- CoreWeave has agreed to acquire Core Scientific for $9 billion
- The deal adds roughly 1.3 GW of power capacity to support AI and high-performance computing (HPC)
- Under the terms, CORZ holders will receive 0.1235 CoreWeave shares for each CORZ share
CoreWeave has reached an agreement to acquire all outstanding shares of Core Scientific, the prominent Bitcoin-mining company, in a $9 billion transaction that underscores CoreWeave’s push to expand its footprint in AI and high-performance computing infrastructure.
The transaction, announced Monday, ranks among the largest infrastructure deals in the AI space this year and follows more than a year of pursuit, during which earlier bids were rejected as too low.
The fast-growing cloud provider, known for specializing in AI workloads, is leveraging the acquisition to massively boost its power capacity and lower long-term operating costs.
This deal locks in a $9 billion valuation with a significant premium
CoreWeave’s effort to acquire Core Scientific began with a $1 billion bid in early 2024 that was firmly rejected as undervalued.
Since then, Core Scientific’s market capitalization more than tripled as strong operational performance and investor interest in crypto infrastructure lifted the company’s valuation.
With the new $9 billion agreement, CoreWeave not only gains a foothold in crypto hosting infrastructure but also secures critical assets to drive its broader AI ambitions.
Under the deal, Core Scientific shareholders will receive newly issued CoreWeave Class A common shares at a rate of 0.1235 CoreWeave shares for each CORZ share they hold.
That exchange values Core Scientific at approximately $20.40 per share, a 66% premium to the $12.30 closing price on June 25.
The merger is expected to close in the fourth quarter of 2025, subject to shareholder and regulatory approvals, and would leave Core Scientific shareholders owning under 10% of the combined company.
The stock-based structure of the transaction signals CoreWeave’s long-term confidence in the value of the combined company’s equity and its growth strategy going forward.
In the months ahead, market attention will focus on how CoreWeave integrates and repurposes these newly acquired assets.
Power capacity sits at the center
A core strategic element of the acquisition is the scale of the infrastructure CoreWeave will inherit.
The company will obtain roughly 1.3 gigawatts of total power capacity across Core Scientific’s U.S. data center footprint.
CoreWeave also identified more than 1 GW of expandability potential, giving it unprecedented leverage to scale AI and HPC operations.
This development is particularly important as global demand for AI compute power continues to accelerate and data center capacity becomes a key bottleneck.
CoreWeave plans to repurpose most of this infrastructure for AI and HPC workloads, while retaining the option to divest select crypto-mining assets over the medium term.
Cost savings and vertical integration strengthen CoreWeave
Beyond infrastructure, CoreWeave expects the merger to deliver more than $500 million in annual operating cost savings by the end of 2027.
Those savings will stem in part from eliminating future lease obligations exceeding $10 billion over the next 12 years.
Owning data center assets directly should improve operational efficiency, reduce lease-related risk, and free up capital for strategic growth investments.
The vertical integration will also better position CoreWeave to host next-generation AI hardware at scale, including systems like Nvidia’s GB300 NVL72.
Market reaction
Although the acquisition is seen as transformative for CoreWeave, market responses were mixed.
Shares of Core Scientific fell more than 15% following the announcement, suggesting some investors believe the premium offered does not fully account for the company’s recent growth.
Core Scientific’s revenue more than doubled to $580 million in the first quarter of 2025, despite a revenue impact tied to a recent Bitcoin halving.
The company is also a major corporate holder of Bitcoin, ranking 33rd with 977 BTC on its balance sheet.
CoreWeave has clarified that the acquisition is not a move to return to crypto mining, but rather a strategic effort to reallocate infrastructure toward AI and HPC.