Analysis

AI company’s IPO fizzer a warning for Canva and Australian tech stars

The biggest US technology float since 2021, for artificial intelligence firm CoreWeave, fell flat on Friday. That has implications across the Pacific.

Paul SmithTechnology editor

Mar 31, 2025 – 8.00pm

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It may sound harsh to describe the biggest US technology float since 2021 as a fizzer, but CoreWeave’s debut on the Nasdaq on Friday fell firmly into that category and has implications for local star tech names too.

The artificial intelligence infrastructure business raised $US1.5 billion ($2.4 billion) at $US40 per share, well short of expectations a few weeks ago when the company planned to float for between $US47 and $US55 per share.

Paul Smith edits the technology coverage and has been a leading writer on the sector for 20 years. He covers big tech, business use of tech, the fast-growing Australian tech industry and start-ups, telecommunications and national innovation policy.