CoreWeave has agreed to acquire Texas-based Bitcoin miner Core Scientific in an all-stock deal worth approximately $9 billion. The transaction, announced on Monday, is aimed at expanding CoreWeave’s AI infrastructure capabilities and securing access to over 1.2 gigawatts of data center power across the United States.
Core Scientific shareholders will receive 0.1235 of CoreWeave’s Class A shares for each of their shares. The deal values Core Scientific at $20.40 per share, representing a 66% premium over its closing price in late June.
$9B Deal Between CoreWeave and Core Scientific
The boards of both companies have approved the transaction. The deal is expected to close in the fourth quarter of 2025, subject to regulatory approval and a shareholder vote from Core Scientific investors.
The agreement also terminates a previously signed 12-year, $10 billion hosting deal between the companies. Under that arrangement, CoreWeave had leased capacity at several of Core Scientific’s data center sites.
By purchasing Core Scientific, in total, CoreWeave will have access to more than 1.2 gigawatts of power infrastructure. These are facilities constructed to carry out Bitcoin mining, and they will be used in conducting computing-related AI tasks. Michael Intrator, the CEO of CoreWeave, added that the move would be efficient and mitigate the risks of operating business.
Background and Previous Bid History
Core Scientific had already declared bankruptcy in Chapter 11 in December 2022 following declining Bitcoin prices and increased energy costs. However, the company reorganized and resumed business in early 2024 listed on Nasdaq under the symbol CORZ.
Last year in June, Core Scientific rejected a $1 billion acquisition proposal from CoreWeave. Despite the rejection, both firms continued their partnership through the infrastructure hosting agreement signed later in 2024.
With the new acquisition, CoreWeave ends that agreement and instead takes full ownership of the sites. This change allows CoreWeave to avoid future lease payments while securing control over essential infrastructure.
Core Scientific Market Reaction and Shareholder Distribution
Following the announcement, Core Scientific’s stock dropped nearly 16% in early trading Monday.
At the same time, CoreWeave shares also fell by about 4.6% during the morning session, dropping from around $165 in pre-market to $155.61. The drop reflected investor concerns over the cost and execution of the merger.
When the deal is closed, shareholders of Core Scientific will have less than 10% of the merged entity. CoreWeave will walk away with more than 90%, thus it has a free hand in determining the course and functioning of the new business.
Expansion of CoreWeave’s AI Infrastructure
CoreWeave, which rents high-performance computing clusters powered by Nvidia GPUs, has grown rapidly in recent years. The company serves large clients like Microsoft and OpenAI and has focused on expanding access to low-cost power sources.
In purchasing Core Scientific, CoreWeave enhances its operations within the AI infrastructure. It also acquires physical locations and long-term power agreements, which allows it to ramp up without using leases through third parties.
The merger will have an extensive presence of data center facilities in many states of the United States. Core Scientific also possesses roughly 977 Bitcoin, with a value of more than $100 million, which will be transferred to the balance sheet of CoreWeave.
Kelvin Munene Murithi
Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary .
With a Bachelor’s degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets.
His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content.
Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape.
Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.
