CoreWeave shares soar past IPO price on third trading day
(Reuters) -Artificial intelligence startup CoreWeave's shares closed up 42% at $52.57 on Tuesday, their third day of trading, above their initial public offering price of $40.
At close, the company added more than $7 billion to its market value.
On Friday, the Nvidia-backed stock debuted at $39, giving the AI infrastructure firm a valuation of $23 billion on a fully diluted basis. CoreWeave had already taken a hit on Thursday when it downsized its IPO.
Nvidia contributed a $250-million order as part of CoreWeave's IPO, which raised $1.5 billion, Reuters reported last week.
Livingston, New Jersey-based CoreWeave provides access to data centers and high-powered Nvidia chips, which have become the most sought-after resource in the race to develop AI applications.
Founded as an Ethereum-focused crypto miner in 2017, CoreWeave pivoted to AI a few years later. It shuttered its mining business after "The Merge," Ethereum's 2022 upgrade, slashed rewards for miners.
In its IPO filing earlier in March, CoreWeave reported revenue of $1.92 billion in 2024, compared with $228.9 million a year earlier. Its net loss widened to $863.4 million during the same period from $593.7 million in 2023.
Roughly two-thirds of CoreWeave's revenue came from Microsoft, which is the company's biggest customer.
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