Coreweave Shares Extends Decline to 8% on $2 Billion Convertible Notes Offering

Reuters12-09

CoreWeave stock fell over 8% after the company unveiled plans to raise $2 billion by issuing debt that can be exchanged for shares.

The articial intelligence computing firm will issue the convertible notes due 2031 in a private offering, with an option to increase the deal by an extra $300 million.

CoreWeave, which held its initial public offering in March, has attracted investors looking to bet on the explosion in AI spending. The Livingston, New Jersey-based company is a close partner of AI chipmaker Nvidia Corp. and counts OpenAI and Microsoft Corp. among its customers.

The firm will use part of the proceeds to enter into a derivatives transaction intended to reduce the the risk of diluting its stock if the notes convert into shares. The rest of the proceeds will be used to help keep its business running.

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