CoreWeave's debut is landmark moment in AI boom and could kick off 'IPO parade'

CoreWeave will be the first pure-play artificial intelligence company to go public.

The company plans to raise up to $2.7 billion at the top end of its range of $47 to $55 .

The IPO is a landmark event for an industry that has exploded since the launch of OpenAI 's ChatGPT in late 2022 .

CoreWeave is gearing up to lead an " IPO parade," clearing out some of the backlog of tech companies that would have gone public already if not for market conditions.

The company is supplying some of that critical technology, pulling together Nvidia GPUs into large data centers and providing access via the cloud.

The IPO is "definitely a bellwether" for the broader tech IPO market, but valuing the business isn't straightforward.

CoreWeave locked in long-term enterprise contracts with big tech companies, so it hasn't felt price fluctuations.

But as prices come down, the company will have to adjust to a flattening supply-demand curve.

Analysts expect Nvidia 's revenue to increase by almost 60% this fiscal year .