Shares of CoreWeave, an AI cloud provider, started trading Friday following a much-anticipated IPO that is being seen as a litmus test for other AI companies hoping to go public.
Originally founded as a crypto mining company, CoreWeave pivoted to renting out its Nvidia graphic processing units to companies desperate to train AI. The New Jersey-based company is the first tech listing this year, but its debut does not come without controversy. While revenue is up more than 700% year over year, only two customers account for 77% of that figure, and the company has warned of “material weaknesses,” including its capacity for internal financial reporting.
