CoreWeave proposes $3 billion convertible issue and 35-million-share program

CoreWeave ($CRWV) announced a proposed $3 billion convertible senior-note offering due in 2033, with an option for initial buyers to purchase another $500 million. Separately, it established an at-the-market program covering up to 35 million Class A shares. Neither announcement means the maximum proceeds have already been raised; the convertible’s interest rate and conversion terms were still to be set in the launch announcement.

The company also said new three-to-six-month compute contracts were being signed at higher prices, citing annualized revenue equivalent to $40 million per megawatt. That is a pricing metric for the referenced contracts, not a company-wide revenue forecast. Planned debt proceeds include funding capped-call transactions and general corporate needs, while potential equity issuance would expand financing capacity and could dilute existing holders.

Sources:

• CoreWeave — proposed convertible notes, Business Wire reprint
• CoreWeave — at-the-market program, Business Wire reprint
• CoreWeave — compute pricing update, Business Wire reprint