The Ledger ResearchPrivate

The Front Office

Scouting report · CRWV

Michael Intrator

  • Chief Executive Officer, President & Chairperson, CRWV since 2017-09src

Co-founded CoreWeave in 2017 as a crypto miner; Chair, CEO and President

—thin record

Not ranked yet

Scouting sheet

as of 24 Sep 2026
Delivers guidance—0 beat · 0 met · 1 missed · 0 withdrawn — fewer than 4, not scored
Answers the question851 dodge in 10 answers on 1 call
Capital allocation60company five-year record: neutral
Pay design40individual, time only · 99.76% for · company lost money
Skin in the game100stake worth $5.3bn, 1545× last year's pay
Age
57src
In the role
9 yr
Promises scored
1
Hit rate
0%
Dodges / 100 answers
10.0
Airtime on calls
57%
Every promise, oldest firstX

What to weigh

Red flag 1

  • Heavy selling: about $897m of Class A stock sold from 2025-09-24 to 2026-09-24 across 591 Form 4 sale lines, direct and through affiliated holders, with no open-market buys. About 98% was under a 10b5-1 plansrc

Watch 5

  • CEO, President and board Chair in one person, and the largest single vote holder (38.70%). Independent counterweight is a Lead Independent Director (Glenn Hutchins, since March 2025)src
  • The company paid $1,893,738 of Hart-Scott-Rodino filing costs on his CoreWeave holdings in 2025, including a $1,043,738 tax gross-up. That is most of his $1.96m 'all other' compensationsrc
  • Reported pay understates the equity: the 2025 Summary Compensation Table shows $3.45m because his $28.5m-target RSU grant carried an IPO liquidity condition. Grant-date value would have been $19,999,074. Compensation actually paid for 2025 was $146,695,704src
  • Said on the 2025-08-12 call that CoreWeave was on track for over 900MW of active power by year end. Cut to over 850MW on 2025-11-10, which is where it landed (dossier S8 row 8, missed against the first figure)src
  • Three material weaknesses in internal control (IT general controls, segregation of duties, too few qualified accounting staff) were found preparing the FY2024 accounts and were still unremediated at 2025-12-31src

In their favour 1

  • Every quarterly revenue and adjusted operating income guide from Q2 2025 to Q2 2026 was met or beaten (dossier S8 rows 1-4, 9-12)src

Career

  1. 2017 – now
    CoreWeave (formed as The Atlantic Crypto Corporation LLC; renamed CoreWeave, Inc. December 2019)src
    Co-founder; Chairperson, CEO & President since September 2017
    Company formed September 2017 as a Delaware LLC, converted to a corporation September 2018 (424B4-2025). IPO March 2025
  2. 2013 – 2018
    Hudson Ridge Asset Management LLCsrc
    Co-founder & CEO of a natural gas hedge fund
    January 2013 to January 2018, overlapping CoreWeave's first months; Brian Venturo (now CoreWeave's Chief Strategy Officer) was a partner there
  3. 1998 – 2014
    Natsource Asset Management LLCsrc
    Roles of increasing responsibility, including Principal Portfolio Manager, in global environmental markets and related energy products
    September 1998 to July 2014

Not located: Before September 1998 not located in the proxy or prospectus (outside the ten-year window). The proxy gives no years for either degree

Achievements

  • Co-founded the company in September 2017 as a crypto miner (Atlantic Crypto) and has run it through the rename to CoreWeave (December 2019) and the March 2025 IPOsrc
  • The 2026 proxy reports more than 850MW of active power across 43 data centres and FY2025 revenue of about $5bn, up 168% year on yearsrc
  • Controls 38.70% of the total vote through Class B shares (10 votes each), per the 2026 proxysrc
  • The prospectus put the three co-founders at about 79.9% of the vote right after the IPO, Intrator alone at about 37.5%src
  • Re-elected to the board for a term to 2029 with 1,073,688,776 votes for and 78,009,765 withheld at the June 2026 meetingsrc

Education

  • Binghamton University, BA Political Sciencesrc
  • Columbia University, School of International and Public Affairs, MPA Public Administrationsrc

Background

  • Family The IPO prospectus states there are no family relationships among any executive officers or directors. The 2026 proxy shows his spouse holding shares directly and acting as trustee of family trusts that hold Class B stocksrc
  • Founder One of three co-founders with Brian Venturo and Brannin McBee, both still executives. All three came out of commodity and energy trading, not computingsrc
  • Other Dual-class control: a co-founder's option shares can be exchanged into 10-vote Class B stock. That right ends seven years after the IPO, on a two-thirds Class B vote, or about 61 days after Intrator stops working substantially full time for the companysrc
  • Investing Sold in the company's pre-IPO tender offers: persons and entities affiliated with him sold 7,098,620 shares for $109,978,920 in the 2023 tender ($15.50) and 1,063,980 shares for $49,999,245 in the 2024 tender ($47.00)src
  • Legal Named as a defendant with the CFO and the Chief Development Officer in the putative securities class action Masaitis v. CoreWeave (D.N.J., filed 2026-01-12). It alleges that dependence on a single third-party data-centre supplier was concealed. Two derivative suits followed on 2026-02-10. The company calls the claims without meritsrc
  • Boards Listed as a member of the Business Roundtablesrc

The promise ledger

1 scored · 0 open
ResultWhat was promisedWhere it is scoredHow
X MissedFY2025 · active power "over 900 megawatts … before the end of the year"CRWV row 8said it

Questions dodged

10.0 per 100 answers

  1. The margin uplift. Zelnick: "can you help unpack the drivers? How much is a function of shorter duration deals versus strong competitive differentiation or other factors?" Intrator: "So it's a combination of a lot of things, And it's difficult to deconstruct it." He then gave three qualitative reasons — platform quality, customers monetising their own products, premium pricing of a premium product — and no…

    from CRWV · dossier-2026-09-23.md

Calls reviewed

  • FY2026-Q2.roic.json — 10 answers, 57% of the words

Sources

12
  1. Filing CoreWeave DEF 14A, 2026 annual meeting (accession 0001769628-26-000191) · 2026-04-22
  2. Filing CoreWeave 8-K Item 5.07, 2026 annual meeting results (0001769628-26-000270) · 2026-06-10
  3. Filing CoreWeave IPO prospectus, 424B4 (0001193125-25-067651) · 2025-03-31
  4. Filing CoreWeave FY2025 10-K (0001769628-26-000104) · 2026-03-02
  5. Filing SEC XBRL companyconcept us-gaap/NetIncomeLoss, CIK 1769628 (FY2025 10-K, 0001769628-26-000104) · 2026-03-02
  6. Data connector Equibles GetInsiderTransactions(ticker=CRWV, insiderName=Intrator, transactionType=Sell, fromDate=2025-09-24, toDate=2026-09-24), 591 Form 4 sale rows over two pages (offset 0 and 500) · 2026-09-24
  7. Data connector Equibles GetInsiderTransactions(ticker=CRWV, transactionType=Buy, fromDate=2025-09-24, toDate=2026-09-24): 12 rows, all Magnetar put options; none by Intrator · 2026-09-24
  8. Call transcript CRWV Q2 2025 earnings call (2025-08-12), ROIC.ai
  9. Call transcript CRWV Q3 2025 earnings call (2025-11-10), ROIC.ai
  10. Call transcript CRWV Q2 2026 earnings call (2026-08-11), ROIC.ai
  11. Web search result WebSearch: Masaitis v. CoreWeave, No. 26-cv-00355 (D.N.J.), class period 2025-03-28 to 2025-12-15; defendants CoreWeave, Intrator, Agrawal, McBee (CCH Securities Regulation Daily summary) · 2026-09-24
  12. Web search result WebSearch: Business Roundtable member listing, Michael Intrator · 2026-09-24