The AI start-up priced its stock at $40, well below recent expectations for $47 to $55 a share. The listing has been seen as a test for both AI and the market for new stock.

CoreWeave, a cloud computing company backed by Nvidia, priced its initial public offering at $40 per share Thursday, below its previously expected range.

CoreWeave Inc. intends to cut the size of its initial public offering to around $1.5 billion, a person with knowledge of the matter said, in a sign of how the recent stock market volatility is hurting demand for even highly-anticipated listings.