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Nvidia-backed AI firm CoreWeave’s shares surge after IPO debut
CoreWeave’s shares surged over 18% on Apr. 1, after a disappointing IPO debut.
The AI cloud company had fallen more than 10% on Mar. 31, dropping below its IPO price of US$40. The stock opened at US$39 and closed at US$40 on its first trading day, missing investor expectations.
Last week, CoreWeave lowered its IPO price to US$40 from a range of US$47 to US$55 and reduced the number of shares offered.
The company reported a net loss of US$863 million in its March prospectus, but revenue grew by over 737% last year, reaching US$1.92 billion.
With a market cap of US$19 billion, CoreWeave competes with major players like Microsoft, Amazon, and Google.
Recent CoreWeave developments
| Timeline |
|---|
01-Apr-2025 📉 Nvidia-backed AI firm’s stock falls 7% below IPO price to $37
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28-Mar-2025 📈 Nvidia backs CoreWeave IPO at $40 per share, source says
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20-Mar-2025 📈 Nvidia-backed AI firm eyes up to $2.7b valuation in IPO
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11-Mar-2025 💼 Nvidia-backed AI firm signs $12b AI cloud deal with OpenAI
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| 04-Mar-2025 📈 Nvidia-backed AI firm CoreWeave files for $35b IPO |
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