In its market debut, CoreWeave Inc. experienced fluctuations between gains and losses following its initial public offering that raised $1.5 billion. The company's stock opened below the initial offering price of $40 per share, at $39 each, and closed at the same price. The initial plan was to sell 49 million shares at $47 to $55 each, potentially raising up to $2.7 billion, but instead, they sold 37.5 million shares at $40 each.

Nvidia Corp., an existing investor in CoreWeave, supported the share sale with an order of approximately $250 million. The IPO saw half of the shares going to the three largest investors and the top 15 investors taking 90% of the shares. CoreWeave's CEO mentioned that without Nvidia's backing, the IPO may not have been successful, especially given the volatile market conditions.

CoreWeave, founded in 2017 as a crypto mining company that transitioned to cloud computing, heavily relies on Nvidia's graphics chips for AI applications. The company's revenue is significantly tied to its top two clients, including Microsoft Corp. Some analysts question the sustainability of CoreWeave's growth trajectory due to its high debt, spending levels, and heavy dependence on a few major customers. Despite potential risks, CoreWeave remains a key player in the neocloud sector, leveraging Microsoft's workload and Nvidia's investment while continuing to capitalize on the growing demand for AI technology.