CoreWeave eases after stunning turnaround

CoreWeave's CRWV.O shares down 3.9% at $50.50 before the bell after artificial intelligence startup soared in its third trading day

CRWV shares closed up ~42% at $52.57, after rising as high as $53.27 on Tues, and are now comfortably above $40 IPO price in a stunning turnaround

Nvidia NVDA.O-backed firm's shares on Mon fell as low as $36 following flat finish on Fri after $1.5 bln IPO was slashed in size and priced well below range

With the gain on Tues, CRWV shares added slightly more than $7 bln in market value to ~$24.4 bln, based on ~464.1 mln shares outstanding cited in the SEC prospectus filing

Livingston, New Jersey-based Coreweave provides access to data centers and high-powered Nvidia chips, which have become the most sought-after resource in the race to develop AI applications

Nvidia, which had ~6% pre-IPO stake in CoreWeave, bought $250 mln worth of the offering's shares, Reuters reported last week

NVDA shares down 2.1% at $107.82 in premarket trading

Microsoft MSFT.O, CoreWeave's biggest customer, accounted for nearly two-thirds of co's $1.9 bln rev in 2024