CoreWeave, a cloud service provider that specializes in NVIDIA GPU servers, entered the stock market last night under the ticker symbol CRWV. The stock opened for trading at $39 per share, down from NVIDIA’s price of $40 per share. Following adjustments in trading, the closing price matched NVIDIA’s offer at $40 per share, with a market valuation of $14.2 billion.
Raising capital from the sale of NVIDIA shares totaling around $1.5 billion, CoreWeave stands as the largest tech IPO in the United States since UiPath in 2021. The company’s stock market debut has garnered attention as a tech company solely focused on AI, hinting at the possibility of more similar IPOs in the future.
With NVIDIA holding a 1% stake in CoreWeave, acting as a supplier of GPUs to the company, CoreWeave generated $320 million in revenue last year, with Microsoft being its primary customer, contributing to 62% of the total revenue.
Source: CNBC
TLDR: CoreWeave, a cloud service provider specializing in NVIDIA GPU servers, went public with a market valuation of $14.2 billion, raised $1.5 billion from the sale of NVIDIA shares, and counts Microsoft as its major customer, generating $320 million in revenue last year.
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