In just three months following CoreWeave’s market debut, CEO and co-founder Michael Intrator has seen his personal fortune soar to over $10 billion, propelled by investor enthusiasm and surging stock prices. The company, which launched one of 2025’s largest tech IPOs, raised $1.5 billion, though founders originally aimed for as much as $4 billion.
CoreWeave, an AI cloud services provider specializing in GPU-intensive infrastructure, was initially established as a crypto-mining business by Intrator and his partners Brian Venturo and Brannin McBee, following the collapse of their hedge fund. From assembling GPUs in closets to housing thousands in New Jersey data centers, the company evolved quickly, shifting to AI training and inference platforms. Early collaborations with open-source language model group EleutherAI paved their way into the AI field.
Today, CoreWeave counts tech giants Microsoft and OpenAI among its major customers. OpenAI itself committed to purchasing up to $12 billion of CoreWeave services, with about $11 billion yet to spend. Additionally, Nvidia—both a key supplier and investor—recently increased its stake in CoreWeave following the company’s initial public offering.
However, CoreWeave’s rapid growth and impressive revenues tell only part of the story. Heavy borrowing remains integral to sustaining its expansion, with the company currently carrying approximately $8.8 billion in debt, some of it with interest rates as high as 15%. Despite generating $985 million in Q1 revenue alone, it reported a net loss of $315 million for the same period.
The complex financial structure has yet to deter investors, who continue to push CoreWeave stock upward nearly 300% since its March IPO, turning Intrator overnight into one of the world’s wealthiest individuals. His co-founders share similarly dramatic wealth gains, each pocketing more than $150 million in cash proceeds ahead of the IPO.
CoreWeave has become emblematic of the 2025 AI landscape: enormous revenue potential, explosive market appreciation, towering growth—and an operational approach constantly dependent on securing access to Nvidia’s in-demand GPUs. The company reportedly remains ambitious in its growth strategy, even exploring an acquisition of major competitor Core Scientific, according to recent reports.
The company has not offered further comment on these developments.
