07.07.2025 21:48
CoreWeave, a leading AI infrastructure provider, has announced a groundbreaking acquisition of Core Scientific, a prominent data center operator and Bitcoin miner. This all-stock transaction, valued at approximately $9 billion, represents a significant leap for CoreWeave and is expected to finalize by the end of 2023.
The acquisition grants CoreWeave access to Core Scientific's extensive network of data centers, providing a substantial 1.3 gigawatts of gross power capacity across the nation. Furthermore, this capacity has the potential for a further 1 GW expansion, bolstering CoreWeave's ability to meet the increasing demands of the rapidly growing AI industry.
Michael Intrator, CEO of CoreWeave, highlighted the strategic advantages of the deal. He emphasized that this acquisition significantly enhances operational efficiency, mitigates future expansion risks, and solidifies CoreWeave's ambitious growth plans. The acquisition, Intrator added, will also strengthen CoreWeave's technological capabilities and expertise, ultimately allowing them to better serve their clients in unlocking AI's full transformative potential.
Adam Sullivan, President and CEO of Core Scientific, echoed this sentiment, stating the deal will expedite the deployment of cutting-edge infrastructure for AI-focused companies. This, he noted, will simultaneously maximize shareholder value. According to the announcement, Core Scientific shareholders will receive 0.1235 shares of newly issued CoreWeave stock for each share they currently own.
This acquisition promises significant long-term cost savings. CoreWeave anticipates eliminating over $10 billion in future lease expenses over the next twelve years. The two companies share a history of collaboration, with rumors of a potential merger circulating as early as late June, initially reported by the Wall Street Journal. Following the announcement, however, CoreWeave’s stock experienced a slight downturn, closing at $159.74, a 3.3% decrease for the day, while Core Scientific shares plummeted by 17%, trading just under $15 per share. The integration of Bitcoin mining operations into CoreWeave’s broader strategy remains to be seen.
