Nvidia is reportedly backing CoreWeave’s IPO with a US$250 million order at US$40 per share, according to a source.

The IPO was initially priced between US$47 and US$55 per share.

Despite this, CoreWeave is not planning to adjust or refile its IPO.

Nvidia, which owns about 6% of CoreWeave, declined to comment, and CoreWeave did not respond to CNBC’s request for comment.

The IPO comes amid a prolonged slowdown in the market, with limited activity over the past three years due to rising inflation and interest rates.

The tech sector has also faced challenges, impacted by global trade tensions and economic uncertainty.

Recent CoreWeave developments