CoreWeave Acquires Core Scientific for $9 Billion to Boost AI and Bitcoin Mining

CoreWeave Inc. has announced the acquisition of Core Scientific Inc., a prominent Bitcoin mining company in North America, in an all-stock transaction valued at $9 billion. This strategic move, led by CoreWeave's CEO Michael Intrator, aims to bolster the company's AI and high-performance computing (HPC) capabilities. The acquisition is part of CoreWeave's broader strategy to enhance its operational efficiency and expand its footprint in the Bitcoin mining sector.

CoreWeave is set to convert $10 billion in lease obligations into owned assets through this acquisition, significantly enhancing its AI infrastructure. By integrating Core Scientific’s 1.3 GW infrastructure, CoreWeave aims to strengthen its AI and HPC operations. Shareholders of Core Scientific will receive 0.1235 shares of CoreWeave Class A stock for each existing share they hold.

The acquisition is expected to have implications for Bitcoin's hash rate and the dynamics of institutional miners in North America. CoreWeave plans to leverage Core Scientific's capabilities, potentially influencing Bitcoin mining economics through operational centralization and increased efficiency. Financial projections include an estimated $500 million in annual cost savings by 2027. Regulatory adjustments are minimal, with the deal expected to close by the fourth quarter of 2025, pending necessary approvals.

Michael Intrator, CEO of CoreWeave, stated that this acquisition accelerates the company's 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 future expansion, solidifying its growth trajectory. Owning this foundational layer of the platform will enhance CoreWeave's performance and expertise as it continues to help customers unleash AI’s full potential.

This event highlights the trend towards vertical integration in the computational infrastructure domain. It signals a shift in how AI and cryptocurrency mining industries interrelate. The strategic acquisition aligns with the growing demand for high-performance computing and AI capabilities. CoreWeave's move to acquire Core Scientific underscores the importance of data center infrastructure in the AI and HPC sectors, positioning the company to meet the growing power requirements of AI and HPC applications while exploring new opportunities in the crypto asset space.