CoreWeave launches $3 billion convertible debt offering

Sep 17, 2026

Nvidia-backed CoreWeave announced plans on September 17, 2026, to raise $3 billion through a convertible debt offering, alongside an at-the-market stock sale program of up to 35 million shares to fund operations and protect against dilution. The capital push highlights the massive funding needs for AI infrastructure. Despite a 3% drop in share price following the news, CoreWeave boasts strong growth, including a $104.2 billion second-quarter revenue backlog and an increase in contracted power to 4.2 gigawatts.

CoreWeave $3 billion convertible offering

▪CoreWeave's $3 billion convertible debt offering highlights the massive funding needs required to support an ongoing artificial intelligence infrastructure buildout
▪Initial buyers of CoreWeave's $3 billion convertible debt offering announced September 17, 2026, have the option to purchase up to an additional $500 million of the convertible debt offering
▪Nvidia-backed CoreWeave announced on September 17, 2026, that it plans to raise $3 billion through a convertible debt offering
▪Prior to CoreWeave's announcement on September 17, 2026, that it plans to raise $3 billion through a convertible debt offering, CoreWeave shares had gained over 16% so far in 2026
▪CoreWeave shares fell more than 3% in early trading on September 17, 2026, after CoreWeave announced its $3 billion convertible debt offering

CoreWeave revenue backlog growth

▪In August 2026, CoreWeave reported a revenue backlog of $104.2 billion for the second quarter of 2026
▪CoreWeave disclosed more than $25 billion in additional customer commitments signed early in the third quarter of 2026

ATM stock sale program

▪CoreWeave's at-the-market stock sale program is part of CoreWeave's broader effort to transition toward an investment-grade credit profile
▪CoreWeave's at-the-market stock sale program is managed by financial institutions including Deutsche Bank, Goldman Sachs, and J.P. Morgan
▪CoreWeave launched an at-the-market stock sale program for up to 35 million shares, which could potentially raise approximately $2.92 billion based on the closing price on September 16, 2026

Customer compute capacity contracts

▪In the third quarter of 2026, CoreWeave signed short-term customer contracts for compute capacity priced at approximately $40 million per megawatt on an annualized basis
▪CoreWeave increased its contracted power capacity to approximately 4.2 gigawatts in the third quarter of 2026, up from 3.7 gigawatts at the end of June 2026