Michael Intrator, co-founder and CEO of CoreWeave, has seen his net worth soar to approximately $10 billion in just three months since the AI company’s public debut. According to Bloomberg, this initial public offering (IPO) became the largest tech IPO of 2025, raising $1.5 billion, although it fell short of the founders’ expectations of up to $4 billion. CoreWeave’s business model is based on providing AI training and inference cloud services, utilizing a significant inventory of Nvidia GPUs.
Nvidia itself is an investor in CoreWeave, which is crucial for securing the highly sought-after and scarce hardware the company relies on. Key clients for CoreWeave include tech giants Microsoft and OpenAI, the latter having signed an impressive deal worth $12 billion in services. However, the financial structure of CoreWeave faces challenges.
The company has incurred substantial debt, approximately $8.8 billion as of March, primarily due to borrowing against its GPU acquisitions. Interest on this debt has surged as high as 15%. Despite generating significant revenue of nearly $1 billion in the first quarter, CoreWeave reported a net loss of about $315 million, indicating a need for careful financial management moving forward.
Despite these financial hurdles, investor interest in AI remains strong, leading to CoreWeave’s stock price surging nearly 300% post-IPO. The journey of Intrator and his co-founders, Brian Venturo and Brannin McBee, is notable, as they transitioned from a failed hedge fund to a crypto-mining venture before establishing CoreWeave. Their rise from operating a closet full of GPUs to servicing significant players in the AI field underscores the rapid evolution and potential within the industry.
CoreWeave’s trajectory reflects the dynamics currently shaping the AI landscape, combining rapid growth with intense resource demands.