CoreWeave to acquire Core Scientific in all-stock deal valued at $9 billion, shares to be exchanged at $20.40 per share.

CoreWeave to acquire Core Scientific in all-stock deal valued at $9 billion, shares to be exchanged at $20.40 per share.

CoreWeave (NASDAQ: CRWV), the AI Hyperscaler™, has announced its intention to acquire Core Scientific (NASDAQ: CORZ), a leading data center infrastructure provider, in an all-stock transaction valued at approximately $9 billion. The acquisition will be executed through an exchange of shares at a ratio of 0.1235 CoreWeave Class A common stock for each share of Core Scientific common stock [1].

Under the terms of the merger agreement, Core Scientific stockholders will receive 0.1235 newly issued shares of CoreWeave Class A common stock for each share of Core Scientific common stock they hold. This transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions, including regulatory approval and shareholder approval [1].

The acquisition aims to help CoreWeave verticalize its data center footprint, enhancing its future-proof revenue growth and profitability. By acquiring Core Scientific, CoreWeave will gain ownership of approximately 1.3 GW of gross power across Core Scientific's national data center footprint, with an incremental 1 GW+ of potential gross power available for expansion [1].

Michael Intrator, CoreWeave's Chief Executive Officer and Chairman of the Board, commented on the acquisition, stating, "This acquisition accelerates our strategy to deploy AI and HPC workloads at scale. Verticalizing the ownership of Core Scientific’s high-performance data center infrastructure enables CoreWeave to significantly enhance operating efficiency and de-risk our future expansion, solidifying our growth trajectory. Owning this foundational layer of our platform will enhance our performance and expertise as we continue helping customers unleash AI’s full potential" [1].

Strategic benefits of the acquisition include operational efficiency, greater financing flexibility, power ownership and optionality, and expanded expertise. CoreWeave expects to generate significant cost savings through streamlining business operations and eliminating lease overhead. The acquisition will also provide CoreWeave with greater control over a critical power footprint and optionality for future power capacity [1].

The transaction is expected to eliminate over $10 billion of cumulative future lease overhead to be paid for existing contractual sites over the next 12 years. This deal also adds an estimated $500 million of annual run rate cost savings by the end of 2027 through streamlined operational focus. The potential to repurpose toward HPC usage or divest the crypto mining business over the medium-term horizon is also being considered [1].

CoreWeave will hold an investor call on July 7, 2025, at 8:45 AM ET, to discuss the acquisition further. The conference call will be accessible through a live webcast via CoreWeave’s investor relations page [1].

The acquisition is being advised by Goldman Sachs & Co. LLC, Davis Polk & Wardwell LLP, and Kirkland & Ellis LLP, with Moelis & Company LLC and PJT Partners LP acting as financial advisors, and Wachtell Lipton Rosen & Katz as legal counsel to Core Scientific [1].

References:
[1] https://www.theglobeandmail.com/investing/markets/stocks/CORZ/pressreleases/33246000/coreweave-to-acquire-core-scientific/