CoreWeave Announces Pricing of Initial Public Offering
Rhea-AI Summary
CoreWeave, the AI Hyperscaler™, has announced the pricing of its Initial Public Offering (IPO) at $40.00 per share. The offering comprises 37,500,000 shares of Class A common stock, with 36,590,000 shares offered by CoreWeave and 910,000 shares by existing stockholders.
Trading is set to commence on March 28, 2025, on the Nasdaq Global Select Market under the ticker symbol 'CRWV'. The offering is expected to close on March 31, 2025. CoreWeave has granted underwriters a 30-day option to purchase up to an additional 5,625,000 shares.
The IPO is led by joint bookrunners Morgan Stanley, J.P. Morgan, and Goldman Sachs, with several other prominent financial institutions serving as joint bookrunners and co-managers.
Positive
- IPO could raise approximately $1.46 billion for CoreWeave (36,590,000 shares at $40.00)
- Strong underwriter lineup including top-tier investment banks
- Listing on prestigious Nasdaq Global Select Market
- Additional capital raising potential through 5.625M share over-allotment option
Negative
- 910,000 shares being sold by existing stockholders, indicating early investor exit
- Potential share dilution from over-allotment option if exercised
Insights
CoreWeave's IPO of 37.5 million shares at $40 per share represents a significant milestone for the AI infrastructure company. The offering structure is noteworthy with CoreWeave selling 36.59 million shares while existing stockholders are selling just 910,000 shares, indicating this is primarily about raising capital rather than early investors exiting their positions—generally a positive signal for new investors.
The gross proceeds to CoreWeave will be approximately
The impressive lineup of underwriters, led by Morgan Stanley, J.P. Morgan, and Goldman Sachs, with support from nine additional financial institutions as joint bookrunners and seven as co-managers, demonstrates extraordinary institutional backing for this offering. Such broad financial industry support suggests strong confidence in CoreWeave's business model and growth prospects.
The timing of CoreWeave's market entry is strategic, with the company positioning itself as "the AI Hyperscaler™" during a period of heightened focus on AI infrastructure providers. Trading under the ticker "CRWV" on the Nasdaq Global Select Market, CoreWeave has successfully navigated the regulatory process with its registration statement declared effective by the SEC.
The shares are expected to begin trading on the Nasdaq Global Select Market on March 28, 2025 under the ticker symbol "CRWV." The offering is expected to close on March 31, 2025, subject to the satisfaction of customary closing conditions.
In addition, CoreWeave has granted the underwriters a 30-day option to purchase up to an additional 5,625,000 shares of Class A common stock to cover over-allotments at the initial public offering price, less underwriting discounts and commissions.
Morgan Stanley, J.P. Morgan, and Goldman Sachs & Co. LLC are acting as joint lead bookrunners for the offering. Barclays, Citigroup, MUFG, Deutsche Bank Securities, Jefferies, Mizuho, Wells Fargo Securities, and BofA Securities are acting as joint bookrunners for the offering. Guggenheim Securities, M. Klein & Company, Macquarie Capital, Needham & Company, Santander, Stifel, and Galaxy Digital Partners LLC are acting as co-managers for the offering.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on March 27, 2025. The offering is being made only by means of a prospectus. A copy of the final prospectus may be obtained, when available, from: Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor,
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About CoreWeave, Inc.
CoreWeave, the AI Hyperscaler™, delivers a cloud platform of cutting-edge software powering the next wave of AI. The company's technology provides enterprises and leading AI labs with cloud solutions for accelerated computing. Since 2017, CoreWeave has operated a growing footprint of data centers across the US and
Media Contact:
Colleen Hsia, press@coreweave.com
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SOURCE CoreWeave
FAQ
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