This week there was lots of discussion in financial media around the CoreWeave IPO. CoreWeave provides cloud-based GPUs to AI developers. The IPO was completed today after the number of shares being sold in the IPO was reduced from 49 million to 37.5 million and the share price was lowered to $40 from the planned $47 to $55. (see here)I haven’t kept close tabs on the IPO market since my last update in October 2024 (see here), so I took a look today. Here are the updated IPO stats through March 28, 2025:

• 2025: 73

For comparison, here are prior years’ IPO stats:

• 2024: 225
• 2023: 154
• 2022: 181
• 2021: 1,035
• 2020: 480
• 2019: 232

IPO activity picked up in 2024. We were pretty much back to the 2019 level. COVID and ZIRP contributed to the 2021 IPO explosion (see here). When interest rates began rising sharply in 2022, we saw an implosion of IPO activity in 2022 and 2023.

Time will tell how receptive the market is to CoreWeave. It took almost a year before public-market investors were interested in buying technology companies that IPOed in 2023 and 2024, such as Reddit, Instacart, and Klaviyo.

CoreWeave has seen explosive growth in the last year or so because of soaring AI demand (OpenAI is one of its biggest customers). I’m sure venture capitalists and technology entrepreneurs are watching to see how receptive public-market investors are to buying the company’s shares.

I’m curious to see how CoreWeave performs and whether we’ll see more technology companies going public via IPOs in 2025.

If you want to see the latest or historical IPO stats, try here (where I get my IPO data).