Core Scientific Acquired by CoreWeave in $9B All-Stock Deal, Jefferies Notes Price in Expected Range

CoreWeave has agreed to acquire bitcoin miner Core Scientific in an all-stock deal valuing CORZ at $20.40 per share, near Jefferies' estimated range of $16-$23/share. Core Scientific shares fell 22%, while fellow miners HUT 8 and Cleanspark declined more than 7%. CoreWeave shares dropped 3.3%. Jefferies sees the deal as a strategic effort to vertically integrate CoreWeave's infrastructure and reduce reliance on third-party developers.

CoreWeave, an AI cloud computing firm, has announced the acquisition of Bitcoin miner and data center operator Core Scientific in an all-stock deal valued at approximately $9 billion. The acquisition is expected to close in the fourth quarter of 2025, pending regulatory and shareholder approvals.

Under the terms of the agreement, Core Scientific shareholders will receive 0.1235 shares of CoreWeave Class A stock for each share they own. This exchange ratio implies a per-share valuation of $20.40 based on CoreWeave’s July 3 closing price, representing a 66% premium to Core Scientific’s last unaffected share price on June 25. Upon closing, Core Scientific shareholders will own less than 10% of the combined company [1].

The acquisition aims to enhance CoreWeave's operating efficiency and de-risk future expansion by bringing key infrastructure assets in-house. CoreWeave will expand its power footprint to 1.3 gigawatts (GW) across Core Scientific’s nationwide data center portfolio, with more than 1 GW of potential capacity available for future expansion. This move allows CoreWeave to reduce its dependence on leased facilities and streamline operations [2].

The transaction is expected to save CoreWeave significant costs and provide financial flexibility. One of the immediate impacts of the deal is the elimination of over $10 billion in cumulative lease obligations over the next 12 years, related to existing Core Scientific sites. CoreWeave estimates that the merger will generate $500 million in fully ramped, annual run-rate cost savings by the end of 2027 [1].

CoreWeave’s CEO, Michael Intrator, emphasized that the acquisition accelerates the firm’s strategy to deploy AI and high-performance computing (HPC) workloads at scale. “Owning this foundational layer of our platform will enhance our performance and expertise as we continue helping customers unleash AI’s full potential,” he said [2].

The acquisition is subject to standard closing conditions, including approval by Core Scientific shareholders and regulatory authorities. CoreWeave and Core Scientific will file the necessary documents with the U.S. Securities and Exchange Commission (SEC).

References:
[1] https://www.cryptopolitan.com/coreweave-acquisition-of-core-scientific/
[2] https://theminermag.com/news/2025-07-07/corz-coreweave-acquisition