CoreWeave investors dumped over $1 billion worth of shares after the IPO lock-up period ended.

Golden Finance reported that Morgan Stanley, JPMorgan Chase, and Goldman Sachs organized over $1 billion in Block Trading of CoreWeave, following the first sell-off of shares held by insiders of the AI data center group since the company’s listing. According to company documents, as the lock-up period expires on Thursday evening, the selling shareholders include CoreWeave director Jack Cogen, whose sold shares have a total market value of nearly $300 million. On Friday afternoon, the stock price stabilized at around $100, having previously dropped about 35% over the last two days.