- CoreWeave has completed its acquisition of Core Scientific for $9 billion.
- The deal adds 1.3 GW of capacity to support AI and high-performance computing (HPC) expansion.
- Under the agreement, CORZ shareholders will receive 0.1235 CoreWeave shares for each CORZ share they hold.
CoreWeave has finalized a landmark $9 billion acquisition of Bitcoin-mining firm Core Scientific, underscoring its ambitions to become a leading provider of infrastructure for artificial intelligence and high-performance computing.
The transaction, announced on Monday, represents one of the largest infrastructure deals in the AI sector this year and follows more than a year of negotiations, including earlier lower offers that were rejected as insufficient.
CoreWeave, a fast-growing cloud provider specializing in AI workloads, is using the acquisition to substantially increase its power capacity and reduce long-term operating costs.
Deal values Core Scientific at $9 billion, reflecting a significant premium
CoreWeave’s path to this agreement began with a roughly $1 billion proposal in early 2024 that was dismissed as undervaluing Core Scientific.
Since then, Core Scientific’s market capitalization has more than tripled, driven by strong operational performance and renewed investor interest in crypto infrastructure.
The $9 billion deal not only secures CoreWeave a foothold in crypto-hosting infrastructure but also brings critical assets to fuel the company’s broader AI ambitions.
Under the terms of the transaction, Core Scientific shareholders will receive 0.1235 newly issued CoreWeave Class A common shares for each CORZ share they own.
That exchange implies a valuation of approximately $20.40 per Core Scientific share, representing a 66% premium to the closing price of $12.30 on June 25.
The merger, expected to close in the fourth quarter of 2025 pending shareholder and regulatory approvals, will result in Core Scientific shareholders owning less than 10% of the combined company.
The stock-based structure of the deal signals CoreWeave’s long-term confidence in its capital value and growth strategy.
In the months ahead, investors and industry watchers will focus on how CoreWeave integrates these assets, reconfigures them for HPC and AI workloads, and addresses any potential shareholder or legal challenges.
Power capacity is central to the strategy
One of the most strategic elements of the acquisition is the scale of infrastructure CoreWeave gains.
The company will acquire roughly 1.3 gigawatts of gross power capacity across Core Scientific’s U.S. data center footprint.
In addition, Core Scientific identified more than 1 gigawatt of potential expansion capacity, giving CoreWeave significant leverage to scale AI and HPC operations.
This asset base is particularly important as global demand for AI compute continues to grow and data center capacity becomes a primary constraint.
CoreWeave plans to repurpose much of this infrastructure for AI and HPC workloads while keeping open the option to divest certain crypto-mining assets in the medium term.
Cost savings and vertical integration strengthen CoreWeave
Beyond the infrastructure itself, CoreWeave expects the merger to unlock more than $500 million in annual cost savings by the end of 2027.
Those savings are largely expected to come from eliminating more than $10 billion of projected future lease obligations over the next 12 years.
Owning its data center assets directly will allow CoreWeave to optimize operations, avoid leasing risks, and reallocate capital toward strategic growth investments.
Vertical integration will also enhance the company’s ability to deploy large-scale next-generation AI hardware, including systems such as Nvidia GB300 NVL72.
Market reaction
Although the acquisition is widely viewed as transformational for CoreWeave, the immediate market response was mixed.
Core Scientific’s shares fell more than 15% following the announcement, suggesting some investors felt the proposed exchange did not fully reflect the company’s recent gains.
Core Scientific’s gross profit more than doubled to $580 million in Q1 2025, although revenue was impacted by the effects of the recent Bitcoin halving.
At the time of the deal, Core Scientific held 977 BTC on its balance sheet, ranking it as the 33rd-largest corporate Bitcoin holder.
CoreWeave has emphasized the acquisition is focused on repurposing infrastructure for AI and HPC rather than returning to large-scale cryptocurrency mining.