CoreWeave Case Study

How a $100,000 Series A Check Became Millions

AI Cognitive Ventures backed CoreWeave at the Series A round in February 2021. At that time, shares were priced at $1.00. CoreWeave went public in March 2025 at $40.00 per share and has since traded as high as $187.00 per share.

This case study illustrates the potential scale of early-stage AI investing.

The Numbers

• Series A (Feb 2021): $1.00/share

• IPO (Mar 28, 2025): $40.00/share (≈ $23B market cap)

• Current (Sept 4, 2025): ~$88.60/share

• 52-week high: ~$187.00/share

What $100k at Series A Became

• Shares purchased: 100,000

• At IPO ($40): $4.0M (40× MOIC)

• At current ($88.6): $8.86M (88.6× MOIC)

• At peak ($187): $18.7M (187× MOIC)

Carry Illustration (20% carried interest)

• At IPO ($4M):

  • Investor net: $3.2M

  • AICV carry: $0.8M

• At current ($8.86M):

  • Investor net: ~$7.09M

  • AICV carry: ~$1.77M

• At peak ($18.7M):

  • Investor net: ~$14.96M

  • AICV carry: ~$3.74M

Key Takeaway

This example demonstrates how AICV’s early-stage strategy provides access to exponential upside — while our carried interest model ensures alignment between investors and the firm.

Footnote: This case study is an illustrative example based on publicly available information and typical Series A entry assumptions. It is not a guarantee of future results. Past performance is not indicative of future outcomes.