DEPLOYDatabase

Company

io.net

io.net

io.net is a decentralized GPU cloud that aggregates idle graphics-processing capacity from independent datacenters, mining operations, and consumer machines…

Track io.net
Founded
2022
HQ
New York, New York, USA
Status
active

The verified answer

As of Sep 2026, DEPLOY verifies io.net: $40.0M raised. 5 sources back the record.

Funding

$40.0M

Overview

io.net is a decentralized GPU cloud that aggregates idle graphics-processing capacity from independent datacenters, mining operations, and consumer machines into a single on-demand marketplace, orchestrated on the Solana blockchain and settled in the network's IO token. The company started life as a quantitative trading shop; its founders' need to run distributed workloads across scattered GPUs without paying hyperscaler rates became the product, and io.net now positions itself as the alternative to AWS, Google, and CoreWeave for teams that want cheaper compute and are willing to trade the polish of a single-operator cloud for a heterogeneous pool.

The network's distinguishing bet is aggregation rather than construction: instead of building or leasing megawatt-scale campuses, io.net writes software (built on the open-source Ray framework) that stitches geographically dispersed GPUs into clusters a customer can rent by the hour. That model gives the company breadth across NVIDIA generations (A100, H100, H200 and consumer cards such as RTX 4090s all appear in its inventory dashboard) but it also means capacity, uptime, and location commitments are supplier-mediated rather than owned, which sets io.net apart from asset-heavy neoclouds like CoreWeave, Crusoe, or Nebius.

The company raised a $30 million Series A led by Hack VC in March 2024 (with Multicoin, Solana Ventures, Aptos Labs, and Delphi participating) and launched the IO token on Solana in June 2024. Founder Ahmad Shadid stepped down as CEO in late 2024 and was replaced by Tory Green, previously chief operating officer, amid a broader reset toward enterprise inference customers and away from a purely retail-DePIN narrative.

Verified record

Verified deployments
None on file
Active incidents
None on file

Key facts

Business model

Decentralized GPU aggregator on Solana: pools idle GPUs from third-party datacenters, crypto miners, and consumers into a single rentable cluster orchestrated on the Ray framework

GPU inventory

Heterogeneous pool spanning NVIDIA A100, H100, H200 and consumer cards (e.g. RTX 4090); io.net has publicly claimed access to hundreds of thousands of GPUs across its supplier network but has never disclosed an audited figure

Pricing posture

Company markets training workloads at roughly one-seventh of AWS list pricing; per-GPU hourly rates float with supplier bids on the network rather than being a fixed rate card

Silicon partnerships

NVIDIA-dominant inventory (A100/H100/H200 plus RTX consumer cards); no disclosed AMD MI300X, Cerebras, or Intel Gaudi capacity

Datacenter footprint

Asset-light: no owned campuses; capacity comes from independent datacenter partners, mining operators, and individual providers who plug hardware into the io.net network

Blockchain layer

IO token launched on Solana in June 2024; token settles supplier payments and gates the network's Incentive Dynamic Engine

Latest disclosed funding

$30M Series A led by Hack VC in March 2024, with Multicoin Capital, Solana Ventures, Aptos Labs, Delphi Digital, and Foresight Ventures participating

Leadership change

Founder Ahmad Shadid stepped down as CEO in late 2024; COO Tory Green promoted to CEO

Positioning axis

Both training and inference, tilted increasingly toward inference and long-tail / mid-market developer customers rather than hyperscale training tenants

Public/private status

Private company; associated IO token trades on public crypto exchanges but the operating entity has not filed for a listing

Data & sources

News coverage

1

Web sources

4

5 sources backing this record.View all →

io.net on the deployment map

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Current leadership (2)

  • Tory Green Chief Executive Officerreported, not verified
  • Ahmad Shadid Founder (former CEO, stepped down late 2024)reported, not verified

Safety record

No incidents on record for io.net.

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Full safety record: incidents, sourcing, and exposure data →