CoreWeave IPO: Nvidia-Backed AI Cloud Firm Sees Strong Retail Interest As It Targets $2.7B Raise

Livingston, New Jersey-based CoreWeave (CRWV), a provider of cloud-based graphic processing unit infrastructure to artificial intelligence (AI) developers, is all set to make its market debut on Friday.

The CoreWeave stock stream on Stocktwits has drawn nearly 900 followers ahead of its initial public offering (IPO), reflecting strong retail interest. The follower count has surged 233% over the past seven days.

Retail sentiment toward CoreWeave stock remained ‘extremely bullish’ (83/100), while the message volume spiked to ‘extremely high’ levels.

A watcher said CoreWeave is worth $100 billion, going by peer Nebius Group N.V.’s (NBIS) valuation.

Another user expressed optimism over CoreWeave’s Nvidia connection.

An ongoing Stocktwits poll regarding retail’s perception of the CoreWeave IPO generated an overwhelmingly positive response. Most respondents (52%) said they were bullish on the premise that cloud infrastructure is key to AI growth.  

Eighteen percent remained neutral, as they viewed CoreWeave as a good company but remained wary about concentration risk. 

In 2024, CoreWeave reported $1.9 billion in revenue with a net loss of $863 million. Approximately 77% of its revenue came from its top two customers, including Microsoft Corp. (MSFT).

A little over one-fourth (26%) were bearish, pointing to concerns that AI is overhyped and the company’s $7.5 billion debt burden.

A small proportion (4%) said they were unsure. 

CoreWeave plans to issue 49 million shares through the IPO, with 47.18 million being offered by the company and the remaining 1.82 million by existing shareholders. It has set an IPO price range of $45-$55, which could give it a valuation of $27 billion to $32 billion.

Last week, Bloomberg reported that CoreWeave’s IPO was oversubscribed, driven by early mutual fund interest, and could raise up to $2.7 billion.

On Monday, CoreWeave appointed Jean English as its Chief Marketing Officer. Earlier this month, the company announced an $11.9 billion strategic deal with OpenAI to provide AI infrastructure, with OpenAI also acquiring a $350 million stake in CoreWeave.

In the IPO prospectus filed with the SEC, CoreWeave said its partners included Nvidia, IBM, Meta, Microsoft, Mistral AI and OpenAI.

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