CoreWeave co-founder Brian Venturo knows that three hedge fund guys, turned crypto miners, now running AI training infrastructure has been a wild ride.

CoreWeave rents out access to Nvidia graphics processing units to other large tech and AI companies including Meta, IBM and Cohere.

After waiting over three years for a billion-dollar-plus IPO from a U.S. tech company, Wall Street’s top banks only got a 2.8% fee.

CoreWeave's IPO debut tests neocloud viability and reliance on Nvidia GPUs.

CoreWeave will only receive the profits from the 36,590,000 it sells. That means CoreWeave potentially raised more than $1.46 billion in its IPO. At its $40 per share IPO price, CoreWeave has a fully diluted valuation of around $23 billion, according to Reuters.

The start-up, which provides the processing power to help develop A.I. systems, faces questions about its debt and the overall economy.

The cloud computing company’s cofounder Brannin McBee spoke to Forbes about the “important milestone” as shares started trading Friday.

Concerns sparked by CoreWeave's debt pile and other financial challenges may weigh on retail investor enthusiasm as it prepares to go public after what analysts said was a poorly timed IPO.

CoreWeave's debut has been eagerly awaited by investors as a sign of the strength of the AI trade as well as the appetite for new IPOs.