Form 4: Magnetar's CoreWeave Options Expire Unexercised

Magnetar Financial and related entities reported the expiration of various call and put options on CoreWeave Class A Common Stock, unexercised and for no value, as the stock price remained within the collar.

Summary

• Magnetar Financial LLC, Magnetar Capital Partners LP, Supernova Management LLC, and David J. Snyderman, identified as a Director and 10% Owner of CoreWeave, Inc., filed a Form 4.
• The filing reports the expiration of multiple call and put options on CoreWeave Class A Common Stock on March 20, 2026.
• These options were part of a collar arrangement initiated on August 15, 2025.
• The options expired unexercised and for no value because CoreWeave's Class A Common Stock closing price on March 20, 2026, was between the put strike price of $80 and the call strike prices of $135 or $140.
• The total number of underlying Class A Common Stock shares across all expired options is 2,178,585.
• The options were held indirectly by various Magnetar Funds, including Magnetar Constellation Master Fund, Ltd, Magnetar Structured Credit Fund, LP, Magnetar Xing He Master Fund Ltd, Magnetar SC Fund Ltd, Magnetar Longhorn Fund LP, Purpose Alternative Credit Fund F LLC, Purpose Alternative Credit Fund T LLC, and Magnetar Lake Credit Fund LLC.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event, reflecting the normal course of a derivative strategy concluding as anticipated without significant price movement outside the defined collar range.

Positives

• The stock price remained within the collar range ($80 $135/$140), indicating a period of relative stability for CoreWeave's Class A Common Stock during the option term.
• The expiration for no value means the reporting persons did not incur losses from these specific options.

Negatives

• The options expired unexercised, meaning the reporting persons did not profit from the stock moving significantly above the call strike or below the put strike.

Risks

• The filing itself does not introduce new risks, but the existence of a collar arrangement implies a strategy to manage risk and potential upside/downside. The expiration means the stock price did not breach the protective bounds, thus the inherent market risks associated with stock price volatility were managed within the collar.

Future Outlook

The filing does not provide forward-looking statements or guidance regarding CoreWeave's future performance or Magnetar's investment strategy beyond the expiration of these specific options.

Management Comments

• Each of the Magnetar Funds, Magnetar Financial, Magnetar Capital Partners, Supernova Management and David J. Snyderman disclaims beneficial ownership of these shares of Common Stock of the Issuer, except to the extent of its or his pecuniary interest therein.

Industry Context

StockSavvy.ai notes that collar strategies are common among institutional investors like Magnetar to manage risk and define a range of potential returns on a stock position. The expiration of these options unexercised suggests that CoreWeave's stock price remained within a relatively stable range between the put and call strike prices during the option period, which could be interpreted as a period of moderate volatility for the stock.

Comparison to Industry Standards

• This filing is a standard regulatory disclosure for derivative transactions by a 10% owner and director.
• It does not contain information that allows for a direct comparison of CoreWeave's operational or financial results to industry benchmarks or specific comparable companies/projects.
• The derivative strategy itself is a common risk management tool used by large funds to hedge existing positions or manage exposure within a defined price range.

Related Party Transactions

• The filing details the organizational structure where Magnetar Financial LLC serves as investment adviser to various Magnetar Funds, Magnetar Capital Partners LP is the sole member and parent holding company of Magnetar Financial, and Supernova Management LLC is the general partner of Magnetar Capital Partners. David J. Snyderman is the administrative manager of Supernova Management LLC. These relationships define the indirect beneficial ownership of the CoreWeave shares underlying the options.

Stakeholder Impact

• Shareholders: The expiration of these options means there was no exercise that would have led to a sale or purchase of shares by Magnetar through these specific derivatives, thus no direct dilution or significant buying pressure from these transactions. The stock price staying within the collar suggests a period of relative stability for the stock during the option term.

Next Steps

• The filing does not explicitly mention future actions or milestones beyond the expiration of these specific options.

Key Dates

Recommendation

The filing reports the expected expiration of derivative securities within a collar arrangement, indicating the stock price remained within a defined range. This event is neutral and does not provide new information to warrant a change in investment stance. A 'hold' recommendation is appropriate as there's no new fundamental catalyst for significant upside or downside from this specific disclosure.

Keywords

CoreWeave, CRWV, Magnetar Financial, SEC Form 4, Beneficial Ownership, Derivative Securities, Options Expiration, Collar Strategy, Class A Common Stock, Institutional Ownership