CoreWeave valued at $23 billion in muted Nasdaq debut
By Echo Wang, Krystal Hu, Niket Nishant and Manya Saini
(Reuters) -CoreWeave’s shares closed flat after opening nearly 3% below their offer price in its Nasdaq debut on Friday, giving the Nvidia-backed AI infrastructure firm a valuation of $23 billion on a fully diluted basis.
The lackluster performance could crush hopes of a meaningful recovery in IPOs, especially when equity markets are grappling with tariff-related turmoil.
Wall Street stocks closed sharply lower on Friday, with the tech-heavy Nasdaq falling 2.7%.
It could also dampen sentiment towards AI infrastructure amid rising uncertainty over Big Tech’s massive spending spree and fears of competition from lower-cost options such as China’s AI startup DeepSeek, which…
