Overview
- CoreWeave said Friday it signed a multiyear deal to provide compute for Anthropic’s Claude models, and the stock closed up about 11% near $102 on trading volume roughly 190% above its recent average.
- A day earlier the company disclosed a $21 billion expansion of its Meta capacity agreement, lifting total Meta commitments to about $35.2 billion through December 2032 and including early deployments of Nvidia’s Vera Rubin systems across multiple sites.
- To fund buildouts, CoreWeave priced $3.5 billion of 1.75% convertible notes due 2032, upsized from $3.0 billion, with settlement expected April 14 subject to closing conditions and an option for buyers to take $500 million more.
- The company also issued $1.75 billion of senior notes at 9.75% due 2031 and put capped‑call hedges on the converts to limit dilution, setting an effective cap near $230 per share and budgeting about $430.5 million for the hedge.
- Pre-scheduled insider sales on April 8 and ongoing losses despite $1.57 billion in Q4 revenue highlight execution risk as CoreWeave pursues $30–35 billion of capital spending and takes on higher interest costs.