Artificial intelligence -focused company Coreweave raised $ 1.5 billion to its original public offer (IPO) and assessed the company for approx. $ 23 billion, Bloomberg reported on Thursday night and confirmed previous reports that it had reduced its IPO.

The cloud provider sold 37.5 million shares for $ 40 each. It had originally planned to sell 49 million shares to $ 47 to $ 55 each, but a weaker than expected stock market was difficulty for the company.

The company initially tried to raise $ 4 billion for a $ 35 billion valuation and reported $ 1.9 billion in revenue last year, but still sees a net loss of nearly $ 900 million.

AI Powerhouse Nvidia, an investor in Coreweave, anchoring the IPO with an order of $ 250 million, reported Bloomberg and quoted a person who is familiar with the case.

Coreweave is closely tied to Bitcoin Miner Corescientific, who hit a multi-billion deal with the New Jersey-based company to expand its artificial intelligence features.

Nvidia’s own share price has fallen 12% since the beginning of the year, the information reported late Thursday, reflecting wider weakness in AI-focused companies.

Update (March 28, 2025, 00:20 UTC): Adding additional details.