Shares of the AI infrastructure provider fell over 4% on Wednesday after the company announced a plan to sell senior debt due 2033. CoreWeave is raising $3 billion through the offering of convertible notes, including an option for an additional $500 million, alongside an at-the-market program for up to 35 million Class A shares. Proceeds from the sale will fund general corporate purposes and capped calls.

The financing arrives as the company scales computing capacity to meet high demand, reporting more than $25 billion in net new customer commitments between June 30 and August 11. With contracted power at 4.2 gigawatts, the firm faces capital intensive growth costs that contributed to a net interest expense of $640 million in the previous quarter.