CoreWeave's $1.5B IPO Fails
This is a U.S. news story, published by CNBC, that relates primarily to Nvidia news.
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key supplier NvidiaCNBC
•Technology
Technology
Nvidia turned CoreWeave into a major player in AI years before helping to save its IPO
84% Informative
CoreWeave pulled off the largest U.S. venture-backed tech IPO in almost four years with help from key supplier Nvidia .
The offering didn't go as planned, with Nvidia stepping in to buy shares at $ 40 , well below the expected price range of $47 to $55 .
The company is generating $2 billion in annual revenue and just raised $1.5 billion in its IPO .
The three founders are worth a combined $5.3 billion on paper.
CoreWeave is a cloud-based company that uses Nvidia 's GPUs to run computing workstations.
Microsoft signed a five-year deal with OpenAI valued at nearly $12 billion .
The company has raised $2.3 billion in debt led by private equity firm Blackstone and hedge fund Magnetar.
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