US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>According to sources, the deal is being reworked with significant share size reduction and a downwardly-revised price.</li>
<li>Ultimately, a smaller size transaction with a more attractive valuation will make this IPO easier to digest. </li>
<li>We lack conviction in this IPO at this time and believe that investors looking to have a long-term position in the company may be better suited as an aftermarket participant. </li>
</ul>


According to sources, the deal is being reworked with significant share size reduction and a downwardly-revised price.
Ultimately, a smaller size transaction with a more attractive valuation will make this IPO easier to digest. 
We lack conviction in this IPO at this time and believe that investors looking to have a long-term position in the company may be better suited as an aftermarket participant. 


CoreWeave Inc. (CRWV): IPO Terms Being Reworked at Eleventh Hour; Caution Needed

<ul>
<li>The valuation of the company in our opinion is “fair” and not “stretching the limit” for investors who believe in AI industry trends.</li>
<li>A channel check of this offering revealed that the deal is considered well-oversubscribed with early 1-on-1 conversions and a strong shadow book. </li>
<li>The company is a growth story through and through. They have grown from $16m in revenue in 2022 to $1.9bn in 2024 – the year-over-year growth in 2024 was 737%.</li>
</ul>


The valuation of the company in our opinion is “fair” and not “stretching the limit” for investors who believe in AI industry trends.
A channel check of this offering revealed that the deal is considered well-oversubscribed with early 1-on-1 conversions and a strong shadow book. 
The company is a growth story through and through. They have grown from $16m in revenue in 2022 to $1.9bn in 2024 – the year-over-year growth in 2024 was 737%.


CoreWeave Inc. (CRWV): IPO Valuation Is Fair for AI Industry Believers

<ul>
<li>CoreWeave (CRWV US) officially set terms for an IPO on Thursday morning coming in with a valuation and cash raise that was much lower than previously reported. </li>
<li>Furthermore, the underwriters placed a wider-than-normal spread on the range, $47-$55. This insinuates a negotiation process between the buy-side.</li>
<li>The valuation coming in lower than anticipated will allow investors to put money to work at a more attractive risk-reward profile. </li>
</ul>


CoreWeave (CRWV US) officially set terms for an IPO on Thursday morning coming in with a valuation and cash raise that was much lower than previously reported. 
Furthermore, the underwriters placed a wider-than-normal spread on the range, $47-$55. This insinuates a negotiation process between the buy-side.
The valuation coming in lower than anticipated will allow investors to put money to work at a more attractive risk-reward profile. 


CoreWeave (CRWV): Valuation, Cash Raise Lighter than Expected as Company Pushes Ahead with IPO

<ul>
<li>WhiteFiber is offering 7.8 million shares at $15-$17 equating to a potential market cap of $523m-$593m.</li>
<li>Insiders are buying in this offering which adds to the bullish thesis.</li>
<li>They expect revenue to come between $17.7m-$19.6m for Q2 2025 after posting revenue of $16.8m in Q1 2025. </li>
</ul>


WhiteFiber is offering 7.8 million shares at $15-$17 equating to a potential market cap of $523m-$593m.
Insiders are buying in this offering which adds to the bullish thesis.
They expect revenue to come between $17.7m-$19.6m for Q2 2025 after posting revenue of $16.8m in Q1 2025. 


WhiteFiber, Inc. (WYFI): Subsidiary of Bit Digital, CoreWeave Comp Attracting IPO Interest

<ul>
<li>WhiteFiber is offering 7.8 million shares at $15-$17 equating to a potential market cap of $523m-$593m.</li>
<li>They are currently a wholly-owned subsidiary of Bit Digital. They intend to sell approximately 22.4% of their issued and outstanding Ordinary Shares to the public as part of this offering.</li>
<li>They expect preliminary unaudited revenue from cloud services for the three months ended June 30, 2025 will be $16.1 million to $17.8 million, an increase of  28.7% to 42.3%, respectively.</li>
</ul>


WhiteFiber is offering 7.8 million shares at $15-$17 equating to a potential market cap of $523m-$593m.
They are currently a wholly-owned subsidiary of Bit Digital. They intend to sell approximately 22.4% of their issued and outstanding Ordinary Shares to the public as part of this offering.
They expect preliminary unaudited revenue from cloud services for the three months ended June 30, 2025 will be $16.1 million to $17.8 million, an increase of  28.7% to 42.3%, respectively.


WhiteFiber, Inc. (WYFI): AI Infrastructure Company Sets Terms for IPO, Data Centers in Focus

United States

CoreWeave, Inc. provides software solutions and cloud services. The Company offers cloud infrastructure platform that manages the complexity of engineering, assembling, running, and monitoring state-of-the-art infrastructure at a massive scale to deliver high performance and efficiency to AI workloads. CoreWeave serves customers worldwide.

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CoreWeave (CRWV US)

CoreWeave Inc. (CRWV): IPO Terms Being Reworked at Eleventh Hour; Caution Needed

The IPO deal is being reworked with a smaller share size and lower price, in an attempt to. make it more attractive for investors.

IPO Boutique

CoreWeave Inc. (CRWV): IPO Valuation Is Fair for AI Industry Believers

Investors can find a "fair" valuation in a rapidly growing AI company with impressive revenue growth. The IPO is set to debut on Friday, 3/28.

IPO Boutique

CoreWeave (CRWV): Valuation, Cash Raise Lighter than Expected as Company Pushes Ahead with IPO

CoreWeave sets lower IPO terms with wider price range, offering investors a more attractive risk-reward profile. CoreWeave will debut on Friday (3...

IPO Boutique

WhiteFiber, Inc. (WYFI): Subsidiary of Bit Digital, CoreWeave Comp Attracting IPO Interest

WhiteFiber is offering 7.8 million shares at $15-$17, with insiders buying in, expecting revenue of $17.7m-$19.6m for Q2 2025.

IPO Boutique

WhiteFiber, Inc. (WYFI): AI Infrastructure Company Sets Terms for IPO, Data Centers in Focus

WhiteFiber plans to offer 7.8 million shares at $15-$17, potentially reaching a market cap of $523m-$593m, with expected revenue growth of 28.7%...

IPO Boutique

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Market Cap (USDm)

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CoreWeave Inc. (CRWV): IPO Terms Being Reworked at Eleventh Hour; Caution Needed

​The IPO deal is being reworked with a smaller share size and lower price, in an attempt to. make it more attractive for investors.

IPO Boutique

CoreWeave Inc. (CRWV): IPO Valuation Is Fair for AI Industry Believers

​Investors can find a "fair" valuation in a rapidly growing AI company with impressive revenue growth. The IPO is set to debut on Friday, 3/28.

IPO Boutique

CoreWeave (CRWV): Valuation, Cash Raise Lighter than Expected as Company Pushes Ahead with IPO

​CoreWeave sets lower IPO terms with wider price range, offering investors a more attractive risk-reward profile. CoreWeave will debut on Friday (3...

IPO Boutique

WhiteFiber, Inc. (WYFI): Subsidiary of Bit Digital, CoreWeave Comp Attracting IPO Interest

​WhiteFiber is offering 7.8 million shares at $15-$17, with insiders buying in, expecting revenue of $17.7m-$19.6m for Q2 2025.

IPO Boutique

WhiteFiber, Inc. (WYFI): AI Infrastructure Company Sets Terms for IPO, Data Centers in Focus

​WhiteFiber plans to offer 7.8 million shares at $15-$17, potentially reaching a market cap of $523m-$593m, with expected revenue growth of 28.7%...

IPO Boutique

The IPO deal is being reworked with a smaller share size and lower price, in an attempt to. make it more attractive for investors.

Investors can find a "fair" valuation in a rapidly growing AI company with impressive revenue growth. The IPO is set to debut on Friday, 3/28.

CoreWeave sets lower IPO terms with wider price range, offering investors a more attractive risk-reward profile. CoreWeave will debut on Friday (3...

WhiteFiber is offering 7.8 million shares at $15-$17, with insiders buying in, expecting revenue of $17.7m-$19.6m for Q2 2025.

WhiteFiber plans to offer 7.8 million shares at $15-$17, potentially reaching a market cap of $523m-$593m, with expected revenue growth of 28.7%...