CoreWeave Bets $29 Billion on AI Boom — but Risks Loom

Graphics processing units (GPUs), commonly designed by chip giant Nvidia, have become the core engine for artificial intelligence.

CoreWeave's stock price has more than doubled since its March IPO, far outpacing the broader Nasdaq’s 23.9% return and minting at least five billionaires. (Photo: CoreWeave Facebook)

Access to them can determine a company’s fortunes — and CoreWeave, which trades on Nasdaq, has built a $50 billion market-cap business by becoming one of the go-to brokers, Guerin Blask reported for Forbes.

After pioneering a new financing model that allowed it to borrow $29 billion, CEO Michael Intrator now balances shareholder concerns over mounting debt and broader fears of an AI bubble with his ambition to provide computing power not just to tech giants but to any company integrating AI.

In less than a decade, the firm has built a data center empire, booking $1.9 billion in revenue in 2024 (net losses: $860 million, for a –45% margin) and $2.2 billion in the first half of 2025 (net losses: $605 million, or –28%).

Its stock price has more than doubled since its March IPO, far outpacing the broader Nasdaq’s 23.9% return and minting at least five billionaires.

Intrator himself is now worth $6.7 billion, landing him on The Forbes 400 list of the richest Americans for the first time, along with cofounder Brian Venturo.

“CoreWeave has catapulted into prominence as one of the leading AI cloud compute providers with marquee customers like OpenAI, Microsoft, and Meta,” Forbes staff writer Rashi Shrivastava noted.

“Shedding its crypto past and betting big on Nvidia’s coveted GPUs, Michael Intrator took his company to a $50 billion valuation.

But he relied heavily on debt, backed by those very GPUs, which are depreciating much faster today. With billions on the line and concerns of an AI bubble, the stakes are higher than ever.”