Shares of CoreWeave (CRWV) opened at $39 apiece during the company’s debut on Nasdaq on Friday afternoon, just under its initial public offering which closed Thursday evening.

The cloud computing firm had sold roughly 37.5 million shares at $40 each, raising about $1.5 billion for its initial public offering (IPO), making it the largest tech offering since 2021. It had, however, initially planned to file the offering at $47 to $55 a share at a much higher valuation than it ultimately saw.

Nvidia, an early investor in the company, placed a $250 million order in the offering.

Some experts speculated that the stock’s debut wouldn’t see the success it had hoped for. Bloomberg Opinion US technology columnist Dave Lee, for example, pointed out the company’s large debt, reliance on just a few big customers and lack of diversity in revenue may be an issue.

“CoreWeave stands to be a bellwether for the AI industry as a whole — a must-watch stock as questions about return on investment grow ever louder,” Lee wrote in an op-ed on Friday. “Even the slightest indication of shakiness in the belief of AI sends investors into a tailspin.”

The current risk-off environment caused by the overall macro situation in the U.S., mainly due to recent tariffs imposed by U.S. President Donald Trump, which has caused a sell off in tech stocks, could also have weighed on CoreWeave’s IPO.