CoreWeave (CRWV) has priced a private offering of $3.5 billion in 1.75% convertible senior notes due 2032, expanding the deal from the previously announced $3 billion as investor demand continues to run high for the fast‑growing AI infrastructure company. CRWV stock was up over 2% during Friday’s pre-market trading session.
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Trade CRWV with leverageThe issuance is expected to settle on April 14, subject to customary closing conditions. CoreWeave also granted initial purchasers a 13‑day option to buy up to an additional $500 million of notes, potentially bringing the total offering to $4 billion.
The new notes will accrue interest at 1.75% per year, payable semiannually on April 1 and October 1, beginning October 1, 2026. They will mature on October 1, 2032, unless earlier repurchased, redeemed, or converted.
Conversion Terms
Prior to July 1, 2032, noteholders may convert only if certain conditions are met. After that date, conversions may occur at any time until two trading days before maturity. CoreWeave may settle conversions in cash, common stock, or a combination of both.
The initial conversion rate is 8.3612 shares per $1,000 principal amount of notes, implying a conversion price of nearly $119.60 per share, a 30% premium to CoreWeave’s last closing price of $92.00 on April 9.
New Financing to Strengthen AI Cloud Footprint
The offering adds another major financing round to CoreWeave’s balance sheet as the company accelerates investment in GPU‑accelerated data centers and AI cloud infrastructure. With demand for high‑performance compute surging, CRWV has leaned heavily on both equity and debt markets to scale capacity and secure long-term capital.
The company said proceeds will be used for general corporate purposes, including continued expansion of its AI-focused data center footprint and potential strategic initiatives.
What Is the Price Target for CRWV?
Overall, Wall Street has a Moderate Buy consensus rating on CoreWeave stock based on 13 Buys, eight Holds, and one Sell recommendation. The average CRWV stock price target of $115.10 indicates 25.11% upside potential.
