(Bloomberg) — CoreWeave Inc. is expected to guide prospective investors that its initial public offering has received orders for all of the shares available, according to people familiar with the matter.
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The IPO for Nvidia Corp.-backed company is oversubscribed after early mutual fund support and one-on-one conversions, the people said, asking not to be identified as the information isn’t public. The offering could raise as much as $2.7 billion at the top of the marketed range.
The deal is expected to price next Thursday and begin trading the following day, meaning it’s very early in the process, the people said. The messaging is expected to be distributed as early as Friday.
A spokesperson for CoreWeave declined to comment.
The cloud-computing provider that’s among the hottest startups in artificial intelligence began marketing on Thursday. Shares were offered to investors at a price range of $47 to $55, according to its filing on Thursday with the US Securities and Exchange Commission. The company and some of its backers are offering 49 million shares in the deal.
The IPO is being led by Morgan Stanley, JPMorgan Chase & Co. and Goldman Sachs Group Inc., along with 11 other advisers. CoreWeave’s shares are expected to trade on the Nasdaq under the symbol CRWV.
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