CoreWeave said Thursday it plans to raise $3 billion through a convertible debt offering, with initial buyers eligible to purchase up to an additional $500 million, as the Nvidia-backed neocloud seeks to fund its AI infrastructure expansion.
CoreWeave, the Nvidia-backed cloud infrastructure company, said Thursday it plans to raise $3 billion through a convertible debt offering, underscoring the scale of capital required to keep pace with surging demand for AI computing capacity.
Initial buyers of the debt may purchase up to an additional $500 million, the company said. CoreWeave indicated it would use a portion of the proceeds to protect against dilution, with the remainder directed toward general operations.
Shares of CoreWeave were down more than 2% in premarket trading following the announcement. Through Wednesday's close, the stock had gained more than 16% year to date.
Alongside the debt offering, CoreWeave launched an at-the-market stock sale program for up to 35 million shares — a move that could raise approximately $2.92 billion at Wednesday's closing price, though the company said it will determine whether to sell shares based on market conditions.
The ATM program is managed by Deutsche Bank, Goldman Sachs, J.P. Morgan, and other banks, and is part of CoreWeave's stated effort to move toward an investment-grade credit profile.
The company also provided operational updates. In the third quarter, CoreWeave said it signed short-term customer contracts for compute capacity priced at approximately $40 million per megawatt on an annualized basis. It also expanded its contracted power to roughly 4.2 gigawatts, up from 3.7 gigawatts at the end of June.
In August, CoreWeave reported a revenue backlog of $104.2 billion for the second quarter. The company subsequently disclosed that more than $25 billion in additional customer commitments were signed early in the third quarter.
The fundraising push comes as hyperscalers and AI-focused cloud providers continue to compete aggressively for data center capacity, power supply agreements, and long-term customer contracts. CoreWeave has positioned itself as a leading provider of GPU-accelerated infrastructure, with Nvidia as a key backer and customer relationships spanning AI labs, enterprises, and model developers.
The combined debt and equity programs — if fully executed — would represent a significant addition to the company's balance sheet, reflecting both its capital-intensive operating model and the sustained appetite among institutional investors for AI infrastructure exposure.
Whether CoreWeave proceeds with the full ATM program will depend on how equity markets respond in the coming weeks, signaling that the company intends to preserve flexibility rather than commit to a fixed capital raise schedule.
Sara Montes de Oca is the Editor in Chief of TechEchelon. Previously a correspondent and producer in Washington, D.C., covering business, finance, and politics.
More from Sara →Amazon received warrants to buy up to $340 million in Generac stock as part of a backup power supply agreement for its data centers, sending Generac shares up more than 40% in after-hours trading.
SK Hynix is in early talks with Intel to manufacture memory chips at Intel's Ohio facility for the first time, a move that would mark a major win for Intel's foundry business and support U.S. efforts to onshore semiconductor production.
The Senate voted 50–49 on Tuesday to block the Clarity Act from advancing, falling short of the 60-vote threshold needed and leaving the crypto industry without a comprehensive regulatory framework heading into midterm season.
Written for readers who already know the basics — markets, AI, and the policy decisions that shape both.