CoreWeave IPO: Nvidia-backed AI startup valued at $23 billion in muted Nasdaq listing; How does this fare for US IPOs?

CoreWeave’s shares closed flat after opening nearly 3% below their offer price in its Nasdaq debut on Friday, giving the Nvidia-backed AI infrastructure firm a valuation of $23 billion on a fully diluted basis. The lackluster performance could crush hopes of a meaningful recovery in IPOs, especially when equity markets are grappling with tariff-related turmoil. Wall Street stocks closed sharply lower on Friday, with the tech-heavy Nasdaq falling 2.7%. It could also dampen sentiment towards AI infrastructure amid rising uncertainty over Big Tech’s massive spending spree and fears of competition from lower-cost options such as China’s AI startup DeepSeek, which…