CoreWeave Launches $5.9 Billion Funding Drive for AI Infrastructure

CoreWeave announced a dual-pronged funding strategy on Thursday to support its AI infrastructure expansion and operational growth. The company is raising $3 billion through a convertible debt offering, with initial buyers holding the option to purchase an additional $500 million. CoreWeave intends to use a portion of these proceeds to protect against dilution.

Alongside the debt offering, the company launched an at-the-market stock sale program for up to 35 million shares. Depending on market conditions, this program could raise approximately $2.92 billion. The combined effort is part of a broader strategy to achieve an investment-grade credit profile.

The funding drive follows strong growth metrics, including a reported second-quarter revenue backlog of $104.2 billion and an increase in contracted power to 4.2 gigawatts in the third quarter. While CoreWeave shares have gained over 16% year-to-date, they fell between 2% and 3% in early trading following the announcement.