Ex-Crypto Miner Becomes Deca-Billionaire in Just 3 Months
▼ Summary
– CoreWeave CEO Michael Intrator’s net worth surged to $10 billion after the company’s $1.5 billion IPO, though it fell short of its $4 billion target.
– CoreWeave provides AI cloud services powered by Nvidia GPUs, with Nvidia as an investor and Microsoft and OpenAI as key customers, including a $12 billion deal with OpenAI.
– Despite $985 million in Q1 revenue, CoreWeave reported a $315 million net loss and carries $8.8 billion in debt with interest rates up to 15%.
– CoreWeave’s stock rose nearly 300% post-IPO, reflecting strong investor interest in AI despite the company’s financial risks.
– The company originated as a crypto mining venture after its founders’ hedge fund failed, later pivoting to AI and making its founders billionaires.
From Crypto Mining to AI Billionaire: How One CEO’s Fortune Exploded to $10 Billion
Michael Intrator, co-founder and CEO of CoreWeave, has seen his net worth surge to an estimated $10 billion just three months after his company went public. The AI infrastructure firm’s explosive growth highlights both the soaring demand for artificial intelligence services and the high-stakes financial risks involved in this rapidly evolving sector.
CoreWeave’s initial public offering in March 2025 raised $1.5 billion, making it the largest tech IPO of the year, though it fell short of the $4 billion target. The company specializes in AI training and cloud-based inference services, leveraging a vast inventory of Nvidia GPUs, which remain in critically short supply. Notably, Nvidia itself is an investor, helping CoreWeave secure the chips needed to power its operations.
Despite landing major clients like Microsoft and OpenAI, the latter committing to $12 billion in services, CoreWeave’s financials reveal a precarious balance. The company reported $985 million in Q1 revenue but still posted a $315 million net loss. With $8.8 billion in debt and interest rates climbing as high as 15%, CoreWeave relies on borrowing against its GPU stockpile to sustain operations.
Investors, however, remain undeterred. The stock has tripled in value since its IPO, catapulting Intrator into the billionaire ranks. His journey, along with co-founders Brian Venturo and Brannin McBee, is particularly striking, CoreWeave began as a cryptocurrency mining venture after their hedge fund collapsed. What started as a warehouse full of GPUs in New Jersey evolved into a cutting-edge AI infrastructure provider, now serving some of the world’s largest language model developers.
The founders have already cashed in, selling over $150 million each in pre-IPO shares. Today, CoreWeave stands as a prime example of AI’s gold rush mentality: massive revenue growth, relentless investor appetite, and an industry built on the constant need for more computing power.
The company declined to provide further comments on its financial outlook.
(Source: TechCrunch)
