CoreWeave Extends AI Footprint With Anthropic Deal, $1 Billion Debt Raise

Overview

• CoreWeave announced a multi‑year pact with Anthropic to run Claude models on its cloud, with capacity scheduled to come online later this year.
• The company detailed a private sale of $1 billion in 9.75% senior notes due 2031 to fund expansion and repay existing borrowings.
• Cantor Fitzgerald lifted its price target and pointed to large contracts with Meta and Jane Street as key drivers of demand.
• CoreWeave reported Q4 2025 revenue of $1.572 billion and a $66.8 billion contracted backlog, providing strong visibility into future sales.
• Management expects margins to trough in early 2026 and improve as new sites ramp, while market voices highlight high debt as a source of share volatility.