CoreWeave Drops 2.5% After Heavily Downsized $1.5 Billion IPO

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Bloomberg News News IPO Reporter Ryan Gould and Bloomberg News Equities Reporter Bailey Lipschultz break down CoreWeave shares slipping on Friday in its market debut after the cloud-computing provider raised $1.5 billion in a downsized initial public offering.
The company’s stock opened at $39 each on Friday, below the $40 per share initial public offering. The cloud-computing provider sold 37.5 million shares at $40 apiece, down from an initial plan of 49 million shares at $47 to $55 each that might have raised as much as $2.7 billion.
Nvidia Corp., an existing investor in CoreWeave, anchored the share sale with an order of about $250 million, a person with knowledge of the matter told Bloomberg, asking not to be identified because the information was private. Representatives for Nvidia declined to comment.
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