CoreWeave’s IPO Update

CoreWeave is looking to downsize its initial public offering just one day before hitting the market, as reported by Semafor. Previously, the AI infrastructure firm was expected to raise $3 billion at a $30 billion valuation, but the latest updates indicate that it has cut the size down to $1.5 billion and lowered the valuation to $23 billion.

• Last year, CoreWeave generated $1.9 billion in revenue.
• The company is closely related to Core Scientific, a bitcoin miner, which anticipated benefiting from a successful IPO and continued revenue growth.

In early U.S. trading, shares for Core Scientific are showing slight gains but represent a notable decline over the last month. AI-related assets such as NEAR, ICP, and RENDER have also experienced modest losses.

Despite a demanding year in terms of technology stocks compared to other sectors, CoreWeave is set to become the first AI company listed on Nasdaq.