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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
CoreWeave disappoints on opening of trading
artificial intelligence startup to go public, finished its first day of trading at $40.01 a share, one penny above the disappointing initial public offering price the company had set a day earlier.
The company's share price, trading under the ticker symbol CRWV, signaled concern among Wall Street investors about the economy and CoreWeave's business model.
The faltering day of trading came amid a slumping stock market and uncertainty around inflation and President Donald Trump's tariffs. The S&P 500 dropped 2% on Friday, one of its worst days since Trump's election.
The listing's reduced price — CoreWeave estimated a range of $47 to $55 in earlier filings — already reflected skepticism from investors compared with a month ago. The company's trading opened at $39 a share Friday, even after CoreWeave dropped the size and value of its IPO.
CoreWeave, which runs data centers that help power giant AI systems, also raised just $1.5 billion in the offering, compared with the $4 billion that analysts had anticipated.
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In an interview Friday, Michael Intrator, CoreWeave's chief executive, said that concerns about the stock market and the AI industry had caused the company to reduce its listing, but that the timing of its offering would still benefit the company in the long run.
«This is just a day, and we'll get through this day, and we'll keep moving,» Intrator said. «Getting into the public markets is what matters for us.»
It is unclear if the stock's performance will signal the start of the IPO parade
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