Core Scientific Stock Surges 50% on CoreWeave Acquisition Bid

Core Scientific, a prominent Bitcoin mining company, has experienced a significant surge in its stock price following reports that CoreWeave, a cloud and AI infrastructure company, is attempting to acquire it. This renewed interest from CoreWeave comes nearly a year after an initial $1 billion offer was rejected by Core Scientific’s board for undervaluing the company. The new bid’s exact price and terms have not been disclosed publicly, but the potential acquisition has sparked optimism among investors, leading to a notable increase in Core Scientific's share price.

The potential acquisition by CoreWeave represents a significant opportunity for Core Scientific to expand its operations and enhance its market presence. CoreWeave's interest in acquiring Core Scientific indicates a strategic move to consolidate resources and leverage Core Scientific's expertise in Bitcoin mining. This acquisition could lead to synergies that benefit both companies, driving growth and innovation in the industry. The two companies already have a working relationship, having signed several multi-year deals, including an agreement that allows Core Scientific to supply CoreWeave with around 200 megawatts of power to help run its computing services.

The market's positive response to the acquisition attempt reflects the broader sentiment towards Bitcoin mining companies. As the demand for Bitcoin continues to grow, so does the need for efficient and scalable mining solutions. Core Scientific's advanced mining technologies and infrastructure make it an attractive target for acquisition, as it can provide CoreWeave with the necessary tools to compete in the rapidly evolving cryptocurrency market. The potential acquisition by CoreWeave aligns with the broader trend of consolidation in the Bitcoin mining industry, as larger players seek to acquire smaller competitors to gain a competitive edge. This trend is driven by the need to achieve economies of scale, reduce operational costs, and enhance market share.

Core Scientific went public in January 2022 through a $4.3 billion SPAC deal. Later that year, in December 2022, it filed for Chapter 11 bankruptcy after the price of Bitcoin dropped sharply. The company exited bankruptcy in 2023 and re-listed its stock on Nasdaq. In 2024, Core Scientific earned $502.4 million in revenue but reported a net loss of $265.5 million. That loss was mainly due to a non-cash warrant adjustment. In early 2025, it posted a first-quarter profit of $580 million. The company's financial performance, coupled with the potential acquisition, has contributed to the surge in its stock price, which is now valued at around $3.6 billion, with the stock currently trading above $16.

CoreWeave, on the other hand, went public in March 2025 and raised $1.5 billion in its IPO. It reported $1.9 billion in revenue for 2024 and has signed deals with major tech firms. The company's strong financial performance and strategic partnerships position it as a formidable player in the cloud and AI infrastructure sector, further enhancing the potential benefits of the acquisition for both companies. The successful completion of the acquisition could pave the way for a new era of growth and development in the Bitcoin mining sector, positioning the combined entity as a major player in the industry.