Cryptocurrency miner CoreWeave is reportedly in acquisition talks with Core Scientific, following an increase to a previously rejected bid. The Wall Street Journal reported that a potential deal could be finalized “in the coming weeks,” though specific financial terms remain undisclosed.
Shares of Core Scientific surged over 23% and were temporarily halted in trading after the report. Core Scientific’s market capitalization stands at approximately $3.6 billion.
Background: Previous Offer and Rejection
CoreWeave initially offered $5.75 per share last year, valuing Core Scientific at around $1 billion. The company declined the offer, citing satisfaction with an existing $1.225 billion infrastructure support agreement with CoreWeave for Nvidia GPUs.
Core Scientific’s Performance
Despite the rejection, Core Scientific has seen significant growth. The company’s net income for Q1 2025 more than doubled, reaching $580 million, though revenue missed analyst expectations considerably. Self-mining accounted for $67.2 million of the $79.5 million in revenue during Q1, attributed partly to the Bitcoin halving event.
Industry reports indicate Core Scientific holds 977 BTC, positioning it as the 30th largest corporate Bitcoin holder.
In the meantime, CoreWeave’s stock climbed nearly 300%, pushing its market capitalization to $78.4 billion. The ongoing acquisition discussions mark another milestone in CoreWeave’s transformation from a crypto-mining business to a prominent AI infrastructure provider.
