The short answer: CoreWeave is a "neocloud": a company that rents out large clusters of Nvidia GPUs to AI labs and big tech companies over the cloud. It started in 2017 as a crypto-mining venture, went public on the Nasdaq in March 2025, and in October 2026 became the center of Wall Street's worries about AI debt, with its bond yields and credit default swaps reaching levels generally seen as distressed, according to CNBC.
A company profile from The Pomp Podcast, hosted by Anthony Pompliano. Last updated: October 24, 2026.
Key takeaways
CoreWeave (Nasdaq: CRWV) is a neocloud that rents clusters of Nvidia GPUs to AI labs and large tech companies.
It started in 2017 as a crypto-mining venture, and Microsoft accounted for more than two-thirds of last year's revenue, per CNBC.
CNBC reports it has taken on more than $51 billion of debt and obligations, making it the center of Wall Street's AI debt worries in October 2026.
What is CoreWeave?
CoreWeave builds and operates data centers full of GPUs and sells that computing power to companies training and running AI models. Its GPUs are all from Nvidia, CNBC reported at the time of its IPO. CNBC describes it as a "so-called neocloud": a newer cloud provider focused on AI, competing with established clouds such as Amazon, Google and Microsoft.
Who are CoreWeave's customers?
Microsoft has been its largest customer. Microsoft made up 62% of 2024 sales, per CNBC, and more than two-thirds of last year's revenue, per CNBC's October 2026 reporting.
Backlog. CoreWeave's backlog is over $100 billion, about two-thirds of it with investment-grade customers including Microsoft, Meta, IBM and Caterpillar, Deutsche Bank said in a note cited by CNBC.
Who founded CoreWeave?
CoreWeave was founded in 2017 as Atlantic Crypto by Michael Intrator, Brian Venturo and Brannin McBee, and renamed CoreWeave in 2019 as it moved from crypto mining to cloud computing, according to CNBC. Intrator is CEO.
Is CoreWeave a public company?
Yes. CoreWeave priced its IPO at $40 a share in March 2025, raising $1.5 billion, and trades on the Nasdaq under the ticker CRWV, per CNBC. Its market value peaked at about $90 billion and had fallen to about $31 billion by October 21, 2026, after a 36% drop in October, CNBC reports. Nvidia invested $2 billion in January 2026 for about a 10% stake, according to the same report.
Why are investors worried about CoreWeave's debt?
CoreWeave has taken on more than $51 billion of debt and obligations to build out its AI infrastructure, according to CNBC. In mid-October 2026:
The company pushes back. "We are confident in our backlog which more than supports all of our debt obligations," Intrator wrote in a memo obtained by CNBC. Deutsche Bank called the sell-off a buying opportunity. Goldman Sachs upgraded the stock to buy, and CoreWeave is expected to report third-quarter results in November, per CNBC.
Why does CoreWeave matter?
A barometer for AI debt. As an AI infrastructure company funded largely with debt, its bonds and CDS have become a real-time gauge of how nervous credit markets are about AI spending.
Spillover risk. Deutsche Bank's Jim Reid warned that this kind of concern "can prove to be a self-fulfilling prophecy," with risks for other AI names, per CNBC.
Nvidia and Microsoft exposure. Its biggest supplier is also an investor, and its biggest customer accounts for most of its revenue.
What did The Pomp Podcast say about CoreWeave?
CoreWeave came up in five of the last seven episodes. Most guests argued the debt fears were overdone. Quotes below are from the episodes, with timestamps. For a deeper look, read CoreWeave and Oracle Debt: Are AI Debt Fears Overdone?.
Dan Ives, on October 22, said the bears were right "directionally" about debt, but that with CoreWeave:
"the debt that they're taking on relative to their backlog is minuscule."
Jordi Visser, on October 17, said he would rather own CoreWeave's distressed debt than older private credit:
"CoreWeave debt at 75 cents on the dollar"
"I'd rather own CoreWeave right now for the next whatever years than this."
Moez Kassam, on October 20, described seeing record put buying in CoreWeave, buying the stock that day, and then selling once the crowd came back in, telling colleagues: "Time to get rid of CoreWeave." (31:54)
On October 24, Jordi pointed to the CoreWeave debt sell-off as part of a broader credit unwind that hit leveraged multi-strategy funds (15:37).
Every Pomp Podcast episode that discussed CoreWeave
CoreWeave came up in 5 recent episodes of The Pomp Podcast. Each link opens the YouTube video at that moment.
Oct 24, 2026: Will Bitcoin Survive Quantum Computing? | Jordi Visser. Jordi tied the CoreWeave sell-off to a broader unwind at leveraged funds. Timestamps: 15:37 (CoreWeave debt and the credit unwind).
Oct 22, 2026: 85% Of The AI Boom Is Still Ahead Of Us | Dan Ives. Dan Ives explained why he thinks AI debt fears are overdone. Timestamps: 0:50 (preview), 6:06 (debt relative to backlog), 17:58 (CDS jitters).
Oct 20, 2026: Bitcoin Is Just Getting Started, Says Billion Dollar Investor | Moez Kassam. Moez Kassam described trading CoreWeave against the crowd. Timestamps: 31:31 (record put buying), 31:54 ("Time to get rid of CoreWeave").
Oct 17, 2026: Is Bitcoin Ready To Rip While Wall Street Breaks? | Jordi Visser. Jordi argued CoreWeave's cash flows come from big, solvent customers. Timestamps: 1:46 (CDS fears), 5:04 (not the housing crisis), 15:47 (debt at 75 cents), 34:04 (revenues coming in).
Oct 15, 2026: How to Find the Next 10x Stock Before Everyone Else | Eric Jackson. Eric Jackson discussed CoreWeave among neoclouds and bitcoin miners turned AI data centers. Timestamps: 7:05 (neoclouds).
Watch or listen to the episode
85% Of The AI Boom Is Still Ahead Of Us | Dan Ives, released October 22, 2026. The CoreWeave discussion starts at 6:00.
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Where can I follow CoreWeave?
CoreWeave publishes news and investor information on its website.
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Frequently asked questions
What is CoreWeave?
CoreWeave is a neocloud: a cloud company that rents clusters of Nvidia GPUs to AI labs and large tech companies. It trades on the Nasdaq as CRWV.
Who owns CoreWeave?
CoreWeave is a public company. Nvidia invested $2 billion in January 2026 for about a 10% stake, according to CNBC. Michael Intrator is co-founder and CEO.
Who are CoreWeave's biggest customers?
Microsoft is its largest customer, accounting for more than two-thirds of last year's revenue, per CNBC. Its backlog also includes Meta, IBM and Caterpillar, and it signed a deal with OpenAI.
How much debt does CoreWeave have?
CNBC reports CoreWeave has taken on more than $51 billion of debt and obligations, with $20.7 billion due through 2030.
Is CoreWeave going bankrupt?
There is no bankruptcy filing. Its bonds and CDS traded at distressed levels in October 2026, but CEO Michael Intrator says its backlog of over $100 billion more than supports its debt.
Did CoreWeave start in crypto?
Yes. It was founded in 2017 as Atlantic Crypto, a crypto-mining venture, and renamed CoreWeave in 2019.
Sources
Last updated: October 24, 2026
Anthony Pompliano is an entrepreneur, investor, and author who serves as Chairman and CEO of Silvia, Inc (SVIA) and invests through Pomp Investments. He is the host of The Pomp Podcast, where he interviews founders, investors and economists about bitcoin, markets, AI and the economy.
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This profile is for informational purposes only and reflects reporting available as of October 24, 2026, plus opinions shared on The Pomp Podcast. It is not investment advice. Do your own research before making any investment decision.
