SCHEDULE: Magnetar Boosts CoreWeave Stake to 23.3%

Magnetar Financial and its affiliates have disclosed a significant beneficial ownership of 23.3% in CoreWeave, Inc.'s Class A common stock, totaling over 91 million shares.

Summary

• Magnetar Financial LLC, Magnetar Capital Partners LP, Supernova Management LLC, and David J. Snyderman (collectively, the "Reporting Persons") beneficially own 91,382,435 shares of CoreWeave, Inc. Class A common stock.
• This ownership represents 23.3% of the total outstanding Class A common stock, based on 380,162,985 shares outstanding as of September 9, 2025.
• The shares are held directly by various Magnetar Funds and include shares issuable upon the potential exercise of Warrants, Penny Warrants, and contractual Rights.
• The Reporting Persons have shared voting and shared dispositive power over all 91,382,435 shares.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of CoreWeave, Inc., other than activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 7

Explanation: The disclosure of a significant institutional stake by Magnetar is generally positive, indicating investor confidence. The explicit statement that the holding is not for control, except for potential nominations, also provides clarity. The inclusion of warrants and rights suggests a long-term investment horizon.

Positives

• A significant institutional investor, Magnetar, holds a substantial stake, indicating confidence in CoreWeave's long-term prospects.
• The holding includes potential shares from warrants and rights, suggesting a long-term investment strategy and potential for future capital infusion if exercised.
• The filing explicitly states the holding is in the ordinary course of business and not for control, which can reduce concerns about activist investor intentions.

Future Outlook

The filing does not provide any forward-looking statements or guidance regarding CoreWeave, Inc.'s future performance or strategic direction. It solely reports on the current beneficial ownership stake of Magnetar and its affiliates.

Management Comments

• The filing does not contain any direct quotes or paraphrased statements from CoreWeave, Inc. management. It includes a certification from the Reporting Persons that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer, other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

The significant stake held by Magnetar, a prominent investment firm, in CoreWeave, Inc. highlights growing institutional interest in companies operating in the high-performance computing and specialized cloud infrastructure sector, particularly those supporting AI and machine learning workloads. This level of ownership by a sophisticated investor could signal strong underlying fundamentals or strategic positioning within a rapidly expanding market.

Stakeholder Impact

• Shareholders: The disclosure of a large institutional investor holding a significant stake could be viewed positively, potentially signaling validation of CoreWeave's value proposition and stability.
• Company Management: The presence of a major investor like Magnetar, while stating no intent to control, could still lead to increased scrutiny or engagement on strategic decisions, especially given the allowance for nominations under Rule 14a-11.

Next Steps

• The filing does not explicitly mention any future actions, events, or milestones for CoreWeave, Inc. or the Reporting Persons, beyond the ongoing nature of their investment.

Key Dates

Recommendation

The filing indicates a substantial and stable institutional ownership by Magnetar, which is a positive signal for CoreWeave. However, a Schedule 13G primarily reports ownership and does not provide new financial performance data or strategic updates that would warrant a 'buy' or 'sell' recommendation. The existing significant stake, including potential future share issuance from warrants and rights, suggests a long-term commitment. Therefore, a 'hold' recommendation is appropriate, awaiting further operational or financial disclosures from CoreWeave to assess its performance and future prospects.

Keywords

CoreWeave, Magnetar Financial, Magnetar Capital Partners, Supernova Management, David J. Snyderman, Class A common stock, beneficial ownership, SEC filing, Schedule 13G, institutional investor, warrants, rights, equity stake, investment adviser