CoreWeave to Acquire Core Scientific for $9 Billion in All-Stock Deal

CoreWeave, a Nasdaq-listed artificial intelligence and cloud solutions provider, has announced its acquisition of Core Scientific, a top cryptocurrency mining data center, in a deal worth approximately $9 billion. The acquisition is set to be an all-stock transaction, with CoreWeave offering Core Scientific shareholders 0.1235 newly-issued CoreWeave shares for each Core Scientific stock. The deal is expected to close in the fourth quarter of 2025, pending regulatory approval and a green light from Core Scientific stockholders.

This acquisition marks the latest development in CoreWeave’s efforts to acquire Core Scientific, following an initial $1 billion attempt in June 2024 that was rebuffed. The move is aimed at leveraging Core Scientific’s infrastructure to further CoreWeave’s AI and high-performance computing solutions. Michael Intrator, chief executive officer and board chair of CoreWeave, highlighted that the acquisition will allow the company to scale its workloads more efficiently and enhance operating efficiency, de-risking future expansion and solidifying growth trajectory.

CoreWeave anticipates several strategic advantages from the acquisition, including improved operational efficiency, financing flexibility, and a reduced cost of capital. The acquisition is expected to reduce CoreWeave’s future lease expenses by over $10 billion over the next decade. Additionally, Core Scientific’s platform will contribute approximately 1.3 gigawatts of power capacity to CoreWeave’s network, further bolstering its operational expertise.

Core Scientific, which had previously filed for Chapter 11 bankruptcy in December 2022, had spurned a similar buyout proposal in mid-2024. However, the two companies later signed long-term contracts, including a 12-year deal for Core Scientific to supply 200 megawatts of infrastructure to support CoreWeave’s artificial intelligence services. The acquisition will provide CoreWeave with 1.2 gigawatts of power and 977 bitcoins, further enhancing its capabilities in the AI infrastructure sector.

Adam Sullivan, president and chief executive officer of Core Scientific, noted that CoreWeave, as a longstanding partner, has experienced firsthand the operational excellence and value of the services provided by Core Scientific. Core Scientific stockholders will account for less than 10% of the combined company ownership, according to CoreWeave.