CoreWeave debt tumbles anew as Korean neocloud IPO tanks

CoreWeave debt took another step down on Oct. 20 as investors took a dismal public-market debut from a South Korean cloud company as another sign that the neocloud business model might be broken. Despite being almost 400 times oversubscribed and pricing at the top of the range, shares of Elice Group plunged over 32% in their KOSDAQ market debut. Often referred to as the South Korean equivalent of CoreWeave, Elice locked in its IPO pricing on Oct. 6, the day before macro anxiety and capex concern