Artificial intelligence (A.I.) start-up company CoreWeave has set the pricing for its upcoming initial public offering (IPO) at $47 U.S. to $55 U.S. per share.
CoreWeave is holding its IPO roadshow and marketing this week. The price range would enable CoreWeave to raise $2.3 billion U.S. to $2.7 billion U.S. from the share sale.
However, CoreWeave might raise the price range should investor demand for the IPO prove to be exceptionally strong.
The start-up is expected to make its market debut by the end of March, with its stock trading on the technology-laden Nasdaq index under the ticker symbol “CRWV.”
Founded in 2017, CoreWeave provides access to data centres and high-powered chips that facilitate AI workloads.
Chipmaker Nvidia (NVDA) has been an early backer of CoreWeave, which competes in the cloud provider space against the likes of Microsoft (MSFT) and Amazon (AMZN).
CoreWeave’s customers include technology companies such as Meta Platforms (META) and IBM (IBM).
In its IPO filing, CoreWeave reported revenue of $1.92 billion U.S. in 2024, up from $228.9 million U.S. a year earlier.
The company’s net loss widened to -$863.4 million U.S. last year, increasing from -$593.7 million U.S. in 2023.
Banks JPMorgan Chase (JPM) and Goldman Sachs (GS) are underwriting the IPO.
