CoreWeave to Acquire Core Scientific for $9 Billion Enhancing AI Infrastructure

AI hyperscaling company CoreWeave has announced its intention to acquire data center giant Core Scientific in a deal valued at approximately $9 billion. The acquisition, which is expected to be finalized by the end of the year, will significantly enhance CoreWeave's operational efficiency and mitigate risks associated with future expansion.

This strategic move will grant CoreWeave access to 1.3 gigawatts of gross power across Core Scientific's extensive national data center network, with the potential for an additional 1 gigawatt of power in the future. CoreWeave's CEO, Michael Intrator, emphasized that this acquisition will solidify the company's growth trajectory by providing a foundational layer that enhances performance and expertise in the AI sector.

Core Scientific's President and CEO, Adam Sullivan, highlighted that the deal will accelerate the availability of world-class infrastructure for companies innovating with AI, while also delivering significant value to shareholders. Core Scientific stockholders will receive 0.1235 newly issued CoreWeave shares for each share they hold, according to the announcement.

The acquisition is anticipated to eliminate over $10 billion in future lease expenses over the next 12 years, a substantial financial benefit for CoreWeave. The two firms have had a longstanding partnership, and the potential for this deal was first reported in late June.

The Bitcoin mining and AI data center industries share common ground in their high energy consumption and the constant search for more cost-effective energy solutions. Bitcoin miners, who process transactions on the leading cryptocurrency's network, have increasingly looked to AI as a means to generate additional revenue. This acquisition underscores the growing convergence between these two industries, as both seek to leverage each other's strengths to drive innovation and efficiency.