On September 21, CoreWeave, Inc. rose 5.27% in regular trading, reaching $85.73 per share with turnover of $1.438 billion. The rally followed the successful pricing of a significantly upsized convertible debt offering and continued signs of robust AI infrastructure demand.

CoreWeave completed the pricing of $3.7 billion in convertible senior notes due April 2033, carrying a coupon of 2.875%. The offering was upsized from an initially planned $3 billion due to strong institutional demand, with initial purchasers granted an additional option to acquire up to $500 million in notes. The initial conversion price was set at approximately $97.85 per share, representing a 22.5% premium over the September 17 closing price. The company plans to allocate approximately $499 million of the estimated $3.64 billion net proceeds toward capped call transactions, with the remainder earmarked for general corporate purposes.

Fundamentally, CoreWeave disclosed that it signed multiple short-term Q3 contracts priced at approximately $40 million per megawatt on an annualized basis, added over $25 billion in net new customer commitments, and expanded total contracted power capacity to approximately 4.2 gigawatts from 3.7 GW as of June 30.

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