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Dec 8, 2025 4:00 PM

CoreWeave Joins Nebius, SMCI, IREN In Convertibles Frenzy — Bulls Beware

AI infrastructure might be the hottest trade on the screen, but the way it's being financed is a lot less glamorous.

CoreWeave Inc (NASDAQ:CRWV) just announced a $2 billion private offering of convertible senior notes due 2031, and the stock promptly slid as much as 6%–9% today, a sharp reminder that the AI boom is increasingly being built on IOUs.

Track CRWV stock here.

CoreWeave Hits The Convert Button

CoreWeave's deal adds another chunky layer of debt to a balance sheet already under scrutiny, with an option for initial buyers to take an extra $300 million in notes. Management says it's about funding more AI capacity, building out its "essential cloud for AI" model and keeping up with demand from hyperscale customers.

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