(Reuters) – Artificial intelligence startup CoreWeave’s shares were up 17% at $43.50 on their third day of trading on Tuesday, above their initial public offering price of $40.
On Friday, the Nvidia-backed stock debuted for trading at $39, giving the AI infrastructure firm a valuation of $23 billion on a fully diluted basis. CoreWeave had already taken a hit on Thursday when it had to downsize its IPO.
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Nvidia contributed a $250-million order as part of CoreWeave’s IPO, which raised $1.5 billion, Reuters reported last week.
Livingston, New Jersey-based CoreWeave provides access to data centers and high-powered Nvidia chips, which have become the most sought-after resource in the race to develop AI applications.
(Reporting by Juby Babu in Mexico City; Editing by Vijay Kishore)
