CoreWeave Prices Upsized $3.7 Billion Convertible Notes Offering to Fund AI Data Center Buildout

CoreWeave Inc. (Nasdaq: CRWV), a cloud-computing provider that rents out Nvidia GPUs for AI workloads, priced an upsized $3.7 billion offering of convertible senior notes this week, after strong investor demand pushed the deal well above its original $3 billion target.

CoreWeave announced on September 17 that it planned to raise $3 billion through a private offering of convertible senior notes due 2033. By September 18, demand led the company to upsize and price the offering at $3.7 billion. Initial purchasers were also granted an option to buy up to an additional $500 million in notes within 13 days of issuance.

The notes carry a 2.875% annual interest rate, paid semiannually, and mature April 1, 2033. The initial conversion price is about $97.85 per share, a 22.50% premium over CoreWeave's $79.88 closing price on September 17. CoreWeave can redeem the notes starting April 5, 2030, if its stock trades at 130% of the conversion price. Settlement is scheduled for September 22.

CoreWeave expects roughly $3.644 billion in net proceeds. Of that, about $498.8 million is earmarked for "capped call" transactions designed to limit dilution to existing shareholders if the notes are later converted. The rest is designated for general corporate purposes.

CRWV shares fell nearly 5%, dropping below $80, following the initial announcement, as investors weighed the additional debt and share-sale capacity against the company's rapidly rising capital needs. CoreWeave has been aggressively raising capital throughout 2026 to build out data center capacity to meet a large contracted backlog of AI compute demand.