Your support powers our stories
CoreWeave’s much-anticipated IPO launched at $40 per share—significantly below the initial price range of $47 to $55—but CEO Mike Intrator remains optimistic about the company’s trajectory. Intrator acknowledged the challenges of the current economic climate, explaining that the pricing decision was based on market realities. “There’s a lot of headwinds in the macro,” he said, adding that the company adjusted the transaction to align with investor demand. Despite the lower price point, CoreWeave successfully raised $1.5 billion, giving it a valuation of approximately $19 billion.
A major player in providing access to Nvidia GPUs for artificial intelligence workloads, CoreWeave attracted key long-term investors, including Nvidia itself, which anchored the deal with a $250 million order. Sources familiar with the offering noted that the reduced IPO price created an appealing entry point for investors, allowing them to buy in with confidence. Intrator remains bullish on the company’s future, emphasizing that as the public market becomes more familiar with CoreWeave’s operations, infrastructure, and client relationships, its success will become evident. Meanwhile, the company intends to use the capital raised to pay down debt and continue expanding its capabilities.
Intrator also addressed past financial challenges, including administrative issues related to a technical loan default last year. He noted that the company proactively disclosed the situation in its S-1 filing and quickly resolved it with lenders. With $8 billion in debt at the end of 2024, CoreWeave is focused on strategic growth, including scaling operations in Europe. Intrator highlighted the surging demand for CoreWeave’s services, fueled in part by recent developments in the AI sector. “Our customers are telling us, universally, to continue to build – we cannot keep up with the scale,” he said, reinforcing the company’s commitment to long-term industry leadership.
“Your donation helps us cover global events, ensuring everyone stays informed.”
