@ CoreWeave is charging out of the unicorn stable as the first major tech IPO of 2025. Congrats to them for taking the plunge.

Who is going to follow?

If the IPO filing surprised you, you weren’t paying attention! The path CoreWeave followed to get to filing is one we’re seeing many pre-IPO companies take right now.

Insiders will know when key fundamental milestones were achieved, but here’s @ Caplight’s presentation of CoreWeave’s path to public filling, sourced from public info:

💭 Hired a new CFO, ex-Google Cloud – March 2024… big public company CFO? ✅

🤐 Insider IPO rumors for H1 2025 – May 2024… where there’s smoke there’s often fire

🏦 CoreWeave selects @MorganStanley, @Goldman, and @JPM to lead its IPO – Nov 2024… ok, this is getting serious.

🧹 $650M cap table cleanup (tender) led by @JaneStreet and @Fidelity – Nov 2024… what’s notable about this is that these are public market investors. Another clear signal.

🕵🏻‍♂️ @TheInformation reported on a confidential IPO filing – Dec 2024… a tier 1 news outlet reporting? ✅

🧾 CoreWeave files for IPO – March 2025… ta-da 🤲

OK, humble brag time:

@ Bloomberg’s IPO report cites a target valuation of “greater than $35B”, a more than 50% surge from CoreWeave’s $23B valuation just four months ago.

The same day this report came out, our Caplight MarketPrice™ model estimated CoreWeave’s secondary market valuation at $33B*. Proving again the importance of tracking secondary market data as a signal of IPO pricing.

Private market investing is no longer just tossing a line in and waiting. Beneath the surface, there's a flurry of activity, those who pay attention may catch more fish.

Want real-time insights like this? Reach out at contact@caplight.com.

*as of the publishing of the Bloomberg article, February 26, 2025.

**Past performance is not indicative of future results.