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A new test for the moribund I.P.O. market comes today when CoreWeave begins trading.Credit…Michael M. Santiago/Getty Images

CoreWeave just pulled off the first big initial public offering this year — and the results were far from heartening.

The company, which rents computing power to the artificial intelligence industry, shrank its I.P.O. far below initial expectations before Friday’s anticipated trading debut. That’s even after Nvidia, which owns a stake in the company, committed to buy more shares as part of the offering.

The big question is whether CoreWeave’s troubles speak to only one company — or to broader economic conditions, which would portend trouble for the embattled I.P.O. landscape as a whole.

How far short did CoreWeave’s I.P.O. fall? The company priced its offering at $40 a share, compared with an initial range of $47 to $55. It also sold 37.5 million shares, about 23 percent less than expected. Overall, it raised $1.5 billion at a roughly $23 billion valuation, down from its initial hopes of $4 billion at a $35 billion valuation.

The company was battling tough I.P.O. conditions. The stock market has been weighed down by uncertainty around President Trump’s tariffs and inflation.

“It has been a brutal time for markets in general,” Samuel Kerr, the head equity capital market analyst at the financial insights firm Mergermarket, told The Times. “It shows you that there is very little appetite to put forward this kind of risk transaction at the moment.”

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