Core Viewpoint - CoreWeave, a cloud computing company, successfully went public on NASDAQ under the ticker "CRWV," raising $1.5 billion by issuing 37.5 million shares at $40 each, although the initial offering was reduced from a planned $2.7 billion [1][6]. Company Overview - Founded in 2017 as Atlantic Crypto, CoreWeave shifted focus from cryptocurrency mining to artificial intelligence infrastructure, becoming a leading provider in the sector through partnerships with major tech companies like NVIDIA, OpenAI, and Microsoft [9][14]. - CoreWeave has established a five-year agreement worth $11.9 billion with OpenAI to provide AI infrastructure services, which includes OpenAI acquiring equity in CoreWeave [2]. Financial Performance - As of 2024, CoreWeave's debt stands at approximately $8 billion, with operating lease liabilities of $2.6 billion. The company plans to allocate around $1 billion from its IPO proceeds to repay this debt [16]. - Despite rapid revenue growth, CoreWeave's financial health is concerning due to its heavy reliance on major clients, particularly Microsoft, which contributed 62% of its revenue in 2024 [14][16]. Market Reception - The market response to CoreWeave's IPO was lukewarm, with the stock opening at $39, a 2.5% drop from the offering price, and closing flat, leading to a market capitalization of $18.9 billion [6]. - Analysts express concerns about the diminishing enthusiasm for the AI infrastructure market and potential impacts from Microsoft's evolving data center strategy [6]. Key Milestones - CoreWeave has achieved significant milestones, including a $1.1 billion Series C funding round and a $7.5 billion private debt raise, later increased to $7.6 billion, indicating strong investor interest despite market challenges [3][10]. - The company has also launched various products and services, including the CoreWeave Cloud Platform and has been among the first to market with NVIDIA's latest GPU offerings [4][10].