CoreWeave founders cash out $3.3B as credit default risk hits record high
Bloomberg reported that CoreWeave co-founders Michael Intrator, Brian Venturo and Brannin McBee have sold a combined $3.3 billion in stock since the company's March 2025 IPO, including $2.4 billion in 2026 alone. In the same week, CoreWeave's five-year credit default swap spread briefly hit an intraday record of 1,194.5 basis points, implying a more than 60% market-implied chance of default within five years, and the stock fell 15.46% on Wednesday. The article says CoreWeave's combined debt and lease obligations reached about $52 billion at the end of June and that in August the company raised its annual capex guidance to as much as $39 billion; a company spokesperson said the sales were pre-arranged and fully disclosed under 10b5-1 plans, and that the founders remain among the top six shareholders with roughly 20% combined.
CoreWeave is a key test case for how AI compute buildouts are financed, and the gap between insider selling and credit-market pricing highlights doubts about the debt behind that infrastructure.