CoreWeave Inc. announced a private placement of $2 billion in convertible senior notes due 2031, with an option for initial investors to purchase an additional $300 million within a 13‑day window. The notes are fully guaranteed by CoreWeave’s wholly‑owned subsidiaries, will accrue interest payable semi‑annually, and mature on December 1, 2031.
The capital raise is part of a broader strategy to support a $23 billion investment in AI infrastructure this year, including new data‑center sites and GPU capacity. A portion of the proceeds will fund capped call transactions designed to mitigate dilution from potential conversions, while the remainder will be used for general corporate purposes such as scaling operations and pursuing strategic acquisitions.
CoreWeave’s Q3 2025 revenue reached $1.36 billion, more than double the prior year, driven by strong demand from Microsoft, OpenAI, and other AI customers. The company also reported a backlog exceeding $55 billion, underscoring its growth trajectory and the demand for its AI‑native platform.
The debt issuance increases leverage but provides liquidity for strategic initiatives. Investors expressed concerns about higher debt and potential dilution, and insider selling by CEO Michael Intrator around the same time added to caution. The convertible notes will be priced with interest and conversion terms to be set at pricing, and the guarantee structure reduces credit risk for holders.
CoreWeave’s leadership emphasized disciplined execution and scaling of its AI‑native platform, positioning the company as a specialized alternative to hyperscalers. The capital raise supports continued expansion and competitive positioning in the rapidly growing AI infrastructure market.
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