CoreWeave Moves to Raise Billions via Convertible Debt, Share Offerings

By Connor Hart

CoreWeave is planning a $3 billion convertible debt offering and has established an at-the-market equity program to sell up to 35 million shares.

The offerings come as the company on Thursday said it continues to see strong demand for artificial-intelligence computing power.

The cloud-infrastructure provider said it intends to offer $3 billion in convertible senior notes due 2033 in a private placement to qualified institutional buyers, with an option for initial purchasers to buy up to an additional $500 million in notes.

Interest rates, conversion rates and other terms will be established at the time of pricing, the company said. CoreWeave plans to use a portion of the offering's proceeds to cover capped call transactions, with remaining proceeds funding general corporate purposes.

Separately, CoreWeave also established an at-the-market offering program that will allow it to issue and sell up to 35 million shares of its Class A common stock from time to time.

The company said the program aims to provide ongoing financing flexibility, as well as to support its effort to migrate its enterprise credit profile toward investment grade.

The offerings came as CoreWeave said continually strong demand for artificial-intelligence computing power is driving higher pricing, with recent short-term contracts reaching about $40 million per megawatt on an annualized basis.

To meet demand, the company said it has expanded its total contracted power capacity to roughly 4.2 gigawatts as of Aug. 11, up from 3.7 gigawatts at the end of the second quarter.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

September 17, 2026 08:22 ET (12:22 GMT)