AI infrastructure provider CoreWeave (CRWV) plans to raise $2 billion through a private placement of convertible senior notes maturing in 2031. The proceeds will be used for general corporate purposes and capped call option transactions to mitigate potential dilution for future shareholders.
The company stated on Monday that the notes include an option for purchasers to buy an additional $300 million. The settlement method for the notes will be determined by CoreWeave and can be in cash, stock, or a combination of both.
To limit dilution when the notes are ultimately converted into equity, CoreWeave will enter into capped call option transactions. This hedge can increase the effective conversion price while providing a degree of protection for existing shareholders while maintaining financial flexibility.
CoreWeave was founded in 2017, originally as Atlantic Crypto, and the company used GPU mining to mine Ethereum. As the crypto market weakened, it shifted to cloud and high-performance computing services in 2019, eventually refocusing its GPU infrastructure on AI workloads.
The company currently operates a network of data centers specifically designed for AI and claims to have over 33 facilities in operation as of this year. It has not indicated whether the latest fundraising will be used to further expand this layout.
Despite shifting its focus away from digital asset mining as its main business, CoreWeave recently sought to acquire Core Scientific for $9 billion, which is one of the largest Bitcoin mining operators. However, the deal fell through after Core Scientific shareholders voted against the proposal.
This acquisition attempt sparked speculation about its return to the crypto industry, but CoreWeave has defined this differently.
The company stated that the acquisition aimed to acquire approximately 1.3 gigawatts of power capacity from Core Scientific's sites for future expansion in AI, cloud computing, or other GPU-intensive workloads.
CoreWeave's pursuit of Core Scientific has taken over a year, starting with an initial offer that was rejected by the mining company in June 2024. As Core Scientific's stock price rose, the price required to complete the deal also increased, ultimately leading to the failure of the final proposal when shareholders voted against it.
Related: The head of the Office of the Comptroller of the Currency (OCC) stated that there is "no reason" to treat banks and the crypto industry differently.
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