Executives and early investors at the artificial intelligence computing company CoreWeave Inc. sold more than $1 billion in company stock during the third quarter. The sales followed the expiration of a post-IPO lockup period in mid-August, allowing insiders their first opportunity to liquidate holdings since the company's public debut in March.
The significant sales at CoreWeave reflect a broader trend across the technology sector, where insiders at companies benefiting from the AI boom are capitalizing on substantial stock gains. According to data from the Washington Service, seven of the top ten insider sellers in the third quarter were from companies deeply involved in the artificial intelligence industry.
Key Takeaways
- CoreWeave insiders sold over $1 billion in stock after a lockup period ended in mid-August.
- Director Jack Cogen sold shares worth $477 million, and co-founder Brannin McBee sold shares for $426 million.
- This is part of a larger trend, with seven of the top ten Q3 insider sellers coming from AI-related companies.
- Amazon's Jeff Bezos remained the top seller, liquidating shares worth $4.9 billion in the third quarter.
CoreWeave Insiders Capitalize on Post-IPO Gains
Following its initial public offering in March 2025, CoreWeave's stock has experienced a remarkable surge of over 250%. This performance created significant paper wealth for its founders, directors, and early investors. The end of the lockup period in August provided the first chance for them to realize these gains.
Two key figures at CoreWeave were among the top sellers. Director Jack Cogen sold shares valued at $477 million. Cogen has been a member of CoreWeave's board since 2017, when the company was primarily focused on cryptocurrency mining before its pivot to AI infrastructure.
Co-founder and Chief Development Officer Brannin McBee sold stock worth $426 million. According to Bloomberg calculations, these sales represented approximately 14% of his total stake in the company. The sales were executed under a pre-arranged 10b5-1 trading plan, which automates transactions when specific price targets are met.
Understanding 10b5-1 Plans
A 10b5-1 plan is a pre-arranged, automated trading schedule that company insiders can establish. These plans allow executives to sell a predetermined number of shares at a predetermined time, providing an affirmative defense against accusations of trading on non-public information. Many of the sales mentioned in this report were conducted under such plans.
The selling was not limited to individual executives. Magnetar Financial LLC, a hedge fund and CoreWeave's largest institutional shareholder, also reduced its position. The Illinois-based firm sold nearly $1.9 billion worth of shares during the same period. Despite this large sale, an October filing confirmed that Magnetar still holds over 20% of CoreWeave's Class A shares.
AI Boom Fuels Widespread Insider Selling
The activity at CoreWeave is indicative of a wider pattern in the technology industry. The sustained rally in AI-related stocks has prompted many executives to sell portions of their holdings. Data shows that leaders from seven different AI-focused companies were among the top ten insider sellers in the third quarter.
In the third quarter of 2025, Nvidia Corp. saw its market capitalization exceed $4 trillion, while Oracle Corp.'s stock surge added $89 billion to Larry Ellison's net worth in a single day due to strong AI demand.
Jayshree Ullal, CEO of Arista Networks Inc., was the quarter's second-largest insider seller. She sold more than 6 million shares of the networking company for a total of $861 million. Arista Networks is a key supplier of the equipment needed for AI data centers, and its stock reached a record high in September.
At Nvidia, the company at the heart of the AI chip market, CEO Jensen Huang continued his planned stock sales. In the third quarter, he sold 4.3 million shares, grossing over $743 million. This was part of a trading plan established in March to sell 6 million shares by the end of the year.
Ranking the Top Insider Sellers of Q3
While AI executives featured prominently, the list of top sellers was led by Amazon's founder. The following is a breakdown of the ten largest insider sellers during the third quarter, based on data from the Washington Service.
- Jeff Bezos (Amazon): Sold shares worth $4.92 billion. This completed a pre-planned sale of 25 million shares that began in June.
- Jayshree Ullal (Arista Networks): Sold shares worth $861.4 million as part of a trading plan adopted in December.
- Jensen Huang (Nvidia): Sold shares worth $743.3 million from his ongoing, pre-scheduled plan.
- Jack Cogen (CoreWeave): Sold shares worth $477.1 million after the company's lockup period expired.
- Frank Slootman (Snowflake): The chairman of the cloud computing company sold shares for $462.8 million.
- Brannin McBee (CoreWeave): The co-founder sold shares for $426.0 million under his trading plan.
- Tony Ressler (Ares Management): The co-founder of the investment firm sold shares worth $356.8 million.
- Herald Chen (AppLovin): The director and former CFO of the mobile tech company sold shares for $312.8 million.
- Baiju Bhatt (Robinhood): The co-founder of the trading platform sold shares worth $296.2 million.
- Brian Armstrong (Coinbase): The CEO of the cryptocurrency exchange sold shares for $268.2 million to fund other ventures.
The proceeds from these sales are often used for a variety of purposes, including funding philanthropic efforts, investing in new business ventures, or for personal financial diversification.
For example, Brian Armstrong of Coinbase has previously stated that he sells some of his stake to fund scientific research and his longevity-focused startup, NewLimit. Similarly, Jeff Bezos often directs proceeds from his Amazon stock sales to fund his space exploration company, Blue Origin.
These large-scale sales by company leaders highlight the immense wealth generated by the technology sector, particularly in the rapidly expanding field of artificial intelligence. As markets continue to reward companies with strong AI strategies, the trend of insider selling is likely to continue as executives look to convert their equity into liquid assets.