Nvidia-backed CoreWeave closes flat at $40 after biggest U.S. tech IPO since 2021

CoreWeave’s stock debuted on Nasdaq at $39 and closed at $40, below the expected range, after raising $1.5 billion in its share sale, making it the largest tech IPO in the U.S. since 2021. The company, a supplier of AI technology in the cloud, faces competition from major cloud vendors like Microsoft, Amazon, Google, and Oracle, with Microsoft being its biggest customer. Despite a net loss of $863 million last year, CoreWeave reported a revenue increase of 737%, reflecting the capital-intensive nature of its business due to high data center costs.

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