CoreWeave plans $3 billion convertible note offering

CoreWeave has announced plans to raise $3 billion through an offering of convertible senior notes due in 2033. The private placement is aimed at qualified institutional buyers and includes an option for initial purchasers to acquire up to an additional $500 million in notes.

A portion of the proceeds will be used to fund capped call transactions intended to limit potential dilution of Class A common stock, while the remaining funds will support general corporate purposes. Additionally, the company has established an “at-the-market” (ATM) program to allow for the issuance and sale of up to 35 million Class A common shares.

The company cited strong demand for artificial intelligence (AI) computing capacity as a driver for these financial moves. CoreWeave reported that recent short-term contracts have reached approximately $40 million per megawatt per year on an annualized basis. To meet rising demand, the provider has increased its total contracted energy capacity to approximately 4.2 gigawatts.