CoreWeave, the cloud-based AI infrastructure company, closed at $40 on its first day of trading on the Nasdaq. The shares initially opened at $39, despite a broader market decline of 2.7% due to concerns about tariffs and inflation.

The company, based in Livingston, New Jersey, priced its IPO shares at $40 each, raising $1.5 billion. This pricing was lower than the initial forecast of $47 to $55 per share, which was outlined in a previous filing.

Earlier this month, CoreWeave filed for its IPO as part of its ongoing growth. In 2024, the company reported revenue of $1.9 billion, a 737% increase from the previous year. However, CoreWeave remains unprofitable, with a net loss of $863 million last year, which is 45% higher than the previous year’s loss.

CoreWeave’s IPO has been seen as a key indicator of the potential recovery of the IPO market, which has faced a prolonged slowdown. But there are concerns about the pace of AI adoption by large companies and how much they are willing to invest in data centers. Additionally, the rapid construction of new data centers could lead to an oversupply, potentially driving down prices.

To date, CoreWeave has secured $1.57 billion in equity funding and more than $10 billion in debt financing, according to Crunchbase.

The company’s largest shareholder is Magnetar Capital, an asset manager based in Evanston, Illinois, which holds 34.5% of CoreWeave’s Class A shares. Other significant investors include Fidelity (7.6%) and Nvidia (6%).

CoreWeave’s stock is listed under the ticker symbol CRWV, with JP Morgan, Morgan Stanley, and Goldman Sachs acting as the lead underwriters for the offering.