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CoreWeave stock rips higher
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CoreWeave achieved 12,000%+ revenue growth to $1.92B in 2024 with 70-80% GPU utilization.
(Reuters) -Artificial intelligence startup CoreWeave's shares closed up 42% at $52.57 on Tuesday, their third day of trading, above their initial public offering price of $40. At close, the company added more than $7 billion to its market value.
CoreWeave co-founder Brian Venturo knows that three hedge fund guys, turned crypto miners, now running AI training infrastructure has been a wild ride.
The company says it still sees tremendous avenues for growth, even if investors don’t quite see that yet.
After waiting over three years for a billion-dollar-plus IPO from a U.S. tech company, Wall Street’s top banks only got a 2.8% fee.
The catalyst behind the rally was unclear, but it comes after a rocky start for the company backed by Evanston hedge fund Magnetar Capital.
CoreWeave's debut has been eagerly awaited by investors as a sign of the strength of the AI trade as well as the appetite for new IPOs.
Concerns sparked by CoreWeave's debt pile and other financial challenges may weigh on retail investor enthusiasm as it prepares to go public after what analysts said was a poorly timed IPO.
The cloud computing company’s cofounder Brannin McBee spoke to Forbes about the “important milestone” as shares started trading Friday.
Shares of the media company were recently off some 65% to $80, plummeting in their third session as a publicly traded company. Newsmax ( NMAX) went public Monday —its IPO price was $10, and it opened at $14—to kick off a dramatic upward run. The stock finished yesterday at $233 after slipping from intraday highs of $265.
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