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>CoreWeave priced a down-sized transaction of 37.5mm shares at $40.00 ($7 Below the Original $47-$55 range) and opened at $39.00 for a loss of 2.5% at first trade</li>
<li>According to our underwriter sources, the deal finished multiple-times oversubscribed with the top three accounts getting 50% of the deal and the top 15 accounts taking down 90% of the transaction.</li>
<li>This IPO in particular was a difficult deal to value for IPO investors based upon being a "first mover" in the AI space.</li>
</ul>


CoreWeave priced a down-sized transaction of 37.5mm shares at $40.00 ($7 Below the Original $47-$55 range) and opened at $39.00 for a loss of 2.5% at first trade
According to our underwriter sources, the deal finished multiple-times oversubscribed with the top three accounts getting 50% of the deal and the top 15 accounts taking down 90% of the transaction.
This IPO in particular was a difficult deal to value for IPO investors based upon being a "first mover" in the AI space.


CoreWeave Inc (CRWV): IPO Opens Below Issue, Closes Flat in Debut Session

<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

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates that Perplexity hit $63M in ARR at the end of 2024, up 800% from $7M in 2023.</li><li>Perplexity risks seeing commoditized its core experience of AI-summarized search results for complex queries (10-11 words long).</li><li>Perplexity’s own December 2024 projections of hitting $656M ARR by the end of 2026.</li></ul>

Sacra estimates that Perplexity hit $63M in ARR at the end of 2024, up 800% from $7M in 2023.Perplexity risks seeing commoditized its core experience of AI-summarized search results for complex queries (10-11 words long).Perplexity’s own December 2024 projections of hitting $656M ARR by the end of 2026.

United States

CoreWeave, Inc. is a specialized cloud infrastructure company that provides high-performance computing resources optimized for workloads such as artificial intelligence, machine learning, visual effects, and batch processing. The company's CoreWeave Cloud Platform consists of proprietary software and cloud services that deliver the automation and efficiency needed to manage complex AI infrastructure at scale. Its platform supports the development and use of ground-breaking models and the delivery of the next generation of AI applications. CoreWeave operates a GPU-first architecture, optimized for training and inference of generative AI models, and also targets scientific and financial computing, as well as real-time 3D rendering needs. The company was founded in 2017 and is headquartered in Livingston, New Jersey.

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CoreWeave (CRWV US)

CoreWeave Inc (CRWV): IPO Opens Below Issue, Closes Flat in Debut Session

CoreWeave's IPO priced lower than expected, opening at a loss of 2.5% with top accounts dominating the transaction, reflecting challenges in...

IPO Boutique

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

How Perplexity Hits $656M ARR

TL;DR: As competition intensifies between Perplexity, foundation model companies, and Google, Perplexity is betting on deepening prosumer habitual...

Sacra

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52-week Range

Market Cap (USDm)

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CoreWeave Inc (CRWV): IPO Opens Below Issue, Closes Flat in Debut Session

​CoreWeave's IPO priced lower than expected, opening at a loss of 2.5% with top accounts dominating the transaction, reflecting challenges in...

IPO Boutique

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

How Perplexity Hits $656M ARR

TL;DR: As competition intensifies between Perplexity, foundation model companies, and Google, Perplexity is betting on deepening prosumer habitual...

Sacra

CoreWeave's IPO priced lower than expected, opening at a loss of 2.5% with top accounts dominating the transaction, reflecting challenges in...

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...