In a CNBC interview, CoreWeave CEO Michael Intrator said the company plans to launch an asset-backed debt offering in the next week or two, with an expected interest rate of 7% to 7.5%.
- Intrator said he canceled his personal 10b5-1 stock-sale plan, with future sales limited to RSUs to meet routine tax obligations.
- He noted that the company has raised $9 billion in customer prepayments and deposits, calling them the firm’s “cheapest source of capital.”
- The CEO also stated that the relationship between CoreWeave and Nvidia extends beyond any one executive, including CEO Jensen Huang.
CoreWeave (CRWV) CEO Michael Intrator said on Wednesday that he has canceled his pre-arranged plans to sell company stock and that the neocloud’s data center build plans have not been slowed by the shifting political landscape after last week’s elections.
“This is going to be the first time I’ve said this. I’ve canceled my 10b-5,” Intrator said in an interview with CNBC. “Any kind of selling from us will just be RSUs [restricted stock units], kind of normal tax stuff.” A 10b5-1 plan allows company insiders to sell shares on a predetermined schedule.
Intrator added that the company’s at-the-market (ATM) offering, which allows CoreWeave to sell new stock gradually, remains in place. “The ATM sits on the shelf. We will use it opportunistically if we need to raise capital,” he said.
CRWV stock rose over 22% in morning trade on Wednesday, hitting highs last seen in October and on track to log its best day since June last year.
CoreWeave shares were among the top trending tickers on Stocktwits at the time of writing, with retail sentiment flipping to ‘extremely bullish’ from ‘bearish’ over the past day and chatter jumping to ‘extremely high’ from ‘low’ levels. Platform data showed an uptick in message volume of over 800%.
CoreWeave Says Data Center Expansion Remains On Track
Intrator pushed back on concerns that the midterm election results could lead to fewer data center projects in the U.S., including in Texas, where the governor-elect campaigned on the possibility of pausing data center development.
“Our build plans are not being delayed or affected or in any way transformed. The build plan for 2028 is in progress,” he said.
Intrator added that CoreWeave has relationships with governors in every state where it operates and runs more than 53 data centers worldwide. “We want to make sure that the investing public and our clients know that there is not a disruption in our ability to deliver that infrastructure,” he said. The company has 1.7 gigawatts of capacity in operation and expects 1.85 gigawatts by year-end.
CEO Outlines New Funding Plans, Strong AI Demand
On financing, Intrator said CoreWeave plans to launch an asset-backed debt offering “in the next week or two.” He added that the deal has already received a high investment-grade rating, and that he expects it to carry an interest rate of 7% to 7.5%. That would be below the yields of up to roughly 15% on the company’s unsecured bonds.
Intrator also noted that CoreWeave has already raised $9 billion through customer prepayments and deposits, which he called “the cheapest source of capital” available to the company.
The CEO also stated the capital isn't being used to buy back its discounted bonds because CoreWeave has “better uses for capital” inside the company.
Intrator Reaffirms Nvidia Partnership Amid Jensen Huang Scrutiny
Intrator addressed questions about scrutiny surrounding Nvidia (NVDA) CEO Jensen Huang, stating that the relationship between the companies extends beyond any one executive.
“It is not one person. It is an extraordinary company,” Intrator said of Nvidia. “They’ve begun a process. Let the process run.”
He also reaffirmed the importance of the partnership, saying, “Nvidia [is] an important partner and will continue to be an important partner.”
CoreWeave reported third-quarter revenue of $3.66 billion on Tuesday, up 168% from a year earlier. Its adjusted loss of $1.27 a share was narrower than analysts’ estimate of a $1.55 loss per share. The company forecast 2026 revenue of $13 billion to $13.3 billion.
The results also helped lift semiconductor stocks on Wednesday. Marvell Technology (MRVL) rose 8.5%, Micron Technology (MU) gained 6.6%, Intel (INTC) advanced 6.3%, and Broadcom (AVGO) added 6.2%. Advanced Micro Devices (AMD) climbed 3.2%, while Nvidia and Qualcomm (QCOM) each rose 2.6%. The iShares Semiconductor ETF (SOXX) gained 4.8%.
Read also: NVDA Stock Set For Best Day In Over 2 Months – Baird Downgrades Shares, Flags Slower AI Spending, Jensen Huang Risk
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
