CoreWeave to Acquire Core Scientific in $9 Billion Deal, Stocks Surge 280%

CoreWeave, a leading digital infrastructure company, has announced its plans to acquire Core Scientific, another prominent player in the digital infrastructure sector, in an all-stock transaction. The deal values Core Scientific at approximately $9 billion, with Core Scientific stockholders set to receive 0.1235 newly issued shares of CoreWeave Class A common stock for each share they hold. This acquisition is part of CoreWeave's broader strategy to expand its capabilities and diversify its customer base, aiming to reduce its share of billable capacity to less than 50%.

The acquisition comes after a failed $1-billion buyout attempt in 2024, with renewed negotiations resuming in late June 2025. This renewed interest underscores the strategic importance of Core Scientific's assets and capabilities in the rapidly evolving digital infrastructure landscape. Core Scientific has been actively diversifying its customer base, which aligns with CoreWeave's goals of reducing dependency on a single client and enhancing its market position.

The potential acquisition has garnered significant attention from analysts, who see it as a strategic fit for both companies. Core Scientific's AI infrastructure deal with CoreWeave, valued at $3.5 billion over 12 years, and the replacement value of its data centers are key factors driving this valuation. Analysts project that Core Scientific's stock could surpass $30 per share in the event of the acquisition, representing a nearly double increase from its recent price.

CoreWeave's stock has surged 280% since its IPO, driven by its rapid growth in cloud infrastructure services for AI workloads. The company's recent quarterly results, which include a 5x increase in revenue to $982 million and a 6.5x jump in adjusted operating income to $163 million, justify its high valuation. CoreWeave's $25.9 billion revenue backlog, which is well above its 2025 forecast of $5 billion, has led analysts to be optimistic about its revenue growth for the next two years.

The acquisition of Core Scientific would provide CoreWeave with an additional 300MW in capacity, further solidifying its position as a leader in the digital infrastructure sector. This strategic move is expected to enhance CoreWeave's ability to meet the growing demand for AI and cloud services, positioning it for sustained growth in the coming years. The acquisition is expected to reduce CoreWeave's dependency on a single client, thereby enhancing its market position and ensuring long-term stability. The deal is part of CoreWeave's broader plan to expand its capabilities and diversify its customer base, aiming to reduce its share of billable capacity to less than 50%.