CoreWeave increases its convertible offering to $3.7 billion

CoreWeave ($CRWV) priced $3.7 billion of convertible senior notes carrying a 2.875% coupon and maturing in 2033, increasing the offering from its previously announced $3 billion size. Initial buyers have an option for another $500 million. The initial conversion price is approximately $97.85 per share, a 22.5% premium to the reference closing price.

The company expects about $3.64 billion of net proceeds before estimated expenses, excluding the option. Roughly $499 million is intended for capped-call transactions designed to limit potential dilution within specified parameters; the remainder is for general corporate purposes. Settlement is expected on September 22, subject to conditions. This update supplies final pricing and a larger size, rather than repeating the earlier launch announcement.

Sources:

• CoreWeave — final pricing announcement, Business Wire