It means Carrier unlocked. If it's carrier locked (depends on where you're from, what carrier it came from, and/or if it came from a plan upgrade), you may not be able to install GrapheneOS on it unless you get it unlocked first.
If you get a second hand one, make sure the person you're buying it from is willing to help you unlock it.
First question in their FAQ: https://grapheneos.org/faq#supported-devices
Devices sold in partnership with specific carriers may be locked by the carrier, which will prevent installing GrapheneOS. This is primarily an issue with US carriers and isn't common elsewhere in the world. To avoid this, either don't buy a carrier device, or make sure it can be unlocked. It's the same hardware/firmware/software either way but carriers dislike having devices able to bypass their paywall for tethering, etc., so they disable it for the devices they sell as part of contracts.