Venture forth: the VC race for the first trillion-dollar unicorn

万亿美元独角兽

Money Talks from The Economist

2025-07-10

35 分钟
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Silicon Valley's venture capitalists are getting jealous. But the target of that jealousy is not other investors—at least not other investors in the Valley. They're jealous of the investors in ordinary public markets who, of late, have seen all the upside to the firms founded with their money. Nvidia became the world's first $4trn company on Wednesday and CoreWeave, a cloud-computing provider, has seen its market value rise by over 300% since it listed in March. VCs are now trying to hold on to their investments for longer, hoping to breed the first $1trn unicorn. But will it work? Hosts: Mike Bird and Ethan Wu. Guests: Nathan Benaich, founder of Air Street Capital; and The Economist's Henry Tricks. Transcripts of our podcasts are available via economist.com/podcasts. Listen to what matters most, from global politics and business to science and technology—subscribe to Economist Podcasts+.
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  • The Economist.

  • Corweave has been one of the most talked about public listings of the year.

  • AI Cloud platform CoreWeave,

  • revealing yesterday plans to go public with a reported $35 billion valuation.

  • The company rents out its immense cloud computing capacity,

  • which is powered by NVIDIA chips, to AI firms all over the world.

  • Now, that should have been catnip for investors,

  • but Corweave's CEO rang Nasdaq's opening bell after a few bad months for AI stocks,

  • so when the day came.

  • CoreWeave raising 1.5 billion with a starting share price of 40.

  • The firm initially seeking to raise as much as 2.7 billion.

  • In the end, the IPO price valued the firm at $23 billion,

  • a third less than investors had expected when the listing was first announced.

  • Four months on, those investors, who bought shares at $40 a pop, are looking pretty shrewd.

  • Call Weave, I really want to look at that.

  • It's up again this morning at 4%.

  • This is shocking.

  • So late March, they IPO at $40 to share.

  • It's up over 250% since then.

  • It's now, as you just saw, about $146.

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