Nvidia-backed CoreWeave opens at $39 per share after biggest U.S. tech IPO since 2021 trendy New year 2025

 Nvidia-backed Co

 After the largest U.S. technology IPO since 2021, the Nvidia-backed  goes public at $39 per share. PUBLISHED FRI, MAR 28 202510:50 AM  46 MIN AGO

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 Live View  POSITIONS CoreWeave’s shares started trading on the Nasdaq on Friday under the ticker symbol “Crave.”

 The company raised $1.5 billion in its initial public offering, the most for a U.S. tech offering since UiPath’s debut in 2021.

 Microsoft, Amazon, Google and Oracle are all competitors.

 Michael Intrator, Founder & CEO of Microwave, Inc., Nvidia-backed cloud services provider, gestures during the company's IPO at the Nasdaq Market, in New York City, U.S., March 28, 2025. REUTERS/Brendan McDermid

 Michael Intrator, Founder & CEO of Creative, Inc., Nvidia-backed cloud services provider, gestures during the company’s IPO at the Nasdaq Market, in New York City, U.S., March 28, 2025. 

 Brendan Mcdermid | Reuters

 After selling shares at $40 each, Corrective stock opened at $39 in its Nasdaq debut on Friday, below the anticipated range. The largest tech IPO in the United States since 2021 saw the seller of cloud-based artificial intelligence technology raise $1.5 billion through share sales. The offering has captured the attention of investors from Wall Street to Silicon Valley, as Microwave represents the first pure-play AI IPO and the largest tech debut in the U.S. in four years. As the tech industry dealt with rising interest rates and inflation, the IPO market has been largely shut down since the end of 2021. Tech stocks aren’t doing Corrective any favors. The company hit the market on a day that the Nasdaq was off by almost 3%, heading for its worst quarterly performance since mid-2022. The tech-heavy index is down 10% so far this year.

 As a supplier to OpenAI, Corrective is among the beneficiaries of the generative AI boom that began with the launch of Chat Gpt in late 2022. Microsoft

 , which provides cloud services to OpenAI, is CoreWeave’s biggest customer, accounting for 62% of the company’s $1.92 billion in revenue last year.

 Corrective rents out access to hundreds of thousands of Nvidia

 graphics processing units to other large tech and AI companies including Meta

 , IBM

 and Cohere. Its stiffest competition is coming from the top cloud vendors — Microsoft, Amazon

 .

 Microwave  a net loss of $863 million last year, with revenue soaring 737% from a year earlier. It’s a capital-intensive business due to the high costs of renting out and operating data centers. Corrective has raised almost $13 billion in debt, with much of that allocated for GPUs that go inside the company’s leased facilities in the U.S. and abroad.

 Corrective reduced the offering in response to investor skepticism after initially setting its price target at $47 to $55 and intending to raise approximately $2.5 billion at the middle of the range. “There’s a lot of headwinds in the macro,” Corrective CEO Michael Intrator said on CNBC’s “Squawk Box” on Friday. “And we definitely had to scale or rightsize the transaction for where the buying interest was.”

 Few tech companies have debuted on U.S. exchanges in recent years. There were just 13 venture-backed technology IPOs in 2022, 2023 and 2024 combined, compared with 77 in the record year of 2021, according to data from Jay Ritter, an emeritus professor of finance at the University of Florida.

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 The concern with CoreWeave’s 250,000 Nvidia chips ahead of its IPO

 CoreWeave’s offering is the largest U.S. IPO since automation software maker UiPath

 ’s $1.57 billion New York Stock Exchange debut in 2021.

 Digital physical therapy company Hinge Health, Swedish online lender Klarna, and ticket marketplace StubHub have followed Corrective since it submitted its prospectus to the SEC on March 3. Discord, which runs popular chat software, has hired banks for an IPO, Bloomberg reported on Wednesday.

 Should the deal trade well, CoreWeave’s arrival on Nasdaq might inspire an “AI parade” to the public markets, Mark Klein, CEO of SuRo Capital, which invests in private companies, told CNBC earlier.

 Data analytics company Databricks, which partly generates revenue by running AI models on behalf of clients, announced a funding round at a $62 billion valuation in December. OpenAI was closing in on a funding round at a $260 billion valuation last month.

 Corrective was founded in 2017 and is based in Livingston, New Jersey. The company had 881 employees at the end of 2024. Prior to the IPO, Intrator controlled 38% of CoreWeave’s voting power, while Nvidia held 1%. Other investors include Fidelity and Magnetar.

 On Thursday CNBC reported that Nvidia was anchoring the IPO at $40 per share with a $250 million order.

 Nvidia is also customer in addition to a key Microwave supplier and investor, having paid the cloud provider $320 million as of Dec. 31, according to the prospectus.

 WATCH: Microwave opens at $39 per share after biggest U.S. tech IPO since 2021

 Creative opens at $39 per share after biggest U.S. tech IPO since 2021WATCH NOW



  opens at $39 per share after biggest U.S. tech IPO since 2021

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