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CoreWeave has been rocked by dizzying stock swings\u2014with its stock currently trading 52% below its post-IPO high\u2014and a frequent target of market commentators, but CEO Michael Intrator says the company\u2019s move to the public markets has been \u201cincredibly successful. And he takes the public\u2019s mixed reaction in stride, given the novelty of CoreWeave\u2019s \u201cneocloud\u201d business which competes with established cloud providers like Amazon AWS and Google Cloud.<\/p>\n
\u201cWhen you introduce new models, introduce a new way of doing business, disrupt what has been a static environment, it\u2019s going to take some people some time,\u201d Intrator said Tuesday at Fortune\u2019s Brainstorm AI conference in San Francisco. But, he added, more people are beginning to understand the CoreWeave\u2019s business model. <\/p>\n
\u201cWe came out into one of the most challenging environments,\u201d Intrator said of CoreWeave\u2019s March IPO, which occurred very close to President Trump\u2019s \u201cLiberation Day\u201d tariffs in April.\u00a0\u201cIn spite of the incredible headwinds, we\u2019re able to launch a successful IPO.\u201d <\/p>\n
CoreWeave, which priced its IPO at $40 per share, has experienced frequent severe up-and-down price swings in the eight months since its public market debut. At its closing price of $90.66 on Tuesday, the stock remains well above its IPO price.<\/p>\n
As Fortune reported last month, CoreWeave\u2019s rapid rise has been fueled by an aggressive, debt-heavy strategy to stand up data centers at unprecedented speed for AI customers. And for now, the bet is still paying off. In its third-quarter results released in November, the company said its revenue backlog nearly doubled in a single quarter\u2014to $55.6 billion from $30 billion\u2014reflecting long-term commitments from marquee clients including Meta, OpenAI, and French AI startup Poolside. Both earnings and revenue came in ahead of Wall Street expectations.<\/p>\n
But the numbers were not all celebratory. CoreWeave disclosed a further increase in the debt it has taken on to finance its expansion, and it revised its full-year revenue outlook downward\u2014suggesting that, even with historic demand in the pipeline.<\/p>\n
With media headlines calling CoreWeave a \u201cticking time bomb,\u201d with critics calling out insider stock sales, circular financing accusations and an overreliance on Nvidia, Intrator was asked whether he felt CoreWeave was misunderstood.<\/p>\n
\u201cLook, we built a company that is challenging one of the most stable businesses that exist\u2014that cloud business, these three massive players,\u201d he said, referring to AWS, Microsoft Azure and Google Cloud.\u00a0 I feel like it\u2019s incumbent on CoreWeave to introduce a new business model on how the cloud is going to be built and run. And that\u2019s what we\u2019re doing.\u201d\u00a0<\/p>\n
He repeatedly framed CoreWeave not as a GPU reseller or traditional data-center operator but as a company purpose-built from scratch to deliver high-performance, parallelized computing for AI workloads. That focus, he said, means designing proprietary software that orchestrates GPUs, building and colocating its own infrastructure, and moving \u201cup the stack\u201d through acquisitions such as Weights & Biases and OpenPipe.<\/p>\n
Intrator also defended the company\u2019s debt strategy, saying CoreWeave is effectively inventing a new financing model for AI infrastructure. He pointed to the company\u2019s ability to repurpose power sources, rapidly deploy capacity, and finance large-scale clusters as proof it is solving problems incumbents never had to face.<\/p>\n
\u201cWhen I look back at history of the company, it took us a year with with a company investor like Fidelity, before they were like, \u2018Oh, I get it,\u2019\u201d he said. \u201cSo look, we\u2019ve been public for eight months. I couldn\u2019t be prouder of what the company has accomplished.\u201d\u00a0<\/p>\n<\/div>\n
#CoreWeave #CEO #seesawing #stock #IPO #incredibly #successful #challenges #tariff #timing<\/p>\n","protected":false},"excerpt":{"rendered":"
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