New Delhi, March 28 -- CoreWeave's shares were set to open nearly 18% above their offer price in their Nasdaq debut on Friday, giving the Nvidia-backed AI infrastructure firm a potential valuation of $27.4 billion on a fully diluted basis.

A strong debut would be a welcome sign for the company, especially since its lofty targets already took a hit on Thursday when it had to downsize its initial public offering.

It may also offer hope to other IPO candidates that smooth listings are achievable with tempered valuations, even at a time when equity markets are already grappling with tariff-related turmoil.

The stock was indicated to open at $47, compared with the IPO price of $40.

"The U.S. IPO market is at an inflection point. This next ...