CoreWeave Unveils New ATM Program, Seeks $3 Billion in Convertible Bond Sale

CoreWeave said on Thursday that it could sell up to 35 million shares, worth roughly $3 billion based on the prior day’s closing price, through a new at-the-market offering program. At the same time, the company announced plans to raise $3 billion in a convertible note issue, with an option for another $500 million.

AI cloud companies have been tapping a range of options to fund heavy spending on infrastructure, including ATM offerings that allow them to sell shares into the open market with discretion over timing. CoreWeave, for its part, has already raised billions of dollars through debt and equity sales this year, including private placements of shares to Nvidia and trading firm Jane Street. The company said its new ATM program would provide “ongoing financing flexibility” as it works toward investment-grade status.

The announcements come amid growing scrutiny of the returns on AI infrastructure spending and follow the Federal Reserve’s first interest rate hike in more than three years on Wednesday. CoreWeave also said that it has continued signing new contracts at higher prices in the current quarter, including three- to six-month contracts at approximately $40 million per MW on an annualized basis. CoreWeave shares were down about 5% in morning trading.