CoreWeave Acquires Core Scientific for $9 Billion Boosting AI Infrastructure

CoreWeave, a leading AI infrastructure provider, has completed the acquisition of Core Scientific, a prominent Bitcoin mining and hosting operation, in an all-stock deal valued at approximately $9 billion. This strategic acquisition aims to significantly bolster CoreWeave's data center capacity, enabling it to better support artificial intelligence and high-performance computing (HPC) workloads. Under the terms of the agreement, existing Core Scientific shareholders will receive 0.1235 shares of newly issued CoreWeave Class A common stock for each share they hold. This acquisition grants CoreWeave access to approximately 1.3 gigawatts of gross power across Core Scientific’s national data center footprint, with an additional 1 gigawatt or more of potential gross power available for future expansion.

The deal represents a substantial premium for Core Scientific shareholders, who will receive a 66% increase over the closing price of $12.30 per share on June 25. Upon completion of the transaction, Core Scientific shareholders are expected to own less than 10% of the combined company. CoreWeave's acquisition of Core Scientific is not necessarily a return to the crypto mining sector, as the company plans to repurpose Core Scientific’s assets toward HPC usage or divest the crypto mining business over the medium-term horizon.

CoreWeave's pursuit of Core Scientific has been a lengthy process, with initial discussions dating back over a year. The original offer of $5.75 per share, which valued Core Scientific at just over $1 billion, was rejected as being too low. However, Core Scientific's market capitalization more than tripled over the following year, driven by sustained growth in its core business. The company's earnings more than doubled in the first quarter of 2025, reaching $580 million, although revenue was adversely impacted by the Bitcoin halving. Takeover discussions resurfaced last month, reflecting Core Scientific’s rapid growth and the potential for a more favorable deal.

Michael Intrator, CEO of CoreWeave, emphasized the strategic value of owning Core Scientific's infrastructure for enhanced operational efficiency and risk reduction. "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," Intrator said.

CoreWeave, known for renting access to high-performance Nvidia GPUs, will now control Core Scientific’s 1.3 GW of power capacity. This move positions CoreWeave as a dominant player in energy-intensive computing. The acquisition could lead to changes in industry dynamics, with CoreWeave potentially influencing the U.S. Bitcoin mining hash rate and operational economics. CoreWeave's shares experienced a slight drop, while Core Scientific saw a 13% decrease. However, the latter’s stock remains higher than mid-year levels following deal rumors.

Financially, the acquisition aligns with trends toward more institutional, multi-purpose infrastructure and less focus on pure Bitcoin mining. Experts believe such consolidation highlights the increasing intersection of AI capabilities and high-performance computing in the tech industry. The broader implications of this acquisition may include increased market consolidation and potential shifts in North American Bitcoin and AI sectors. Such integrations signal a trend towards merging technology and infrastructure for enhanced efficiency and growth.

At the time of its acquisition, Core Scientific was one of the largest corporate Bitcoin holders, with 977 BTC on its balance sheet. This acquisition not only strengthens CoreWeave's position in the data center market but also provides it with a robust infrastructure to support its AI and HPC initiatives. The deal underscores CoreWeave's commitment to expanding its capabilities and leveraging advanced technologies to drive innovation and growth.