CoreWeave is getting substantially more money for some of its AI compute capacity, preparing to raise billions more to keep building it.
The AI cloud provider on Thursday launched a proposed $3.0 billion convertible senior notes offering, with an option allowing buyers to purchase another $500 million, while separately establishing a program through which it may sell up to 35 million Class A shares.
The company said short-term compute contracts signed during the third quarter, generally running three to six months, have been priced at approximately $40 million per megawatt on an annualized basis.
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That creates the central tension in CoreWeave’s expansion. Demand and pricing are improving, but deploying enough GPUs, servers, networking equipment, power, and data center capacity to capture that demand remains extraordinarily capital intensive.
CoreWeave spent $14.87 billion on investing activities during the first six months of 2026, primarily reflecting infrastructure investment. Financing activities supplied another $13.99 billion, while operations generated $3.66 billion of cash. At June 30, the company carried approximately $35.07 billion of recourse and non-recourse debt, net of discounts and issuance costs, against $5.52 billion in cash and equivalents.
Revenue reached $2.58 billion in the second quarter, up 112% year over year, but CoreWeave still recorded a $626 million net loss and $640 million of net interest expense. Adjusted EBITDA was $1.51 billion.
The new convertibles mature April 1, 2033. Investor materials indicate an expected coupon of 2.375% to 2.875% and a conversion premium of 22.5% to 27.5%, although final terms will be set when the offering is priced. Part of the proceeds will fund capped-call transactions intended to limit potential dilution from conversion, while the remainder is earmarked for general corporate purposes.
The equity facility adds another potential source of capital. CoreWeave can sell up to 35 million shares through agents or forward-sale arrangements, although the filing says actual sales will depend on market conditions, its share price, capital needs, and financing alternatives. The company expects to wait at least 30 days after the convertible purchase agreement before selling shares through the program.
Meanwhile, CoreWeave said it added more than $25 billion in net new customer commitments early in the third quarter and increased contracted power to roughly 4.2 gigawatts, from 3.7 gigawatts at June 30.
