内容来源：https://techcrunch.com/2025/12/09/coreweave-ceo-defends-ai-circular-deals-as-working-together/

内容总结：

AI云服务商Coreweave上市首年挑战与机遇并存，CEO称“开拓新路必有颠簸”

今年对AI云基础设施提供商Coreweave而言，是充满起伏的一年。这家公司在3月完成了年度最受关注之一的IPO，但上市表现未达市场预期。10月，其计划收购合作伙伴Core Scientific的交易因对方股东疑虑而受阻。

与此同时，公司股价大幅波动，在AI数据中心市场的角色也屡遭争议。周二在旧金山举行的《财富》AI Brainstorm峰会上，联合创始人兼CEO迈克尔·因特拉托接受专访，为公司表现辩护。他强调，Coreweave正在为云计算构建和运营创造一种“全新商业模式”，其持有的英伟达GPU资产价值巨大，甚至可作为抵押进行融资。他坦言：“当你开辟新道路时，注定会遭遇颠簸。”

谈及股价波动，因特拉托认为市场有时“目光短浅”。他承认股价确实起伏较大，但同时指出，公司上市后不久便遭遇特朗普关税政策生效等宏观经济挑战。“我们在极其不利的环境中成功上市，我为公司成就感到自豪。”Coreweave股价从发行价40美元一度飙升至150美元以上，目前回落至约90美元，波动性被部分谨慎的批评者比作“网红股”。

不确定性部分源于公司的高负债水平。本周一，Coreweave宣布发行更多债券以融资建设数据中心，股价应声下跌约8%。因特拉托将公司视为行业颠覆者，其非传统策略需要时间被接受。“当你引入新模式、新方法，打破静态环境时，人们需要适应过程。”

Coreweave最初以加密货币挖矿业务起家，现已转型为向科技巨头提供“AI基础设施”的关键供应商，为AI开发者提供GPU，并与微软、OpenAI、英伟达、Meta等建立了重要合作。

针对AI行业“循环投资”现象（即少数头部AI公司相互投资引发的行业经济稳定性担忧），因特拉托予以淡化。作为英伟达的投资对象及客户，他表示：“企业正在应对供需关系的剧烈变化，合作是必然选择。”

上市后，Coreweave持续扩张业务：3月收购AI开发平台Weights and Balances，随后收购通过强化学习帮助企业创建AI代理的初创公司OpenPipe；10月又收购开源笔记本创建者Marimo及AI公司Monolith。近期，公司还宣布扩大与OpenAI的云合作，并计划进军联邦市场，为美国政府机构及国防工业基地提供云基础设施。

中文翻译：

对Coreweave而言，这一年可谓波澜起伏。今年三月，这家AI云基础设施提供商完成了年度最受期待的大型IPO之一，但实际表现并未达到市场预期。

十月再遇挫折，该公司计划收购云服务业务合作伙伴CoreScientific时，因收购目标股东的疑虑而受阻。

在此期间，这家公司收购了多家不同企业，股价经历剧烈震荡，在蓬勃发展的AI数据中心市场中既受赞誉也遭质疑。

周二在旧金山举行的《财富》杂志AI头脑风暴峰会上，Coreweave联合创始人兼首席执行官迈克尔·因特拉托接受采访时为公司表现辩护，指出他们正在为云计算的构建与运营创造"全新商业模式"。其拥有的英伟达GPU集群价值连城，甚至可作为抵押品为企业融资。这位高管暗示：开拓新道路注定会遭遇颠簸。

当被问及公司股价波动时，因特拉托表示："我认为人们时常目光短浅。"他承认股价确实如跷跷板般起伏，同时指出Coreweave上市不久便遭遇特朗普总统关税政策生效——这对整体经济而言是显著的不确定时期。

"我们在最具挑战性的环境中上市，恰逢解放日前后。尽管面临巨大逆风，我们仍成功完成了IPO，"这位CEO对头脑风暴峰会编辑总监安德鲁·努斯卡说道，"我为公司取得的成就感到无比自豪。"

虽然Coreweave股票在经济低迷的三月上市，但其股价随后经历了戏剧性旅程。发行价40美元，八个月内曾突破150美元，目前回落至90美元左右。因其涨跌特性，谨慎的批评者将其比作网红股。

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登记加入Disrupt2026候补名单，即可在早鸟票开售时优先购票。往届大会曾邀请谷歌云、Netflix、微软、Box、Phia、a16z、ElevenLabs、Wayve、HuggingFace、埃拉德·吉尔与维诺德·科斯拉等250多位行业领袖登台，举办200多场助力企业成长、提升竞争力的会议。更有数百家跨领域创新初创企业汇聚。

Coreweave股价的部分不确定性源于其高额负债。本周一该公司宣布发行更多债券为数据中心建设融资后，股价应声下跌约8%。

因特拉托视公司为行业颠覆者，其非常规策略需要时间适应。"当你引入新模式、新商业模式，颠覆静态环境时，人们需要适应过程，"他在周二的亮相中如是说。

Coreweave最初以加密货币挖矿起家，但迅速转型为科技巨头关键的"AI基础设施"供应商。该公司为AI开发者提供GPU，并与微软、OpenAI、英伟达、Meta等科技巨头建立重要合作。

周二讨论的另一议题是AI行业的"循环性"现象。少数头部AI企业相互投资的"循环"商业交易频遭诟病，引发行业长期经济稳定性的质疑。鉴于英伟达既是其投资者又是GPU供应商，因特拉托对此不以为然："企业正在应对供需关系的剧烈变化，合作是必然选择。"

上市以来，Coreweave持续拓展业务。三月收购AI开发者平台WeightsandBalances后，又收购了通过强化学习帮助企业创建部署AI智能体的初创公司OpenPipe。十月还收购了开源笔记本创建者Marimo及另一家AI公司Monolith。近期该公司宣布扩大与OpenAI的云合作，并计划进军联邦市场，为美国政府机构及国防工业基地提供云基础设施。

英文来源：

It’s been quite the year for Coreweave. In March, the AI cloud infrastructure provider went public in one of the biggest and most anticipated IPOs of the year that didn’t live up to its hype.
Another setback took place in October, when a planned acquisition of the cloud provider’s business partner, Core Scientific, faltered due to skepticism from the acquisition target’s shareholders.
In the meantime, the firm has acquired a number of different companies, its stock has gone up and down, and it’s been both criticized and lauded for its role in the booming AI data center market.
In an interview at Fortune’s AI Brainstorm summit in San Francisco on Tuesday, Coreweave’s co-founder and CEO, Michael Intrator, defended his company’s performance from critics, noting that it was in the midst of creating a “new business model” for how cloud computing can be built and run. Their collection of Nvidia GPUs is so valuable, they borrow against it to help finance their business. The executive seemed to imply: If you’re charting a new path, you’re destined to encounter some road bumps along the way.
“I think people are myopic a lot of times,” Intrator said, when questioned about his company’s occasionally unstable stock price. “Yes, it is see-sawing,” he admitted, while noting that the Coreweave IPO took place not long before President Trump’s tariffs went into effect—a notably uncertain moment for the overall economy.
“We came out into one of the most challenging environments, right around Liberation Day and, in spite of the incredible headwinds, were able to launch a successful IPO,” the CEO told Brainstorm editorial director Andrew Nusca. “I couldn’t be prouder of what the company has accomplished,” he added.
Coreweave’s stock may have debuted amidst the economic doldrums of March but its price has gone on quite the journey since then. It debuted at $40 and, over the past eight months, has climbed to well over $150, but currently rests at around $90. Its more wary critics have compared it to a meme stock due to its penchant for going up and down.
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Add yourself to the Disrupt 2026 waitlist to be first in line when Early Bird tickets drop. Past Disrupts have brought Google Cloud, Netflix, Microsoft, Box, Phia, a16z, ElevenLabs, Wayve, Hugging Face, Elad Gil, and Vinod Khosla to the stages — part of 250+ industry leaders driving 200+ sessions built to fuel your growth and sharpen your edge. Plus, meet the hundreds of startups innovating across every sector.
Some of the uncertainty around Coreweave’s stock has been credited to the company’s hefty level of debt. Not long after Coreweave announced a deal on Monday to issue even more debt to finance its data center buildout, its stock dropped some 8 percent.
Intrator seems to see his company as a disruptor, one whose unconventional tactics may take some getting used to. “When you introduce a new model, when you introduce a new way of doing business, when you disrupt what has been a static environment, it’s going to take some people some time,” he said, during his appearance Tuesday.
Coreweave actually started its corporate life as a crypto-miner but, in short order, built itself into a pivotal provider of “AI infrastructure” to some of the tech industry’s most major players. In that role, it provides GPUs to AI developers, and has made major partnerships with Microsoft, OpenAI, Nvidia, Meta, and other tech titans.
Another topic broached Tuesday was the notion of “circularity” within the AI industry. “Circular” business deals, in which a small number of powerful AI companies invest in one another, have frequently been criticized, and have raised questions about the industry’s long term economic stability. Perhaps not surprisingly, since Nvidia is one of its investors as well as its supplier of GPUs, Intrator swatted away such concerns. “Companies are trying to address a violent change in supply and demand,” he said. “You do that by working together.”
Since the IPO, Coreweave has continued to make efforts to expand its business. After it acquired Weights and Balances, an AI developer platform, in March, it went on to acquire OpenPipe, a startup that helps companies create and deploy AI agents through reinforcement learning. In October, it also made deals to acquire Marimo (the creator of an open source notebook) and Monolith, another AI company. It also recently announced an expansion of its cloud partnership with OpenAI and said it has plans to move into the federal market, where it wants to provide cloud infrastructure to U.S. government agencies and the defense industrial base.