CoreWeave plans $3B convertible senior notes issuance to fuel AI infrastructure expansion

CoreWeave is heading back to the debt buffet. The AI-focused cloud computing company announced plans for a $3 billion private offering of convertible senior notes due 2033, with an option for initial purchasers to scoop up an additional $500 million. This is CoreWeave’s second major convertible note offering in roughly five months. The company closed a $4 billion issuance back in April 2026, which itself was upsized from an initial $3 billion target. The deal structure The new convertible senior notes will be secured by certain CoreWeave subsidiaries and pay cash interest on a semi-annual basis. Upon conversion, the company retains flexibility to settle in cash, shares of Class A common stock, or a combination of both. Part of the net proceeds will go toward capped call transactions, a hedging strategy designed to limit the dilutive impact when notes eventually convert into equity. The rest will fund general corporate purposes. The April 2026 offering carried a 1.75% interest rate. Conversion terms on those earlier notes worked out to roughly 8.3612 shares per $1,000 in principal amount, translating to an approximate conversion price of $119.60 per share. A dilution cap was set at ...