Core Scientific Stock Soars 35% on CoreWeave Acquisition Talks

Core Scientific, a prominent Bitcoin miner, experienced a significant surge in its share price on Thursday, with reports indicating that AI cloud firm CoreWeave is once again considering acquiring the company. This renewed interest in a potential deal has sparked optimism among investors, leading to a 35% increase in Core Scientific's stock value. The talks between CoreWeave and Core Scientific come at a time when the AI industry is booming, with data centers playing a crucial role in supporting the growing demand for AI services. CoreWeave, known for its advanced AI infrastructure, sees Core Scientific as a strategic asset that could enhance its capabilities in the AI sector. The potential acquisition would not only benefit CoreWeave but also provide Core Scientific with the resources and expertise needed to expand its operations and stay competitive in the rapidly evolving tech landscape. The news of the renewed deal talks has been met with enthusiasm by investors, who see the potential for significant growth in the AI sector. However, it is important to note that the talks are still in the early stages, and there is no guarantee that a deal will be reached. Nevertheless, the renewed interest in Core Scientific highlights the growing importance of AI and the potential for strategic acquisitions in the tech industry.

This potential acquisition isn’t coming out of nowhere. The two companies have been deeply intertwined since mid-2023, when they inked a $10.2 billion deal for Core Scientific to provide 590 megawatts of AI-ready infrastructure over 12 years. That long-term agreement followed CoreWeave’s earlier failed buyout attempt in 2024, when it offered $5.75 per share—a price tag the miner deemed far too low at the time. Since then, Core Scientific’s transformation has been dramatic. Once solely focused on crypto mining, the firm has pivoted toward AI infrastructure, riding the wave of surging demand for data center capacity. That pivot has paid off: its market cap has grown nearly fivefold, and its profile has shifted from a distressed miner to a key AI infrastructure provider.

Talks between the two companies have reportedly resumed, with a deal potentially just weeks away. If completed, CoreWeave would move from partner to full owner, deepening its control over the infrastructure powering its compute-heavy operations. Core Scientific’s strategic pivot isn’t unique. A growing number of crypto miners are racing to repurpose facilities for AI clients, but not all data centers are created equal—retrofits often fall short of meeting AI’s heavy power and performance demands. Core Scientific, however, has secured its seat early through forward-looking infrastructure commitments. Interestingly, while Core Scientific’s stock surged, CoreWeave’s edged slightly lower—perhaps a sign of market hesitance about acquisition costs. Still, with data center space and energy becoming scarce commodities, controlling reliable infrastructure may be worth the price. For Core Scientific, the shift to AI may not just be a survival move—it could be the company’s most profitable chapter yet.