CoreWeave's recent $3.7 billion upsized convertible notes offering due 2033, paired with an at-the-market equity program for up to 35 million shares, underscores its strategy to manage roughly $35-43 billion in long-term debt while funding aggressive GPU infrastructure expansion. Strong AI demand supports this, with Q3 short-term contracts priced near $40 million per megawatt annualized and contracted power capacity rising to 4.2 gigawatts. As the leading specialized GPU cloud provider, CoreWeave competes directly with hyperscalers like AWS and Azure on dedicated AI workloads, backed by Nvidia partnerships and a $104 billion revenue backlog, though high interest expenses and capex needs create ongoing financing pressure. Traders see low near-term bankruptcy odds due to demonstrated capital markets access, with upcoming catalysts including further customer commitments and potential refinancing activity.