Breaking

CoreWeave Plans $3 Billion Convertible Note Sale and 35 Million-Share ATM Program

September 17, 2026 at 10:22 EDT

Infra & Chips
Funding & M&A

CoreWeave said it plans to raise $3.0 billion through a private offering of convertible senior notes due 2033, adding another large financing step to the buildout of AI cloud infrastructure. The company also set up an at-the-market program that could allow sales of up to 35,000,000 Class A shares over time, giving it more flexibility as demand for AI compute remains intense and capital needs stay high.

Sept. 17, 2026 · CoreWeave

$3B Note Plan Meets AI Capacity Rush

CoreWeave is pairing a proposed convertible note sale with a possible 35 million-share ATM program as it funds AI cloud expansion and works toward a stronger credit profile.

$3.0B

proposed convertible notes due 2033

35M

Class A shares available under the ATM program

$40M

per megawatt on recent short-dated contracts

4.2GW

contracted power as of Aug. 11

Convertible Note Scale

Each block represents $500 million of potential notes.

$0.5Bpurchaser option

$3.0Bbase offering

Total potential notes: $3.5B if the additional-purchase option is used in full.

How The Financing Is Intended To Work

Issue notes→Fund capped calls→General corporate uses→Support AI capacity buildout

Demand Signal

Recent contracts priced around $40 million per megawatt point to continued scarcity in AI compute capacity.

Investor Concern

The note sale and ATM program raise questions about dilution, leverage and the cost of keeping up with infrastructure demand.

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