Fenwick represented CoreWeave, Inc. (Nasdaq: CRWV), a developer of a cloud infrastructure platform designed to provide computing resources for artificial intelligence, machine learning and other projects, in its initial public offering of 37,500,000 Class A shares at a public offering price of $40.00 per share. The gross proceeds from the offering, before deducting underwriter discounts and commissions, were $1.5 billion, making this the second largest technology IPO since 2022.
Morgan Stanley, J.P. Morgan, and Goldman Sachs & Co. LLC acted as the lead joint bookrunning managers for the offering. In addition, CoreWeave has granted the underwriters a 30-day option to purchase up to an additional 5,625,000 shares of Class A common stock at the initial offering price, less underwriting discounts and commissions. More information can be found in CoreWeave’s announcement. Fenwick has advised CoreWeave on multiple transactions, including its $642M secondary sale in December 2023, its $1.1B Series C financing in May 2024, and its $650M secondary sale in November 2024.
The Fenwick transaction team was led by corporate partners Michael Brown, Ran Ben-Tzur, Jennifer Hitchcock, Aman Singh and Chance Goldberg and included corporate associates Arielle Trapp, Meg Moloney, Warren Pugash, John Batoha, Sarah Marshall, Fiona Margareten, Joon Kim, Anja Kong, Liz Malmen and Jing Liu; and executive compensation and employee benefits partner Liz Gartland and associates Liza Morgan, Jonathan Stephenson and Rachel Coffey.