this post was submitted on 28 Mar 2025
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Technology

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CoreWeave falls in market debut after downsized IPO (www.ft.com)
submitted 6 days ago by misk@sopuli.xyz to c/technology@beehaw.org
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Archive: https://archive.is/2025.03.28-172526/https://www.ft.com/content/b1e962a8-ec26-41f8-a491-ad127349c1b4

CoreWeave shares fell on their US debut after the data centre operator downsized its initial public offering over concerns about its business model and waning exuberance in groups linked to artificial intelligence. 

The cloud computing provider dropped 2.5 per cent on Friday to $39 as it started trading on the Nasdaq Stock Market following the largest US tech IPO since chipmaker Arm Holdings went public in September 2023. 

CoreWeave raised $1.5bn when it floated its shares at $40 a piece on Thursday evening. It had initially targeted raising $4bn and dropped that figure to $2.7bn when it began a roadshow to generate interest for its shares last week.  

“I don’t really think of the market as friendly or unfriendly,” CoreWeave chief executive Michael Intrator told the Financial Times on Friday. “We have definitely been doing this during a bit of a challenging time with regards to the AI trade in financial markets.”

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