Nvidia-backed CoreWeave set for flat debut in disappointing IPO

** CoreWeave (CRWV.O), artificial intelligence startup backed by Nvidia , on course for flat debut on Fri after hotly-anticipated IPO downsized and priced well below range** CRWV shares recently indicated to open at $40, matching the IPO price* Livingston, New Jersey-based co late Thurs announced 37.5 mln shares for total raise of $1.5 bln, and fully diluted valuation of ~$23 bln at the IPO price** CoreWeave, which has yet to turn a profit, and some existing shareholders had planned to sell 49 mln shares at $47-$55** Nvidia, which has ~6% stake, was reportedly buying $250 mln worth of IPO shares** Founded in 2017 as a crypto mining firm, CoreWeave provides access to data centers and high-powered chips for AI workloads, and competes against cloud providers like Microsoft's Azure and Amazon's AWS** In 2024, CoreWeave's rev surged more than eightfold to $1.9 bln. However, Microsoft , also a customer, accounted for nearly two-thirds of CoreWeave's rev last year** Earlier this week, D.A. Davidson initiated coverage of CoreWeave at 'neutral', saying it sees co "mostly as a highly levered way for Microsoft to offload less desirable workloads and Nvidia to leverage a small investment into a very large customer”** CoreWeave's IPO is seen as a critical barometer of investor appetite for new listings and sentiment for AI-related names, especially since the launch of China's DeepSeek** Morgan Stanley, JP Morgan and Goldman Sachs leading an 18-firm underwriting group for the IPO** Markets have been roiled this year by President Donald Trump's tariff salvos and concerns of a U.S. economic slowdown** Equities are selling off on Fri, extending YTD loss for the S&P 500 and Nasdaq to 5% and ~10%, respectively. The Philadelphia semiconductor index falling 3% on the session, bringing its 2025 loss to 14%