In a series of transactions reported on May 4, 2026, Magnetar Financial LLC and its associated funds disposed of 420,227 shares of CoreWeave, Inc. (NASDAQ: CRWV) Class A Common Stock. The total value of these sales is estimated at roughly $53.5 million. According to filings, the transactions were executed at weighted average price points ranging from $126.52 to $129.38 per share.
The divestment was conducted indirectly through several investment vehicles for which Magnetar Financial LLC acts as an investment adviser. These specific funds include:
- Magnetar SC Fund Ltd
- Magnetar Structured Credit Fund, LP (doing business as Magnetar Constellation Onshore Fund)
- Magnetar Xing He Master Fund Ltd
- Purpose Alternative Credit Fund - F LLC
- Purpose Alternative Credit Fund - T LLC
The ownership structure surrounding these transactions is complex. Magnetar Financial LLC holds a 10% stake in CoreWeave. Magnetar Capital Partners LP serves as the parent holding company and the sole member of Magnetar Financial LLC, with Supernova Management LLC acting as the general partner for Magnetar Capital Partners LP. David J. Snyderman operates as the administrative manager of Supernova Management LLC. The filings note that these entities, along with Mr. Snyderman, disclaim beneficial ownership of the shares except to the extent of their specific pecuniary interest.
Despite the recent reduction in holdings, the various Magnetar funds retain large positions in the company. A notable example is the Longhorn Special Opportunities Fund LP, which maintains a direct holding of 1,973,782 shares of Class A Common Stock.
CoreWeave has been active in capital markets and enterprise expansion recently. The company announced the pricing of a $1 billion senior notes offering with an interest rate of 9.75%, which is anticipated to close on April 21, 2026. This debt offering will be supported by certain subsidiaries that are wholly owned by CoreWeave. Furthermore, the company has secured high-profile agreements, including a $6 billion deal and a $1 billion investment from Jane Street at a share price of $109, as well as agreements with Meta. These contractual developments have propelled CoreWeave's remaining performance obligations to a level exceeding $95 billion.
Wall Street analysts have reacted to these developments with updated outlooks. Jefferies has increased its price target for CRWV from $120 to $160 while upholding its Buy rating. Similarly, Cantor Fitzgerald raised its price target from $149 to $156, maintaining an Overweight rating. These adjustments occur even as CoreWeave highlights the breadth of its customer base following reports that OpenAI has missed certain sales targets.
In a separate market context, Rosenblatt has maintained a Buy rating on Galaxy Digital Holdings with a $39 price target, though the firm anticipates first-quarter fiscal 2026 results for Galaxy Digital may trail consensus expectations due to lower cryptocurrency prices and diminished trading volumes.