CoreWeave, a fast-growing player in the AI cloud computing space, has gone public, raising $1.5 billion through its IPO and securing a valuation close to $23 billion, Bloomberg reported Thursday night.

The company sold 37.5 million shares at $40 each—well below its initial plan to offer 49 million shares priced between $47 and $55. Market headwinds and cooling investor appetite for tech IPOs prompted the company to scale back its offering.

Initially targeting a $4 billion raise at a $35 billion valuation, CoreWeave has adjusted expectations in the face of broader equity market softness. Despite generating $1.9 billion in revenue in 2024, the company still recorded a net loss of nearly $900 million.

Chip giant Nvidia, a strategic investor in CoreWeave, is supporting the IPO with a $250 million investment, according to Bloomberg sources familiar with the matter.

CoreWeave also maintains strong ties with CoreScientific, a major bitcoin mining firm, with the two companies collaborating on large-scale AI infrastructure initiatives.

Meanwhile, Nvidia shares have declined 12% since the beginning of the year, underscoring the recent downturn in AI-focused equities, The Information reported.