CoreWeave shares soar past IPO price on third trading day
At close, the company added more than $7 billion to its market value.
On Friday, the Nvidia-backed stock debuted at $39, giving the AI infrastructure firm a valuation of $23 billion on a fully diluted basis. CoreWeave had already taken a hit on Thursday when it downsized its IPO.
Nvidia contributed a $250-million order as part of CoreWeave's IPO, which raised $1.5 billion, Reuters reported last week.
Livingston, New Jersey-based CoreWeave provides access to data centers and high-powered Nvidia chips, which have become the most sought-after resource in the race to develop AI applications.
Founded as an Ethereum-focused crypto miner in 2017, CoreWeave pivoted to AI a few years later. It shuttered its mining business after "The Merge," Ethereum's 2022 upgrade, slashed rewards for miners.
In its IPO filing earlier in March, CoreWeave reported revenue of $1.92 billion in 2024, compared with $228.9 million a year earlier. Its net loss widened to $863.4 million during the same period from $593.7 million in 2023.
Roughly two-thirds of CoreWeave's revenue came from Microsoft, which is the company's biggest customer.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
18 minutes ago
- Yahoo
Cognition AI to buy Windsurf, doubling down on AI-driven coding
(Reuters) -Artificial intelligence startup Cognition AI on Monday agreed to acquire Windsurf, an integrated development environment platform, strengthening its position in the rapidly evolving enterprise software market. The deal follows Google's $2.4 billion deal with Windsurf last week aimed at acquiring top talent and securing licensing rights to its technology. The deal with Google marks a win for Windsurf's backers, who have raised $243 million from investors including Kleiner Perkins, Greenoaks, and General Catalyst, and was last valued at $1.25 billion one year ago, according to PitchBook. The move reflects a broader trend among technology giants such as Alphabet and Meta, which are making bold, high-value acquisitions and offering lucrative compensation packages to secure leading industry talent amid intensifying competition in the AI sector. The deal with Cognition covers Windsurf's intellectual property, product line, brand, and business operations, as well as its highly regarded engineering, product, and go-to-market teams. While the financial terms of the deal were not disclosed, Windsurf brings with it $82 million in annual recurring revenue and a customer base of more than 350 enterprises. "Among all the teams in the AI space, Cognition was literally the one we have respected the most, and they are a perfect fit to bring Windsurf to the next phase," Jeff Wang, Windsurf's interim chief executive officer, said in an email to employees. In the immediate term, Windsurf will continue to operate independently, with Cognition pledging significant investment to integrate Windsurf's technology and unique assets into its own product suite, including its flagship autonomous agent, Devin. Earlier, Windsurf had been engaged in months-long discussions with OpenAI regarding a potential acquisition that could have valued the company at $3 billion, sources familiar with the matter told Reuters in June. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20 minutes ago
- Yahoo
Nvidia's Jensen Huang Says China's Military Probably Isn't Using U.S. AI Chips
Nvidia (NVDA, Financials) CEO Jensen Huang is trying to bring some calm to a conversation that's gotten a little too heated; when asked about fears that China's military might be using advanced American AI chips, his answer was simple: probably not. In fact, he said it's unlikelyand frankly, he doesn't think U.S. policymakers should jump to conclusions. Warning! GuruFocus has detected 4 Warning Signs with NVDA. Huang's not ignoring the risks; he gets itAI is powerful stuff; but his point is more about balance. The chips Nvidia builds? They're mostly aimed at commercial research; climate modeling; medical breakthroughs; language AInot weapons systems. And if the U.S. keeps slamming the brakes on exports to China, he believes it could backfire; not just for Nvidia, but for the broader tech ecosystem. We need access to global markets, Huang said; and while that might sound like classic corporate speak, he's not wrong. China is still the largest semiconductor market in the world; walk away now, and Chinese firms will fill the voidquickly. This isn't Nvidia lobbying for a free pass; it's Huang asking for strategysomething smarter than blanket bans. He's seen how fast things shift in tech; and he knows that if U.S. companies lose relevance in China, they might start losing their edge everywhere else too. So yes, play defense when you have to; but don't forget to stay in the game. This article first appeared on GuruFocus.
Yahoo
29 minutes ago
- Yahoo
Pension fund Previ sells stake in Brazil's BRF ahead of Marfrig deal
SAO PAULO (Reuters) -Brazilian pension fund Previ said on Monday it sold its minority stake in Brazilian meat processor BRF for 1.9 billion reais ($340.31 million), ending a 31-year investment in the group, according to a statement on its website. Previ, which represents workers from state-run lender Banco do Brasil, said the move aims to avoid potential negative impacts from the ongoing merger between BRF and Marfrig. The pension fund added it will use the resources to buy long-term local bonds from the Brazilian government. ($1 = 5.5832 reais) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
