Michael Intrater, co-founder and CEO of CoreWeave Inc., attends the Bloomberg Tech Summit on Tuesday, October 21, 2025 in London, England.
Chris J. Ratcliffe | Bloomberg | Getty Images
coreweave CEO Michael Intrater told CNBC on Wednesday that the company canceled plans to sell 10b5 shares after the company reported strong revenue growth and beat expectations for the third quarter.
“My 10b5 will be set aside until there is a material change in the price of our stock,” he told CNBC’s “Squawk on the Streets.”
He said any further sales would be “just normal tax matters.”
Pursuant to Intrater’s 10b5-1 plan announced in November 2025, the CEO sold 8.26 million shares at an average price of $96.14 per share for a total of $794.2 million.
Intrater and his co-founders have faced criticism for the stock sale, as the company’s stock price has been weak, with shares down 18% year-to-date in 2026, despite rising 20% after Wednesday’s results.
The company is under additional selling pressure after last week’s Democratic landslide victory, but Mr. Intrater told investors on an earnings call that the company is not worried about the political changes on the horizon.
“We don’t anticipate any impact from the major regulatory changes that have occurred,” Intrater said during his company’s earnings call late Tuesday, responding to a question about new post-election pressures. “We believe what happened is a statement about how you build. We want to build responsibly.”
Intrater’s comments came after Coreweave reported better-than-expected 168% year-over-year revenue growth and revised its 2026 outlook upward. Shares rebounded in after-hours trading as the report provided some relief to investors who had seen their shares fall about 27% over the past month.
Rising interest rates and an unfavorable political environment are threatening to slow the artificial intelligence boom, raising concerns that companies like CoreWeave will struggle to raise capital.
In the Nov. 3 midterm elections, voters supported tighter restrictions on data centers in 40 out of 41 ballot measures in 10 states, according to Ballotpedia. Democrats won majorities in both houses of Congress and won gubernatorial races in states where AI infrastructure is important, such as Texas, Ohio, and Georgia. In each state, the winning candidate supports some kind of restriction on new data centers.
JPMorgan Asset Management said in a post-election report that data center projects beyond 2028 are “most at risk” and face “increased uncertainty around permitting, power availability and financing.”
However, CoreWeave says its momentum is not slowing down. The company said it still expects active power to reach 1.85 gigawatts by the end of 2026 and is now targeting full-year capital spending of $37 billion to $39 billion, implying 155% growth in the middle of this range. Analyst estimates compiled by Visible Alpha were for $37.69 billion.
“We’re very happy with our pipeline,” Intrater said, adding that the message from voters isn’t a deterrent because the company is always conscious of “being a good neighbor.”
“We see this as an opportunity to continue to grow our business amidst the new political realities we find ourselves in,” Intrater said.
—CNBC’s Nick Wells contributed to this article.
Spotlight: Resolutely bullish on CoreWeave
