The company at the heart of the AI bubble

THE VERGE

To me the basics of the CoreWeave story are themselves fascinating. CoreWeave was founded by former commodities traders as an Ethereum mining firm out of New Jersey.

CoreWeave’s big innovation is creative financing. It raises huge sums of money to build data centers full of Nvidia GPUs, and then it leases access to them back to big AI companies to feed the industry’s seemingly insatiable demand for compute. That’s turned CoreWeave into a pillar of the obscenely expensive AI infrastructure build-out that’s turned markets inside out over the past year.

CoreWeave itself went public this past March, and it’s worth almost $50 billion today. Just this year alone, CoreWeave has signed multiple contracts worth tens of billions of dollars with companies like Meta and OpenAI for access to its data centers.

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