CoreWeave stock rips higher
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CoreWeave achieved 12,000%+ revenue growth to $1.92B in 2024 with 70-80% GPU utilization.
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.
CoreWeave co-founder Brian Venturo knows that three hedge fund guys, turned crypto miners, now running AI training infrastructure has been a wild ride.
CoreWeave's IPO debut tests neocloud viability and reliance on Nvidia GPUs.
CoreWeave shares rallied nearly 42% on Tuesday and bounced back from a lackluster second trading day on the public markets.
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The catalyst behind the rally was unclear, but it comes after a rocky start for the company backed by Evanston hedge fund Magnetar Capital.
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.
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.
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.