CoreWeave completes $2.59 billion convertible notes offering due 2031
On December 11, 2025, CoreWeave completed a private offering of $2,587,500,000 in 1.75% convertible senior notes due December 1, 2031, including the full exercise of the initial purchasers' $337.5 million option. The notes are convertible into cash, Class A common stock, or a mix at CoreWeave's election, with an initial conversion price of about $107.80 per share, a 25% premium to the $86.24 closing price on December 8, 2025, which means the notes could add dilution to existing shareholders if converted into shares.
Key points
- Principal: $2,587,500,000, including the $337,500,000 option exercised in full; net proceeds about $2,542.2 million before offering expenses.
- Initial conversion price about $107.80 per share; maximum of 30,003,356 shares could be issued on conversion at the maximum conversion rate.
- Capped call transactions were funded from proceeds; remaining proceeds are for general corporate purposes.
- Notes can be redeemed by CoreWeave on or after December 5, 2028 under specified stock price conditions; interest is payable June 1 and December 1, beginning June 1, 2026.
The filing
Written by AI on Nov 8, 2026, 1:10 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on December 11, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.