[Form 4] CoreWeave, Inc. Insider Trading Activity

Rhea-AI Filing Summary

CoreWeave, Inc. (CRWV) reported that entities affiliated with Magnetar entered into a collar on 08/18/2025 covering Class A common stock. The arrangement consists of written covered call options with a $180 strike and purchased put options with a $75 strike, each expiring 09/18/2026. The reported positions cover three funds: Magnetar Xing He Master Fund Ltd (232,434 shares), Purpose Alternative Credit Fund - F LLC (187,241 shares) and Purpose Alternative Credit Fund - T LLC (39,230 shares), all held indirectly. The filing clarifies ownership and disclaimers by the reporting entities.

Positive

• Hedging strategy implemented: The collar provides downside protection via purchased puts at $75 while allowing some upside participation up to $180.
• Clear disclosure of reporting chain: The filing names each affiliated entity and includes explicit disclaimers of beneficial ownership except for pecuniary interest.

Negative

• Obligation to sell if calls end in-the-money: Written covered calls at $180 create an obligation to transfer shares if exercised at expiration.
• Positions remain outstanding until 09/18/2026: The hedge and sale obligations persist until the stated expiration date, maintaining market exposure until then.

Insights

Financial Analyst

TL;DR: Magnetar-affiliated funds established a large collar on CRWV shares, locking in downside protection and capping upside through Sept 18, 2026.

The collar combines purchased puts at $75 and written covered calls at $180 across a total of 458,905 underlying Class A shares split among three funds. This is a hedging structure that protects against downside below $75 while creating an obligation to sell if the stock exceeds $180 at expiration. The positions are reported as indirect ownership and tied to specific funds, with clear disclaimers of beneficial ownership beyond pecuniary interest. For investors, this indicates active risk management by significant stakeholders but does not itself change outstanding share count until any option is exercised.

Corporate Governance Expert

TL;DR: Insiders used a structured collar; disclosure clarifies reporting chain and disclaimers but indicates material insider hedging activity.

The filing names Magnetar Financial LLC, Magnetar Capital Partners LP, Supernova Management LLC and David J. Snyderman and details their relationships. Signatures are provided via attorney-in-fact. The disclosure properly identifies each reporting person and the indirect nature of the holdings, satisfying Section 16 transparency expectations. This is a routine but material insider transaction disclosure given the size of the positions relative to a single reporting event.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Magnetar Financial LLC

(Last) (First) (Middle)

1603 ORRINGTON AVENUE

13TH FLOOR

(Street)

EVANSTON IL 60201

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CoreWeave, Inc. [ CRWV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Call option (obligation to sell)	$180	08/18/2025		S/K(1)			232,434	09/18/2026	09/18/2026	Class A Common Stock	232,434	$3,486,510	232,434	I	Footnotes(2)(3)(4)(5)
Put option (right to sell)	$75	08/18/2025		P/K(1)		232,434		09/18/2026	09/18/2026	Class A Common Stock	232,434	$4,067,595	232,434	I	Footnotes(2)(3)(4)(5)
Call option (obligation to sell)	$180	08/18/2025		S/K(1)			187,241	09/18/2026	09/18/2026	Class A Common Stock	187,241	$2,808,615	187,241	I	Footnotes(2)(3)(4)(6)
Put option (right to sell)	$75	08/18/2025		P/K(1)		187,241		09/18/2026	09/18/2026	Class A Common Stock	187,241	$3,276,717.5	187,241	I	Footnotes(2)(3)(4)(6)
Call option (obligation to sell)	$180	08/18/2025		S/K(1)			39,230	09/18/2026	09/18/2026	Class A Common Stock	39,230	$588,450	39,230	I	Footnotes(2)(3)(4)(7)
Put option (right to sell)	$75	08/18/2025		P/K(1)		39,230		09/18/2026	09/18/2026	Class A Common Stock	39,230	$686,525	39,230	I	Footnotes(2)(3)(4)(7)

1. Name and Address of Reporting Person^*

Magnetar Financial LLC

(Last) (First) (Middle)

1603 ORRINGTON AVENUE

13TH FLOOR

(Street)

EVANSTON IL 60201

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Magnetar Capital Partners LP

(Last) (First) (Middle)

1603 ORRINGTON AVENUE

13TH FLOOR

(Street)

EVANSTON IL 60201

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Supernova Management LLC

(Last) (First) (Middle)

1603 ORRINGTON AVENUE

13TH FLOOR

(Street)

EVANSTON IL 60201

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Snyderman David J.

(Last) (First) (Middle)

1603 ORRINGTON AVENUE

13TH FLOOR

(Street)

EVANSTON IL 60201

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The entity holding the underlying shares of Class A common stock (the "Common Stock") of CoreWeave, Inc. entered into a collar arrangement pursuant to which such entity wrote a covered call option and purchased a put option. Only one of the options can be in-the-money on the expiration date, at which time the in-the-money option will be exercised and settled in shares and the other option will expire. If neither option is in-the-money on the expiration date, both options will expire.

2. Magnetar Financial LLC ("Magnetar Financial") serves as the investment adviser to each of Magnetar Xing He Master Fund Ltd, Purpose Alternative Credit Fund - F LLC and Purpose Alternative Credit Fund - T LLC (collectively, the "Magnetar Funds").

3. Magnetar Capital Partners LP ("Magnetar Capital Partners") is the sole member and parent holding company of Magnetar Financial. Supernova Management LLC ("Supernova Management") is the general partner of Magnetar Capital Partners. The manager of Supernova Management is David J. Snyderman, a citizen of the United States of America.

4. 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.

5. These securities are held directly by Magnetar Xing He Master Fund Ltd.

6. These securities are held directly by Purpose Alternative Credit Fund - F LLC.

7. These securities are held directly by Purpose Alternative Credit Fund - T LLC.

	/s/ Hayley A. Stein, Attorney-in-Fact for David J. Snyderman, as Manager of Supernova Management LLC, which is the General Partner of Magnetar Capital Partners LP, which is in turn the Sole Member of Magnetar Financial LLC	08/19/2025
	/s/ Hayley A. Stein, Attorney-in-Fact for David J. Snyderman, as Manager of Supernova Management LLC, which is the General Partner of Magnetar Capital Partners LP	08/19/2025
	/s/ Hayley A. Stein, Attorney-in-Fact for David J. Snyderman, as Manager of Supernova Management LLC	08/19/2025
	/s/ Hayley A. Stein, Attorney-in-Fact for David J. Snyderman	08/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Magnetar report on Form 4 for CoreWeave (CRWV)?

The filing reports that Magnetar-affiliated funds entered into a collar on 08/18/2025 comprising written calls at a $180 strike and purchased puts at a $75 strike, expiring 09/18/2026.

How many CoreWeave shares are covered by the reported options?

The collar covers a total of 458,905 underlying Class A shares: 232,434; 187,241; and 39,230 across three funds.

When do the options reported in the Form 4 expire?

All reported options expire on September 18, 2026.

What are the strike prices of the call and put options in the collar?

The call options have a $180 strike and the put options have a $75 strike.

Who are the reporting persons named in the Form 4?

Reporting persons include Magnetar Financial LLC, Magnetar Capital Partners LP, Supernova Management LLC and David J. Snyderman with signatures by an attorney-in-fact.