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CoreWeave’s (CRWV) stock surged nearly 42% on Tuesday, April 1, recovering above its $40 initial public offering price (IPO) after a disappointing second day of trading. The AI cloud provider closed at $52.57, valuing the company at a market capitalization of $25 billion.
The dramatic rebound follows Monday’s 7.3% drop, which had pushed shares below the IPO price and raised questions about investor appetite for tech offerings. CoreWeave, which specializes in renting access to Nvidia’s coveted GPUs to technology companies, represents the largest venture-backed tech IPO for a U.S. company since 2021.
