CoreWeave Lands Anthropic Deal, Upsizes Convertible Notes to $3.5B Amid AI Boom

CoreWeave deepened its push to become a central infrastructure provider for AI workloads, announcing a new multi-year partnership with Anthropic and simultaneously upsizing a major convertible debt offering to fund continued expansion.

The agreement with Anthropic — developer of the Claude family of AI models — comes just a day after CoreWeave disclosed a separate high-profile deal with Meta Platforms Inc., underscoring intensifying demand for large-scale compute capacity among leading model developers.

Under the new partnership, Anthropic will run production workloads on CoreWeave’s cloud platform, with capacity expected to come online later this year and scale over time. CoreWeave said the deal adds to a roster that now includes nine of the world’s ten largest AI model providers, highlighting the company’s positioning as a neutral infrastructure layer in the AI stack.

The collaboration is structured as a phased rollout, suggesting capacity will be deployed in stages rather than front-loaded — a model increasingly common in AI infrastructure agreements as providers balance capital constraints with rapidly evolving demand.

The announcement reinforces a broader industry shift: AI developers are increasingly outsourcing compute to specialized cloud providers rather than relying solely on in-house infrastructure or traditional hyperscalers. For CoreWeave, which built its business on GPU-dense deployments optimized for machine learning, the deal expands utilization visibility at a time when long-term contracted workloads are becoming critical to financing large data center buildouts.

Alongside the partnership, CoreWeave priced an upsized $3.5 billion convertible senior notes offering due 2032, increasing the deal from an initially proposed $3.0 billion. The company also granted investors an option to purchase up to an additional $500 million of notes, potentially bringing total proceeds close to $4.0 billion.

The notes carry a relatively low 1.75% coupon, reflecting investor appetite for AI-linked credit despite CoreWeave’s still-developing balance sheet. The conversion price was set at about $119.60 per share, representing a roughly 30% premium to the company’s recent trading level.

Net proceeds are expected to reach about $3.45 billion, with a portion allocated to capped call transactions designed to limit shareholder dilution if the notes convert into equity. The remaining funds will be used for general corporate purposes, likely including continued data center expansion and GPU procurement.

The financing adds to a growing stack of capital CoreWeave has raised to support its rapid buildout. The company announced an upsized senior notes offering of $1.75 billion after securing an $8.5 billion loan facility tied to contracted revenue, marking one of the largest debt financings in the AI infrastructure sector and signaling lenders’ increasing willingness to underwrite compute assets backed by long-term customer agreements.