An initial public offering is like a gummy bear rescued from behind a sofa cushion. It may be sweet and delicious, but it also tends to come with a film of miscellaneous detritus. The would-be consumer must decide how much is too much.
CoreWeave, a US data centre operator and the year’s biggest tech IPO to date, has fallen foul of this not-quite-scientific test. On Thursday, it sharply downsized what would have been a $32bn listing to $23bn and cut the amount of money it planned to raise in half to $1.5bn. That seems like a fair, if belated, reflection of some unusual potential pitfalls.
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