AI NEWS PAGECASE FILECOMPANY FILE
CoreWeave
CRYPTO MINER TURNED GPU CLOUD — $50B IN DEBT, 60% ODDS OF DEFAULT, AND NVIDIA'S $6.3B BACKSTOP
FILE UPDATED Oct 17, 2026
WHY THEY MATTER
CoreWeave biography: from Atlantic Crypto Ethereum miner (2017) to Nvidia-backed AI neocloud — $1.92B revenue, ~$50B debt, Microsoft and OpenAI customers.
FILE FACTS
ON THE RECORD- FOUNDED
- Founded September 2017 as Atlantic Crypto, an Ethereum miner; pivoted to GPU cloud and launched its cloud platform in 2020Business News TodayIntrol
- HEADQUARTERS
- Roseland, New JerseyValueAddVC
- STATUS
- Public — NASDAQ: CRWV; IPO Mar 28, 2025: 37.5M Class A shares at $40, raised ~$1.5B — the largest US venture-backed tech IPO since 2021Business News TodayCoinDeskWikipedia
- LEADER
- Co-founder and CEO Michael Intrator (with co-founders Brian Venturo and Brannin McBee)Business News TodayIntrol
- EMPLOYEES
- More than 2,600 employees; dozens of data centers across the US and Europe · 2026ValueAddVC
- REVENUE
- $16M (2022) -> $229M (2023) -> $1.92B (2024), a 737% jump in one year · FY 2024Introl
- VALUATION
- ≈$23B implied valuation at the March 2025 IPO · as of Mar 28, 2025ValueAddVC
- FUNDING
- ≈$50B total debt incl. leases (LSEG); $2.3B '23 + $7.5B '24 + $8.5B Mar '26 GPU-backed facilities; $4.2B 2.875% convertibles (2033); Oct '26: 2031/32 bonds yielded 15-16%, CDS 1,000-1,200 bps (~60% 5-yr default odds) · 2023-2026ReutersCrypto BriefingValueAddVCReuters
- AI PRODUCTS
- GPU 'neocloud' renting Nvidia H100/GB200/GB300 for AI training; first cloud with GB200 NVL72; customers Microsoft, OpenAI ($12B 5-yr contract), IBM; Nvidia backstops unused capacity in a $6.3B deal through 2032IntrolWikipediaCoinDeskBusiness News Today
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