CoreWeave Raises $1.5 Billion in Heavily Downsized IPO (1)

CoreWeave Inc. raised $1.5 billion in its initial public offering, a downsized deal that reflects how stock market volatility is hurting demand for even highly anticipated listings.

The cloud-computing provider sold 37.5 million shares at $40 apiece, it said in a statement, confirming an earlier Bloomberg News report. That’s down from an initial plan of 49 million shares at $47 to $55 each that could have raised as much as $2.7 billion.

The shares will begin trading Friday on the Nasdaq under the ticker CRWV. Morgan Stanley, JPMorgan Chase & Co. and Goldman Sachs Group Inc.are joint ...