Mentioned:
CRWV -7.06% GLXY -11.51%
One of the most important companies in artificial intelligence infrastructure has made their official debut on Wall Street.
What’s happening:
- CoreWeave (NASDAQ: CRWV) has officially begun trading on the Nasdaq after successfully completing an IPO financing of $1.5B USD
By the numbers:
- CoreWeave raised $1.5B USD through the sale of 37.5M shares at a price of $40.00 USD per share
Why it matters:
- CoreWeave is one of the largest providers of GPUs for artificial intelligence workloads and high performance computing and has been raising both equity and debt financing rounds at a blistering pace prior to going public
Going deeper:
- Microsoft (NASDAQ: MSFT) is the single largest customer of CoreWeave and currently represents more than half of all of CoreWeave’s revenue
- Nvidia (NASDAQ: NVDA) has also been an early backer of CoreWeave and led the IPO financing with a quarter billion dollar investment
The intrigue:
- CoreWeave also just announced a new mega deal with Galaxy Digital (TSX: GLXY) that will enable them to leverage Galaxy Digital’s Helios data centre in Texas for the next decade and a half
