What CoreWeave is up to now

New 09-22/23: CONVERTIBLE CLOSED, ANALYSTS SPLIT. CoreWeave closed its upsized $4.2bn 2.875% convertible due 2033 (option exercised in full, 09-22). Rothschild Redburn initiated at Sell (09-21, on falling GPU rental prices and financing costs) while UBS initiated at Buy with a $120 target (09-23), so the debt-funded backlog bet now has a loud bull and a loud bear in the same week. New 09-10: fell 5% to $90.27, underperforming both its sector ETF (-0.1%) and the Nasdaq-100 (-0.74%), on the same session its most prominent short seller covered his AI short. Falling while short interest is being reduced points at the balance sheet rather than sentiment: debt-to-equity 8.94, Q2 interest expense $640m, free cash flow -$5.74bn after $6.42bn of capex, against a ~$104bn backlog. No material new development since 08-12 — this week's frontier-ai and global-capital passes explicitly flagged CoreWeave/Nebius chatter as recirculation of the already-logged Q2 print, $104B backlog, and debt- cost story, not new; the standing picture (Q2 beat, $640M net interest expense more than doubling YoY, >$10B new unsecured debt/convertibles, stock +~14% after-hours) holds unchanged.

as of 2026-09-23