Catenaa, Friday, March 21, 2025– Nvidia-backed company CoreWeave’s Initial Public Offering on Thursday has oversubscribed after early mutual fund support and one-on-one conversions, Bloomberg reported.
Quoting sources, Bloomberg said that the CoreWeaveIPO was oversubscribed, where the offering could raise as much as $2.7 billion at the top of the marketed range.
The deal is expected to price next Thursday and begin trading the following day, meaning it’s very early in the process, the people said. The messaging is expected to be distributed as early as Friday.
The cloud-computing provider that’s among the hottest startups in artificial intelligence began marketing on Thursday. Shares were offered to investors at a price range of $47 to $55, according to its filing on Thursday with the US Securities and Exchange Commission.
The company and some of its backers are offering 49 million shares in the deal.
The IPO is being led by Morgan Stanley, JPMorgan Chase & Co. and Goldman Sachs Group Inc., along with 11 other advisers. CoreWeave’s shares are expected to trade on the Nasdaq under the symbol CRWV.
CoreWeave earlier announced an IPO of $4 billion before reducing the target to $2.7 billion.
CoreWeave said on Thursday it was targeting a valuation of up to $26 billion in its U.S. initial public offering.
The Listing is seen as crucial to the revival of a largely moribund U.S. IPO market, as well as a gauge for investor appetite for new entrants in a sector that has propelled stock markets to record gains over the past two years.
