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New Jersey-born and headquartered CoreWeave announced its initial public offering Friday at $40 per share.

The company is a leader in the artificial intelligence space, delivering a cloud platform to power AI scaling.

As NJBIZ reported, CoreWeave has been rapidly moving toward its IPO – and recently launched its roadshow to gauge the public interest. Some broader headwinds led the company to scale down its IPO from 49 million shares of Class A common stock to 37.5 million shares at $40 per share. CoreWeave is expected to raise around $1.5 billion.

Shares will trade on the Nasdaq Stock Market under the symbol “CRWV” with the IPO expected to close on March 31.

Co-founder and CEO Michael Intrator appeared Friday on CNBC’s “Squawk Box” to discuss the exciting day for the Jersey company. He also explained the scaling down of the IPO, which is still the biggest in tech in many years.

“There’s a lot of headwinds in the macro,” said Intrator. “There are headwinds in the AI trade. We definitely had to scale or right-size the transaction – for where the buy interest was. This is going to be a very, very exciting transaction for us. It does an enormous amount to move the company forward. It positions us for the next stage of growth for CoreWeave. This is just an incredibly fantastic time to begin that journey.

“Going public is just a day in the life of an incredibly long-term transaction – and business that we’re building.”

Continuing to scale

Intrator spoke further about the funds CoreWeave is raising – and how it will impact the company’s next chapter.

“We’re going to pull in the $1.5 billion later today – it’s very exciting. And then we’re going to use that to pay down some debt. We’re going to use that to continue to expand our footprint – to invest in the human resources to build the business and continue to scale it. At what has been an absolutely unbelievable pace over the past several years,” said Intrator. “It’s really exciting.”

Morgan Stanley, J.P. Morgan and Goldman Sachs act as joint lead bookrunners for the IPO.

CoreWeave is also a founding partner in the NJ AI Hub, which officially opened its doors March 27 in West Windsor with a ribbon-cutting ceremony.

“As a company proudly headquartered in New Jersey, CoreWeave is deeply invested in the future of this state — and in the people who call it home,” said Brian Venturo, co-founder and chief strategy officer at CoreWeave. “This is more than just a space for innovation; we believe it’s a launchpad for aspiring technologists, engineers, and creators across N.J. who no longer need to leave home to build world-class careers in AI. Today’s ribbon-cutting demonstrates that New Jersey is not just participating in the AI revolution — we’re driving it.”