Nvidia-backed CoreWeave said Thursday it plans to raise $3 billion through a convertible debt offering, highlighting the massive funding needs to support the buildout of AI infrastructure. Initial buyers of the debt may purchase up to an additional $500 million.
CoreWeave said it would use some of the proceeds to protect against dilution, while the remainder would fund its operations.
The company also launched an at-the-market stock sale program for up to 35 million shares, potentially raising about $2.92 billion based on Wednesday’s closing price. However, CoreWeave will determine whether to sell shares based on market conditions.
READ: Meta deepens ties with CoreWeave with $21 billion deal (April 10, 2026)
The program is being managed by Deutsche Bank, Goldman Sachs and JP Morgan and is part of CoreWeave’s efforts to move toward an investment-grade credit profile.
Shares of the company plunged more than 2% in premarket trading Thursday. Through Wednesday’s close, the stock had gained more than 16% so far this year.
CoreWeave also said that it signed short-term customer contracts for compute capacity in the third quarter at approximately $40 million per megawatt on an annualized basis. The company increased its contracted power capacity to about 4.2 gigawatts from 3.7 gigawatts at the end of June.
CoreWeave reported a revenue backlog of $104.2 billion in the second quarter in August. The company later disclosed more than $25 billion in additional customer commitments signed early in the third quarter.
READ: CoreWeave secures $8.5 billion loan for AI infrastructure expansion (March 31, 2026)
In a press release Tuesday, CoreWeave said the short-term contracts signed in the third quarter span three to six months, with pricing calculated as annualized revenue divided by the power required to service the related clusters.
The company said it has continued to contract new compute capacity at higher prices since June 30.
CoreWeave also announced the establishment of an at-the-market offering program under which it may sell up to 35 million shares of Class A common stock from time to time.
Earlier this year, Meta committed to spending $21 billion on AI cloud infrastructure from CoreWeave. This came in addition to a commitment for Meta to pay CoreWeave about $14.2 billion through Dec. 14, 2031, with an option to expand the agreement through 2032 for additional cloud computing capacity.