{"id":"f00b1bb3-15c7-4119-9995-05df1c10f55b","name":"io.net","slug":"io-net","description":"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.\n\nThe 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.\n\nThe 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.","status":"private","founded":2022,"hq":"New York, New York, USA","hqLat":40.7127281,"hqLng":-74.0060152,"hqGeocodedAt":"2026-10-10T04:25:30.355Z","hqAddress":null,"hqPrecision":null,"website":"https://io.net","fundingTotal":"30000000","type":"infrastructure","roles":[],"reviewStatus":"reviewed","heatIndex":0,"lifecycleState":"active","supersededByCompanyId":null,"sources":[{"url":"https://io.net/","title":"io.net - The Open Source AI Infrastructure Platform","publisher":"io.net"},{"url":"https://io.net/docs","title":"io.net documentation: origin story and network architecture","publisher":"io.net"},{"url":"https://io.net/blog/","title":"io.net blog: pricing, tokenomics, and GPU network claims","publisher":"io.net"},{"url":"https://techcrunch.com/2024/03/05/io-net-a-decentralized-network-of-gpus-lands-30m-from-hack-vc/","date":"2024-03-05","title":"io.net, a decentralized network of GPUs, lands $30M from Hack VC","publisher":"TechCrunch"},{"url":"https://www.coindesk.com/business/2024/03/05/decentralized-ai-startup-ionet-raises-30m-led-by-hack-vc/","date":"2024-03-05","title":"Decentralized AI startup io.net raises $30M led by Hack VC","publisher":"CoinDesk"},{"url":"https://www.reuters.com/technology/ai-focused-blockchain-startup-io-research-raises-30-mln-series-funding-round-2024-03-05/","title":"IO Research raises $30 mln in Series A","sourceName":"Reuters","publishedAt":"2024-03-05"},{"url":"https://www.theblock.co/news/deals/2024-03-05-solana-depin-io-net-1-billion-token-valuation-funding-280665","title":"io.net hits $1 billion token valuation","sourceName":"The Block","publishedAt":"2024-03-05"}],"keyFacts":[{"label":"Business model","value":"Decentralized GPU marketplace on Solana pooling idle GPUs into rentable clusters; owns no data centers."},{"label":"GPU inventory (company-claimed)","value":"Nvidia A100, H100, H200 and consumer RTX 4090 cards; claims hundreds of thousands of GPUs, unaudited."},{"label":"Pricing (company-claimed)","value":"Markets training at about one-seventh of AWS list prices; rates float with supplier bids."},{"label":"IO token","value":"Launched on Solana in 2024 and settles supplier payments; the token trades publicly, the company is private."},{"label":"Series A backers","value":"Hack VC (lead), Multicoin Capital, 6th Man Ventures, Solana Labs, OKX, Aptos Labs and others."},{"label":"Token valuation (reported, unconfirmed)","value":"$1B fully diluted token valuation in the final Series A tranche; most investors entered at $500M."},{"label":"Legal entity","value":"Developed by IO Research."},{"label":"Leadership","value":"Founder Ahmad Shadid stepped down as CEO in late 2024; Tory Green became CEO."}],"aliases":[],"collisionRisk":"low","reviewNote":null,"atsProvider":null,"atsSlug":null,"factoryLocations":null,"manufacturingCapacity":null,"orgType":null,"burnSignal":null,"litigationEvents":null,"insurancePostureDisclosed":null,"unitEconomicsDisclosed":null,"tickerSymbol":null,"stockExchange":null,"secCik":null,"revenueUsd":null,"revenueBasis":null,"revenueAsOf":null,"employeeCount":null,"employeeCountBasis":null,"employeeCountAsOf":null,"marketCapUsd":null,"marketCapAsOf":null,"marketCapSource":null,"createdAt":"2026-08-28T01:48:35.584Z","updatedAt":"2026-10-12T21:32:56.128Z","jsonLd":{"@context":"https://schema.org","@type":"Organization","@id":"https://registry.deploy.report/companies/io-net","url":"https://registry.deploy.report/companies/io-net","name":"io.net","description":"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.\n\nThe 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.\n\nThe 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.","identifier":"f00b1bb3-15c7-4119-9995-05df1c10f55b","foundingDate":"2022","address":"New York, New York, USA","publisher":{"@id":"https://deploy.report/#organization"}},"framework_metadata":{"framework_schema_version":"0.1.0","verification_status":"verified","maturity_stage":null,"lifecycle_state":null,"architectural_position":{"cohort":null,"sub_cohorts":[]},"within_cohort_verified_vs_claimed_pair":null,"cap_flags":[],"verification_depth":{"sources_count":7,"primary_source_types":["secondary-established-publication","secondary-industry-publication"]}}}