Those offloading stakes as the lock-up period expired on Thursday night included CoreWeave director Jack Cogen, who sold shares with an aggregate market value of nearly $300mn, according to company filings. Shares held steady at about $100 on Friday at midday, after dropping about 35 per cent over the previous two days.

CoreWeave insiders and early backers have sold more than $1 billion of shares after the expiry of a post-IPO lock-up period, marking the first time major

Corporate insiders will soon be able to unload shares, which could cause some selling pressure but also ultimately reduce volatility by increasing the stock’s float.