CoreWeave announced plans to issue $2 billion in senior convertible notes due 2031 through a private offering. According to the company, proceeds will be used for general corporate purposes and capped-call transactions intended to mitigate potential shareholder dilution if the notes are converted into equity. Purchasers will also have the option to buy an additional $300 million in notes.
The company noted that capped-call transactions raise the effective conversion price, providing protection for existing shareholders while maintaining financial flexibility. Founded in 2017 as Atlantic Crypto, CoreWeave initially operated GPU-based Ether mining before pivoting in 2019 toward cloud and high-performance computing services, ultimately refocusing its GPU infrastructure on AI workloads. The firm now operates more than 33 data centers built specifically for AI processing.
The announcement follows CoreWeave’s unsuccessful $9 billion bid to acquire Core Scientific, rejected by the mining firm’s shareholders. CoreWeave said the acquisition attempt was not a return to crypto mining, but an effort to secure access to approximately 1.3 gigawatts of power capacity across Core Scientific’s sites for future expansion in AI and compute-intensive services.
Source: CoreWeave (official announcement)
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