An option for an additional $500 million accompanies the latest plan to sell senior debt to institutional investors. Proceeds from the $3 billion convertible senior notes offering due 2033 will cover capped calls and general corporate purposes. CoreWeave shares hit a session low of 1.4% following the announcement of the financing.

Net interest expense for the company reached $640 million last quarter during the construction of GPU capacity. Higher interest rates through 2027 from the Federal Reserve create a financing headwind for the capital intensive infrastructure buildout. Nebius recently raised GPU prices by approximately 20% for both older and newer generations of hardware to meet tight compute demand.