An up-and-coming company specializing in the hottest technology area decides to go public. It's teamed up with the most prominent player in that area. The company's initial public offering (IPO) is set to be the biggest for a tech stock in years.

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

CoreWeave sells access to Nvidia graphics processors as a service, allowing developers to rent chips by the hour so they can develop more advanced AI models.