CoreWeave Acquires Core Scientific in All-Stock Deal

• CoreWeave to acquire Core Scientific in all-stock transaction. • Core Scientific stockholders to receive 0.1235 CoreWeave Class A shares per share. • Acquisition to verticalize data center footprint, future-proof revenue, and enhance profitability. • CoreWeave is an AI Hyperscaler. • Core Scientific is a leading data center infrastructure provider.

CoreWeave (NASDAQ: CRWV), the AI Hyperscaler™, and Core Scientific (NASDAQ: CORZ), a leading data center infrastructure provider, have announced a definitive agreement for CoreWeave to acquire Core Scientific in an all-stock transaction. 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 based on a fixed exchange ratio [1].

The acquisition, expected to close in the fourth quarter of 2025, subject to customary closing conditions, aims to verticalize CoreWeave's data center footprint, future-proof revenue growth, and enhance profitability. CoreWeave will own 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, Chairman of the Board, and co-founder, stated, "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" [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 deal is also expected to add $500 million of estimated fully ramped, annual run rate cost savings by the end of 2027 [1].

Investors and security holders of CoreWeave and Core Scientific are urged to read the registration statement, proxy statement, and prospectus that will be filed with the U.S. Securities and Exchange Commission (SEC). These documents will contain important information about the proposed transaction and related matters [1].

For more information, investors can access the investor relations pages of CoreWeave (https://investors.coreweave.com/overview/default.aspx) and Core Scientific (https://investors.corescientific.com/sec-filings/all-sec-filings) [1].

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