CoreWeave Resumes Acquisition Talks With Core Scientific After 350% Stock Surge

CoreWeave, a prominent AI infrastructure provider, has reportedly resumed acquisition talks with Core Scientific, a leading bitcoin mining and hosting company. This development follows a previous takeover bid made by CoreWeave last year, which was rejected by Core Scientific. The renewed discussions come as CoreWeave's valuation has surged, with its stock climbing nearly 350% since its public listing in March 2025. This increase reflects strong investor interest in AI-related infrastructure plays.

Core Scientific, with its extensive digital infrastructure for bitcoin mining and high-performance computing in North America, is seen as a strategic asset for CoreWeave. The company's current market valuation of approximately $3.7 billion suggests that any offer would likely carry a substantial premium. The potential deal, if finalized, would represent CoreWeave’s second acquisition attempt in two years and its first major move since going public.

CoreWeave had previously offered $5.75 per share last year, valuing Core Scientific at just over $1 billion. This bid was rejected by Core Scientific as being too low. Since then, Core Scientific's shares have more than doubled, now trading well above the prior offer. Despite the rejection, the two companies have maintained a close operational relationship. In June 2024, Core Scientific signed a series of 12-year contracts to supply hundreds of megawatts in hosting capacity to CoreWeave, expected to generate billions of dollars in revenue for the company.

The potential acquisition comes at a time when Core Scientific's growth has been significant. The company's first-quarter earnings more than doubled, with net income reaching $580 million. However, revenue fell short of analyst expectations, coming in at $79.5 million. Most of that revenue ($67.2 million) was from self-mining. Core Scientific attributed its revenue and mining drops to the quadrennial halving in April 2024, which reduced the Bitcoin network’s mining rewards to 3.125 Bitcoin (BTC) from 6.25 BTC. Core Scientific is listed as the 30th largest corporate Bitcoin holder, with 977 BTC on its books.

The renewed acquisition talks highlight the strategic importance of Core Scientific's assets in the rapidly evolving AI and digital infrastructure landscape. The potential deal underscores the growing trend of consolidation within the AI and digital infrastructure sectors, as companies seek to scale their technical capacity and enhance their market positions. The development also reflects the increasing interest in AI-related infrastructure plays, as investors look to capitalize on the growing demand for high-performance computing and digital services.