CoreWeave Inc. has announced the pricing of its upsized private offering of $2.25 billion aggregate principal amount of 1.75% convertible senior notes due 2031.

Shares of CoreWeave fell 2% in premarket trading on the news.

The offering was increased from the previously announced $2 billion. Initial purchasers have also been granted an option to purchase up to an additional $337.5 million aggregate principal amount of notes within a 13-day period following issuance.

Net proceeds are estimated to be approximately $2,210.6 million (or $2,542.2 million if the option is fully exercised), after deducting initial purchasers' discounts and commissions. CoreWeave plans to use about $295.7 million of the proceeds to fund capped call transactions and the remainder for general corporate purposes. The capped call transactions have a cap price of $215.60 per share, representing a 150% premium over the last reported sale price of CoreWeave's class A common stock.