AI
CoreWeave shares soar past IPO price on third trading day
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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.
At close, the company added more than $7 billion to its market value.
Nvidia contributed a $250-million order as part of CoreWeave’s IPO, which raised $1.5 billion, Reuters reported last week.
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.
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