Morgan Stanley, JPMorgan Chase and Goldman Sachs organised more than $1bn of block trades in CoreWeave shares as insiders at the artificial intelligence data centre group sold stakes for the first time since it went public.

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.

People close to the matter said there was a frenzy on Thursday evening as bankers put together deals ahead of 84 per cent of CoreWeave’s total shares becoming available for trading for the first time since the initial public offering in March.