CoreWeave Inc. is expected to guide prospective investors that its initial public offering has received orders for all of the shares available, according to people familiar with the matter.

CoreWeave is targeting a valuation of up to $32 billion on a fully diluted basis in its U.S. initial public offering, as the Nvidia -backed startup bets on strong demand for generative artificial intelligence.

CoreWeave said on Wednesday that it hopes to sell its initial public shares between $47 and $55 per share, putting the money it may raise between about