet. Bloomberg was first to report on the $40 price. At that level, CoreWeave’s valuation will be closer to $19 billion, though the market cap will be higher on a fully diluted basis.
Earlier on Thursday, CNBC reported that Nvidia, one of CoreWeave’s largest shareholders, was targeting a $250 million order at $40 per share.
CoreWeave’s shares are set to start trading on the Nasdaq on Friday under the ticker symbol “CRWV.”
The IPO is a major test for tech startups and the venture capital market after an extended lull in new offerings dating back to the beginning of 2022, when soaring inflation and rising interest rates pushed investors out of risky assets. Other tech-related companies that have filed to go public in recent weeks include digital health startup Hinge Health, online lender Klarna and ticketing marketplace StubHub. Bloomberg reported on Wednesday that chat app maker Discord is working on an IPO.
The last venture-backed tech company that raised at least $1 billion for a U.S. IPO was Freshworks in 2021. Last year Reddit and Rubrik each raised about $750 million in their offerings.
After Donald Trump’s election victory in November, Goldman Sachs CEO David Solomon said he expected renewed IPO activity, but President Trump’s imposition of tariffs in recent weeks added uncertainty to economic forecasts and led to increased volatility to tech stocks.
CoreWeave counts Microsoft as its biggest customer by far. Other clients include Meta, IBM and Cohere. Revenue soared more than 700% last year to almost $2 billion, but the company recorded a net loss of $863 million. CoreWeave’s model is capital intensive, requiring hefty purchases of equipment and expenditures on real estate.
A week after filing to go public, CoreWeave announced a contract with OpenAI worth up to $11.9 billion over five years. OpenAI agreed to buy $350 million in CoreWeave stock as part of the deal.
CoreWeave is trying to compete with some of the biggest tech companies in the world, including Amazon, Microsoft and Google, the three leading providers of public cloud infrastructure in the U.S.
WATCH: Nvidia will anchor CoreWeave deal at $40 per share with a $250 million order, sources say
Firefly’s CEO Jason Kim reacts during the company’s IPO at the Nasdaq MarketSite in New York City, U.S., August 7, 2025.
Jeenah Moon | Reuters
Last week’s liftoff also coincided with President Donald Trump‘s “space superiority” executive order, signed on Friday, that aims to create a permanent U.S. base on the moon.
Investors have also gained more clarity on the future of NASA following a whirlwind drama since Trump won the election.
Last week, the Senate confirmed Jared Isaacman as NASA administrator more than a year after he was first nominated to the position.
Trump withdrew the nomination from the Elon Musk ally earlier this year amid a public fallout, but renominated Isaacman in November.
Transportation Secretary Sean Duffy was tapped to temporarily run the space agency in the interim.
Google parent Alphabet on Monday announced it will acquire Intersect, a data center and energy infrastructure company, for $4.75 billion in cash in addition to the assumption of debt.
Alphabet said Intersect’s operations will remain independent, but that the acquisition will help bring more data center and generation capacity online faster.
In recent years, Google has been embroiled in a fierce competition with artificial intelligence rivals, namely OpenAI, which kick-started the generative AI boom with the launch of its ChatGPT chatbot in 2022. OpenAI has made more than $1.4 trillion of infrastructure commitments to build out the data centers it needs to meet growing demand for its technology.
With its acquisition of Intersect, Google is looking to keep up.
“Intersect will help us expand capacity, operate more nimbly in building new power generation in lockstep with new data center load, and reimagine energy solutions to drive US innovation and leadership,” Sundar Pichai, CEO of Google and Alphabet, said in a statement.
Google already had a minority stake in Intersect from a funding round that was announced last December. In a release at the time, Intersect said its strategic partnership with Google and TPG Rise Climate aimed to develop gigawatts of data center capacity across the U.S., including a $20 billion investment in renewable power infrastructure by the end of the decade.
Alphabet said Monday that Intersect will work closely with Google’s technical infrastructure team, including on the companies’ co-located power site and data center in Haskell County, Texas. Google previously announced a $40 billion investment in Texas through 2027, which includes new data center campuses in the state’s Haskell and Armstrong counties.
Intersect’s operating and in-development assets in California and its existing operating assets in Texas are not part of the acquisition, Alphabet said. Intersect’s existing investors including TPG Rise Climate, Climate Adaptive Infrastructure and Greenbelt Capital Partners will support those assets, and they will continue to operate as an independent company.
Alphabet’s acquisition of Intersect is expected to close in the first half of 2026, but it is still subject to customary closing conditions.
WATCH: Here’s what’s happening to electricity bills in states with the most data centers
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