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. 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 o ... Read full article.