CoreWeave plans to raise $3B from convertible bonds as AI infrastructure demand surges

CoreWeave wants another $3 billion. The AI-focused cloud computing company announced plans on September 17, 2026, to raise $3B through a private placement of convertible senior notes due in 2033, with initial purchasers holding an option to grab an additional $500M on top of that. The deal structure The convertible notes are expected to carry a coupon between 2.375% and 2.875%, which is relatively modest borrowing cost for a growth-stage tech company. The conversion premium sits in a range of 22.5% to 27.5% above the stock price, meaning noteholders would only convert to equity if CoreWeave shares climb meaningfully from current levels. A portion of the proceeds will fund capped call transactions, a standard hedging mechanism that limits how much existing shareholders get diluted if the notes eventually convert to stock. The rest of the capital goes toward capital expenditures, debt repayment, and general corporate purposes. Alongside the debt offering, CoreWeave launched an at-the-market equity program allowing the sale of up to 35 million Class A common shares. The company has stated its goal is to improve its investment-grade credit profile, which would lower future borrowing co...