The GPU cloud that began in 2017 as a cryptocurrency mining operation in New Jersey, kept its graphics cards when the mining stopped paying, rented them to AI labs and went public in March 2025 as the first big AI infrastructure listing, with Microsoft as the majority of its revenue and Nvidia as an investor and supplier. The record's entry for a pivot that became a category.
The IPO on 28 March 2025, priced below the range and received flatly, then a share price that roughly quadrupled within three months. The record notes that both halves of that sentence were reported as verdicts.
The record notes that the company's origin, a warehouse of gaming cards mining coins, is the most honest account of where the boom's early hardware came from.
Someone remembers reading that the company had borrowed billions using its GPUs as collateral. The record notes that a chip as loan security was new, and that the lenders assumed the chips would hold their value, which is a sentence the record will revisit.
What does it mean? Write it the way you would say it out loud.
