On March 28, AI company CoreWeave raised $1.5 billion through its initial public offering (IPO), with the company valued at approximately $23 billion. According to a Bloomberg report on Thursday night, there were prior indications that the company had reduced its IPO scale. The cloud service provider sold 37.5 million shares at $40 per share. Initially planning to sell 49 million shares with a price range of $47 to $55 per share, the company faced fundraising challenges due to poor market performance.

As an investor in CoreWeave, AI giant Nvidia supported this IPO by subscribing to $250 million worth of stock. According to Bloomberg, citing sources familiar with the matter, Nvidia's move further solidified its relationship with this AI cloud services company.

Additionally, CoreWeave has a close relationship with Bitcoin mining company CoreScientific, and they have reached a multi-billion dollar deal to expand the New Jersey-based company's artificial intelligence capabilities.