CoreWeave co-founder and CEO Michael Intrator’s net worth has skyrocketed to about $10 billion in the three months since the AI firm went public, Bloomberg reports.
His company’s debut was both the biggest tech IPO so far of 2025 — raising $1.5 billion — and somewhat of a clunker: Its founders had reportedly hoped to raise a lot more — up to $4 billion — and had to skinny their ambitions.
CoreWeave still feels a bit like both a success and a house of cards. It offers AI training and inference cloud services built upon a growing stockpile of Nvidia GPUs. One of its investors is Nvidia, which helps it obtain the precious, short-in-supply chips.
CoreWeave has both Microsoft and OpenAI as customers — the latter signed a deal to buy $12 billion worth of services and still has about $11 billion worth to buy. And Nvidia increased its stake after the IPO, the company disclosed.
CoreWeave CEO Mike Intrator. Image Credits:CoreWeave
But CoreWeave borrows money against the GPUs to pay for them, and its IPO wasn’t big enough to get it out of that cycle. It’s got about $8.8 billion worth of debt as of March, it disclosed, with interest rates as high as 15%. Even though it brought in almost $1 billion in revenue in Q1 alone ($985 million), it recorded a net loss of about $315 million.
That has not scared away investors, who remain eager for ways to make money on AI. CoreWeave’s stock has soared almost 300% since its March IPO, raising Intrator’s net worth to above $10 billion, Bloomberg calculates.
But the wildest part of Intrator’s history, as well as that of his co-founders Brian Venturo and Brannin McBee, is that the whole thing started out as a make-money-quick, crypto mining enterprise when their previous company, a hedge fund, failed.
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The business partners went from a closet full of GPUs to thousands of them in a New Jersey warehouse, to an AI training experiment with an open source LLM group, EleutherAI, Venturo previously told TechCrunch.
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