CoreWeave to Acquire Core Scientific in $9 Billion All-Stock Deal Amid AI Infrastructure Boom
(Reuters) — In a landmark move to fuel its rapidly growing AI operations, cloud infrastructure company CoreWeave announced it will acquire Core Scientific, one of the world’s largest Bitcoin miners, in an all-stock deal valued at approximately $9 billion.
The deal, revealed Monday, reflects the growing trend of AI companies acquiring energy-intensive crypto infrastructure to meet surging demand for power and data center capacity.
“This acquisition accelerates our strategy to deploy AI and high-performance computing (HPC) workloads at scale,” said CoreWeave CEO Michael Intrator.
Under the agreement, Core Scientific shareholders will receive 0.1235 shares of newly issued CoreWeave stock for each Core Scientific share. The offer values Core Scientific at $20.40 per share, representing a 66% premium over its closing price before acquisition talks surfaced in June.
Strategic Shift from Crypto to AI
Founded as an Ethereum miner in 2017, CoreWeave pivoted to AI and HPC after Ethereum’s 2022 “Merge” rendered traditional mining unprofitable. The company has since become a major player in AI infrastructure, with revenues growing more than 8x year-over-year.
The deal gives CoreWeave access to Core Scientific’s 1.3 GW of contracted power, positioning it to meet growing AI workload demands from clients and developers. According to Bernstein analyst Gautam Chhugani, power availability is now "the biggest constraint for AI data centers," making this acquisition a benchmark for future AI-infrastructure deals.
A Turnaround Story for Core Scientific
Core Scientific filed for bankruptcy in 2022 amid falling Bitcoin prices and surging energy costs. It emerged from Chapter 11 in early 2024 and began pivoting toward AI by signing 12-year infrastructure deals with CoreWeave, including a contract to supply 200 MW of capacity.
This acquisition marks a dramatic comeback and a full-circle integration into one of the fastest-growing sectors in tech.
AI Arms Race: Nvidia, Dell, and CoreWeave Lead the Way
The deal underscores CoreWeave’s growing alliance with Nvidia, which owns a stake in the company. Just last week, CoreWeave became the first cloud provider to commercially deploy Nvidia’s Blackwell Ultra AI chips, ahead of Amazon, Google, and Microsoft.
The AI systems, built by Dell and powered by 72 Blackwell Ultra GPUs and 36 Grace CPUs, give CoreWeave a significant performance advantage. As the AI chip war heats up, control over compute and power infrastructure is emerging as a critical differentiator.
The acquisition is expected to close in Q4 2025, pending shareholder and regulatory approval.
Advisers and Financials
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CoreWeave is advised by Goldman Sachs
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Core Scientific is advised by Moelis and PJT Partners
CoreWeave’s market cap currently stands at around $79 billion, according to LSEG, and its stock has quadrupled since going public earlier this year.
