07.07.2025 18:24
CoreWeave, a rapidly expanding cloud computing provider specializing in artificial intelligence workloads, has successfully completed a monumental $9 billion all-stock acquisition of Core Scientific, a prominent Bitcoin mining firm. This acquisition significantly bolsters CoreWeave's position in the rapidly growing AI and high-performance computing (HPC) markets.
The deal, finalized after a protracted negotiation period that included earlier rejected bids, provides CoreWeave with an additional 1.3 gigawatts of power capacity. This substantial increase in capacity is strategically crucial for supporting CoreWeave's ambitious expansion plans within the AI and HPC sectors. The acquisition represents one of the most significant mergers in the AI infrastructure landscape this year.
Initially, CoreWeave's pursuit began with a $1 billion offer early in 2024, which Core Scientific deemed insufficient. However, Core Scientific's market capitalization subsequently surged, exceeding three times its original value due to robust operational performance and a revived investor enthusiasm for cryptocurrency-related infrastructure. This dramatic increase in valuation ultimately paved the way for the current $9 billion agreement.
Core Scientific shareholders will receive 0.1235 shares of CoreWeave's newly issued Class A common stock for each share of CORZ they currently hold. This exchange represents a substantial 66% premium over Core Scientific's closing share price of $12.30 on June 25th, valuing each CORZ share at approximately $20.40. The merger, subject to regulatory and shareholder approvals, is anticipated to finalize during the fourth quarter of 2025. Following the merger, Core Scientific shareholders will hold less than 10% of the combined entity.
This all-stock transaction underscores CoreWeave's unwavering confidence in its long-term equity value and its strategic vision for dominating the AI infrastructure landscape. The acquisition not only grants CoreWeave a strong foothold in the crypto-hosting infrastructure market, but also provides essential assets to propel its broader AI ambitions. This strategic move solidifies CoreWeave's position as a major player in the future of cloud computing. The deal was sourced from internet resources.
