- CoreWeave has completed a $9 billion acquisition of Core Scientific.
- The deal adds 1.3 GW of power 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 closed a landmark $9 billion acquisition of Bitcoin mining firm Core Scientific, a move that highlights the company’s push to become a leading provider of infrastructure for artificial intelligence and high-performance computing.
Announced on Monday, the transaction is among the largest deals in the AI infrastructure space this year and follows more than a year of pursuit, including earlier bids that were rejected as too low.
CoreWeave, a fast-growing cloud provider focused on AI workloads, intends to use the acquisition to substantially expand its power capacity and reduce long-term operating costs.
Deal secures $9 billion valuation with a sizable premium
CoreWeave’s effort to acquire Core Scientific began with an initial $1 billion proposal in early 2024 that Core Scientific rejected as undervaluing the company.
Since then, Core Scientific’s market value has more than tripled, driven by improved operational performance and renewed investor interest in crypto infrastructure.
With the finalized $9 billion agreement, CoreWeave gains not only a foothold in crypto infrastructure but also critical physical assets to advance its broader AI strategy.
Under the terms, Core Scientific shareholders will receive 0.1235 newly issued CoreWeave Class A common shares for each share of CORZ they hold.
That exchange ratio values Core Scientific at about $20.40 per share, representing roughly a 66% premium to the $12.30 closing price on June 25.
The merger, which is expected to close in the fourth quarter of 2025 pending shareholder and regulatory approvals, will leave 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 equity and growth prospects.
In the months ahead, attention will focus on how quickly CoreWeave can integrate the acquired assets, repurpose them for high-performance workloads, and manage any potential legal challenges from shareholders.
Power capacity is central to the strategy
One of the most strategic elements of the acquisition is the scale of the infrastructure CoreWeave is acquiring.
CoreWeave will take ownership of approximately 1.3 gigawatts of gross power capacity across Core Scientific’s U.S. data centers.
Additionally, the company has identified more than 1 gigawatt of potential expansion capacity, giving it significant leverage to scale AI and HPC operations.
This growth in available capacity is critical as global demand for AI compute continues to surge and data-center power becomes an increasingly scarce resource.
CoreWeave plans to redeploy a substantial portion of the infrastructure for AI and HPC workloads, while retaining the option to divest certain crypto-mining assets over the medium term.
Cost savings and vertical integration strengthen CoreWeave
Beyond the physical infrastructure, CoreWeave expects the merger to unlock over $500 million in annual cost savings by late 2027.
Those savings will primarily come from eliminating more than $10 billion in expected future lease commitments over the next 12 years.
By owning data-center assets outright, CoreWeave can streamline operations, reduce lease-related risks, and reallocate capital toward strategic growth investments.
Vertical integration will also enhance the company’s ability to host large-scale deployments of next-generation AI hardware, including systems like NVIDIA’s GB300 NVL72-class platforms.
Market reaction
While the acquisition is widely seen as a transformative step for CoreWeave, the immediate market response was mixed.
Core Scientific shares dropped more than 15% after the announcement, indicating some investors felt the offered premium did not fully reflect the company’s recent momentum.
Core Scientific reported revenue more than doubling to $580 million in the first quarter of 2025, though results were tempered by the impact of the latest Bitcoin halving.
At the time of the deal, Core Scientific held 977 BTC on its balance sheet, ranking it among the larger corporate holders of Bitcoin.
CoreWeave has emphasized that the acquisition is about reallocating and repurposing infrastructure for AI and HPC, not a return to large-scale cryptocurrency mining.