CoreWeave CEO Michael Intrator appears on CNBC on July 17, 2024.
CNBC
Nvidia is aiming to anchor CoreWeave’s initial public offering at $40 a share with a $250 million order, according to a person familiar with the matter.
The company initially filed the offering at $47 to $55 per share. The source told CNBC’s Leslie Picker that CoreWeave is not planning on downsizing or refiling at this time.
CoreWeave did not immediately respond to CNBC’s request for comment.
Nvidia is already a significant customer of CoreWeave, which rents out remote access to computers based on Nvidia’s AI chips. The tech giant, which also owns about 6% of the company, declined to comment on the order.
CoreWeave’s anticipated offering has come as a welcome sign for an IPO market crippled by a drought in activity. The market for IPOs practically shuttered more than three years ago as investors ditched riskier bets against a backdrop of high inflation and interest rates.
Wall Street was optimistic that President Donald’s Trump term would usher in a more favorable setup for technology stocks, but the sector has gotten off to a rough start as tariffs sparked a global trade war and recession fears.
— CNBC’s Hayden Field and Kristina Partsinevelos contributed reporting
