Many experts are debating whether AI is a bubble. OpenAI CEO Sam Altman himself has called AI a bubble, even while raising and spending massive amounts of money in ways that resemble classic bubble behavior. Amid all the confusion, one company has emerged as central to the AI boom: CoreWeave AI.
Verge senior reporter Liz Lopatto has investigated this company’s history, financials, and role in the modern AI explosion. Her insights reveal that CoreWeave is not just another tech startup—it has become a key player powering AI infrastructure worldwide.
From Ethereum Miner to AI Powerhouse
Founded by former commodities traders in New Jersey, CoreWeave began as an Ethereum mining firm. When crypto markets cooled, the company pivoted to AI. Using the GPUs originally stockpiled for mining, CoreWeave launched its own data center operations, supplying computing power to AI companies with unprecedented efficiency.
This pivot turned CoreWeave into a major infrastructure provider, leasing GPU access to companies such as Meta, OpenAI, and other AI leaders. Their innovative approach combines high-performance computing with creative financing, allowing them to expand data centers and meet the industry’s growing demand.
CoreWeave AI’s Financial Strategy
CoreWeave’s strategy is built on two pillars: massive capital investment and strategic partnerships. By raising billions to expand data centers full of Nvidia GPUs, they lease access to AI companies that require intensive computational resources. This model has made CoreWeave a critical player in the AI ecosystem, often referred to as the “picks and shovels” of the AI gold rush.
The company went public in March and is now valued at nearly $50 billion. In 2025 alone, CoreWeave AI signed multiple contracts worth tens of billions of dollars with top AI companies.
Dependency on Nvidia
CoreWeave AI’s success is closely tied to Nvidia. The company relies heavily on Nvidia GPUs, and the broader AI market depends on CoreWeave’s infrastructure. This interdependence highlights the complexity of the AI industry, where financial maneuvering, technological innovation, and strategic partnerships intersect.
Analysts warn that any disruption—such as a sudden market correction or an AI bubble burst—could significantly impact CoreWeave and the companies relying on its infrastructure.
CoreWeave AI’s Role in the AI Boom
CoreWeave is not just a tech company; it’s a linchpin in the AI ecosystem. By supplying scalable, high-performance infrastructure, the company enables the rapid development and deployment of AI models worldwide. Its innovative financing model and strategic GPU partnerships have made it indispensable to the AI industry.
Experts suggest that the CoreWeave story reflects larger trends in AI: rapid growth fueled by massive investments, deep dependency on hardware providers, and a market increasingly reliant on infrastructure that few companies can provide.
Conclusion
CoreWeave AI sits at the center of the AI boom, bridging the gap between technological demand and computing supply. Its evolution from a crypto mining startup to a multi-billion-dollar AI infrastructure powerhouse demonstrates how pivotal infrastructure companies are to the modern AI landscape.
While debates about the AI bubble continue, CoreWeave AI represents a tangible force driving AI forward—one that combines innovation, finance, and strategic partnerships to fuel the next wave of artificial intelligence development.
