CoreWeave Acquires Core Scientific in $9 Billion Crazy Stock Deal

CoreWeave acquires Core Scientific in a $9 billion all-stock acquisition. Core Scientific, a former crypto mining firm turned data center operator, marking one of the largest deals yet in the AI infrastructure space. CoreWeave acquires Core Scientific to get access to 1.3 gigawatts of power capacity — enough to supply more than 850,000 homes — significantly boosting its ability to support high-performance computing (HPC) and generative AI workloads.

CoreWeave Acquires Core Scientific: Key Deal Details

The deal values Core Scientific shares at $20.40, reflecting a 66% premium over the stock’s closing price before reports of merger talks surfaced in late June. Under the agreement, Core Scientific shareholders will receive 0.1235 shares of newly issued CoreWeave stock for each share they hold. Despite the premium, Core Scientific shares fell 22% in early trading following the announcement, while CoreWeave shares dropped 4.5%.

CoreWeave CEO Michael Intrator called the move a strategic milestone: “This acquisition accelerates our strategy to deploy AI and HPC workloads at scale.” He emphasized that owning Core Scientific’s infrastructure outright — rather than leasing it — will allow CoreWeave to eliminate over $10 billion in projected future lease obligations across existing contracts over the next 12 years.

Founded in 2017 as an Ethereum mining company, CoreWeave pivoted away from crypto following Ethereum’s 2022 network upgrade (“The Merge”), which drastically reduced mining rewards. Since then, it has rebranded itself as a major AI infrastructure provider, offering cloud-based access to Nvidia-powered GPUs for machine learning and generative AI. According to its IPO prospectus, the company’s revenue surged more than eight-fold last year. CoreWeave is now valued at around $79 billion, according to LSEG data.

CoreWeave acquires Core Scientific to change the fortune of Core Scientific, which filed for bankruptcy in late 2022 amid plunging Bitcoin prices and rising energy costs. The company emerged from bankruptcy earlier this year and began shifting focus from crypto mining to AI infrastructure. In June 2024, CoreWeave initially submitted an unsolicited offer, which was rejected as undervalued. However, the companies eventually agreed on a series of long-term contracts, including one granting CoreWeave access to 200 MW of Core Scientific’s capacity.

Industry analysts view the acquisition as a landmark moment in the broader trend of crypto miners repositioning themselves to capitalize on AI demand. “This sets the bar for other Bitcoin miners looking to pivot to AI,” said Bernstein analyst Gautam Chhugani, noting that access to power remains the most significant bottleneck for AI infrastructure growth. Chhugani added that the acquisition gives CoreWeave full control over Core Scientific’s current and future 1.3 GW power capacity pipeline.

CoreWeave acquires Core Scientific to broaden its AI infrastructure investment. Just last week, Bloomberg reported that OpenAI expanded its deal with Oracle to lease an additional 4.5 gigawatts of data center capacity, underscoring the breakneck pace of infrastructure scaling in the AI sector.

Even though, CoreWeave acquires Core Scientific but the deal will expected to close at the end of fourth quarter of 2025 due to regulatory approval. Goldman Sachs is advising CoreWeave, while Moelis and PJT Partners are serving as financial advisers to Core Scientific.