CoreWeave IPO Downsizing

CoreWeave is looking to downsize its initial public offering just one day before hitting the market, according to a report from Semafor.

Previously, the AI infrastructure firm was expected to raise $3 billion at a $30 billion valuation. However, the size has been cut and the valuation lowered to $23 billion.

A separate story from Bloomberg mentioned that CoreWeave is now aiming to raise only $1.5 billion.

CoreWeave has a close partnership with bitcoin miner Core Scientific (CORZ), which was anticipated to profit from the IPO if it performed well and sustained strong revenue growth over the coming years.

In early U.S. trading, CORZ is up fractionally but has seen a sharp decline over the past month and for 2025 overall. AI-related tokens NEAR, ICP, and RENDER have also experienced modest losses.

In 2024, CoreWeave reported $1.9 billion in revenue amid surging demand for AI services. However, some believe that the company’s new $12 billion deal with OpenAI could be more significant than its IPO plans.

This pullback comes as tech stocks have lagged behind other market sectors since the start of the year, partly due to the fluctuating tariffs imposed by U.S. President Donald Trump and concerns regarding the expenses of AI companies.

CoreWeave is set to debut on the Nasdaq on Friday, becoming the first AI company to enter the stock market. A representative from the firm could not be reached for comment at the time of publication.