CoreWeave to Acquire Core Scientific for $9 Billion in AI Power Play

CoreWeave, a GPU-cloud firm, has agreed to acquire Core Scientific, a Texas-based bitcoin miner, in an all-stock transaction valued at approximately $9 billion. This acquisition aims to secure more than a gigawatt of U.S. data-center power for artificial-intelligence workloads. Under the merger terms, Core Scientific shareholders will receive 0.1235 CoreWeave Class A shares for each Core Scientific share, equating to $20.40 per share based on CoreWeave’s July 3 closing price. This offer represents a 66% premium to Core Scientific’s unaffected price of $12.30 in late June when takeover reports resurfaced. CoreWeave had previously attempted to acquire the firm at least once in 2024.

The deal, approved by both boards, is expected to close in the fourth quarter of 2025, pending regulatory clearances and a vote of Core Scientific investors. Upon completion, existing Core Scientific holders will own less than 10% of the combined company. CoreWeave, which rents high-performance Nvidia clusters to clients such as OpenAI and Microsoft, has been actively securing cheap electricity. The firm already hosts GPUs at several Core Scientific sites under a 12-year agreement signed last year.

Purchasing the beleaguered bitcoin miner will allow CoreWeave to expand its business and scale operations, according to CEO Michael Intrator. The agreement also cancels the future lease contract between both firms, which was worth about $10 billion. Intrator stated that verticalizing the ownership of Core Scientific’s high-performance data center infrastructure enables CoreWeave to significantly enhance operating efficiency and de-risk future expansion.

Core Scientific filed for bankruptcy under Chapter 11 protection in December 2022, roughly 11 months after it went public in January through a $4.3 billion SPAC merger. The company has 977 BTC on its books worth an estimated $105 million at current prices. The acquisition is expected to have a significant impact on the AI and data center industries, as it will allow CoreWeave to expand its capabilities and operational efficiency. The deal is also expected to provide greater financing flexibility and cost savings, allowing CoreWeave to pursue infrastructure financing strategies and reduce its overall cost of capital. Additionally, the acquisition will provide CoreWeave with greater control over a critical power footprint and optionality for future power capacity, as well as expanded expertise in data center development capabilities.