CoreWeave acquires Core Scientific in $9B all-stock deal

CoreWeave finalizes its $9 billion acquisition of Core Scientific, gaining access to 1.3 GW of power. The AI firm aims to repurpose the miner’s infrastructure for HPC and AI workloads.

Strategic move to expand AI and HPC infrastructure

CoreWeave has officially acquired Core Scientific for $9 billion in an all-stock transaction. Under the agreement, CORZ shareholders will receive 0.1235 shares of CoreWeave Class A common stock per CORZ share held.

Post-merger, CoreWeave will control 1.3 gigawatts of gross power across Core Scientific’s U.S. data center portfolio, with potential for 1 GW in additional expansion.

Following the acquisition, Core Scientific shareholders will own under 10% of the combined company, CoreWeave confirmed on Monday.

AI focus signals potential crypto pivot

Although Core Scientific is a major player in Bitcoin mining, CoreWeave’s acquisition is aimed at scaling AI and high-performance computing. The firm is considering repurposing mining assets or divesting them in the medium term.

The acquisition follows a rejected bid in 2024, when CoreWeave offered $5.75 per share — a valuation of just over $1 billion.

Core Scientific’s valuation surged over the year, driven by strong earnings and market growth. In Q1 2025, the company posted $580 million in revenue, despite the impact of the Bitcoin halving.

At the time of the deal, Core Scientific held 977 BTC, ranking it as the 33rd largest public holder of bitcoin.