CoreWeave priced its initial public offering at $40.00 per share for 37,500,000 shares of Class A common stock, the company announced on March 27, 20251.
Of the total, 36,590,000 shares are being sold by CoreWeave directly, with the remaining 910,000 shares sold by existing stockholders. CoreWeave will not receive any proceeds from the shares sold by existing stockholders.
The shares were expected to begin trading on the Nasdaq Global Select Market on March 28, 2025 under the ticker symbol CRWV. The offering was expected to close on March 31, 2025, subject to customary closing conditions. The Securities and Exchange Commission declared the registration statement effective on March 27, 2025.
CoreWeave also granted underwriters a 30-day option to purchase up to an additional 5,625,000 shares at the IPO price, less discounts and commissions, to cover over-allotments.
Morgan Stanley, J.P. Morgan, and Goldman Sachs & Co. LLC are acting as joint lead bookrunners. Barclays, Citigroup, MUFG, Deutsche Bank Securities, Jefferies, Mizuho, Wells Fargo Securities, and BofA Securities are acting as joint bookrunners. Guggenheim Securities, M. Klein & Company, Macquarie Capital, Needham & Company, Santander, Stifel, and Galaxy Digital Partners LLC are serving as co-managers.
CoreWeave, which describes itself as an "AI Hyperscaler," was established in 2017 and is based in Livingston, New Jersey.
ANALYSIS The breadth of the underwriting syndicate, spanning three lead bookrunners and eight additional joint bookrunners, reflects the scale of the capital raise.