07.07.2025 14:12
CoreWeave, a prominent cloud computing company, has announced its acquisition of Core Scientific, a major player in the cryptocurrency mining sector, in an all-stock transaction valued at approximately $9 billion. This significant deal marks a surprising turn of events, following a previous rejected bid from CoreWeave last year and a period of contentious negotiations between the two companies.
The acquisition will see Core Scientific shareholders receive 0.1235 shares of CoreWeave Class A common stock for each of their shares. CoreWeave aims to leverage this acquisition to vertically integrate its data center infrastructure, a strategic move anticipated to bolster future revenue streams and enhance overall profitability. This vertical integration positions CoreWeave for significant growth within the rapidly expanding artificial intelligence (AI) and high-performance computing (HPC) markets.
According to a statement released by Adam Sullivan, Core Scientific's executive, this merger will create a combined entity ideally positioned to accelerate the deployment of cutting-edge infrastructure crucial for AI innovation. He emphasized the significant upside potential for shareholders, allowing them to directly benefit from the combined company's growth trajectory. The deal, initially reported by the Wall Street Journal following renewed talks in June, is projected to finalize in the fourth quarter of 2025.
Michael Intrator, CoreWeave's CEO, highlighted the strategic importance of this acquisition, stating that it will significantly accelerate their existing strategy for deploying AI and HPC workloads on a large scale. He stressed that owning the foundational infrastructure will bolster CoreWeave's capabilities and expertise, further empowering their commitment to unlocking AI's full potential for their clients. This acquisition follows earlier cloud hosting partnerships established between the two firms last year, which ultimately fueled CoreWeave's interest in acquiring Core Scientific. The initial proposal was rejected by Core Scientific last year, deemed insufficient, but subsequent negotiations resulted in this substantial agreement.
