CoreWeave Acquires Core Scientific for $9 Billion, Bolstering AI & HPC Capacity
Leading AI infrastructure provider CoreWeave (CRWV) has finalized its acquisition of Core Scientific (CORZ), a major transaction valued at approximately $9 billion in an all-stock deal aimed at significantly expanding its data center capacity for artificial intelligence and high-performance computing (HPC) workloads.
According to CoreWeave’s announcement on Monday, existing Core Scientific shareholders will receive 0.1235 shares of newly issued CoreWeave Class A common stock for each CORZ share they hold. This valuation represents a substantial premium, estimated at around 66% over the closing price of $12.30 per CORZ share seen on June 25.
The deal grants CoreWeave access to Core Scientific’s extensive national data center footprint, providing approximately 1.3 GW of gross power capacity. Further potential gross power expansion of “1 GW+” is anticipated.
Core Scientific operates as one of North America’s largest Bitcoin mining and hosting companies. While CoreWeave’s roots are in crypto mining, the deal does not necessarily signify a return to that primary offering. CoreWeave stated potential options include “repurposing [assets] toward HPC usage or divest crypto mining business over the medium-term horizon.”
Post-acquisition, Core Scientific shareholders are projected to hold less than 10% of the combined company.
Bid Reflects Earlier Interest and Core Scientific’s Growth
Acquisition discussions between the companies, initiated by CoreWeave, have been ongoing for over a year. CoreWeave initially made an offer in 2024, valued at approximately $1 billion, which was declined as too low. Core Scientific’s market capitalization subsequently increased dramatically over the following 12 months due to strong operational performance.
This growth continued into 2025, with Core Scientific reporting a significant increase in earnings. First-quarter 2025 earnings surpassed $580 million, nearly doubling from 2024 levels, although the company noted revenue faced challenges following the Bitcoin halving event.
Takeover discussions reportedly resurfaced last month after Core Scientific reached new levels of corporate Bitcoin ownership. At the time of the acquisition announcement, Core Scientific ranked 33rd among corporate holders with 977 BTC on its books according to cryptocurrency data providers.
Related: Bitcoin mining sector shows strong performance in latest market rally
Further Reading: Creating “good” AGI that won’t kill us all — Crypto’s Artificial Superintelligence Alliance