Acquisition Overview: All-Stock Deal Worth $9 Billion
CoreWeave (NASDAQ: CRWV), a major AI infrastructure company, announced today it will acquire Core Scientific (NASDAQ: CORZ), one of the largest Bitcoin mining and data center firms, in an all-stock deal valued at $9 billion. Under the terms, Core Scientific stockholders will receive 0.1235 newly issued shares of CoreWeave Class A common stock for each share of Core Scientific common stock. CoreWeave will take control of 1.3 gigawatts of Core Scientific's data center capacity, much of it currently used for Bitcoin mining. However, the company signaled plans to redirect those resources toward AI and high-performance computing (HPC), marking a major strategic shift away from Bitcoin operations.
Financial Impact and Synergies
The acquisition will eliminate over $10 billion in lease overhead for CoreWeave and is expected to generate $500 million in annual cost savings by 2027. Upon closing in late 2025, Core Scientific shareholders will hold less than 10% of the combined company. CoreWeave's CEO, Chairman, and co-founder Michael Intrator stated: “Verticalizing the ownership of Core Scientific's high-performance data center infrastructure enables CoreWeave to significantly enhance operating efficiency and de-risk our future expansion, solidifying our growth trajectory. Owning this foundational layer of our platform will enhance our performance and expertise as we continue helping customers unleash AI's full potential.”
Core Scientific's Transformation Journey
Core Scientific, a major player in Bitcoin mining, began shifting its focus to AI after emerging from bankruptcy and relisting on Nasdaq in 2024. This acquisition confirms that direction, signaling a future centered more on AI infrastructure than Bitcoin. Core Scientific's President and CEO Adam Sullivan commented: “As our longstanding partner, CoreWeave has experienced firsthand the operational excellence we deliver and the value of the services we provide. Together with CoreWeave, we will be well-positioned to accelerate the availability of world-class infrastructure for companies innovating with AI while delivering the greatest value for our shareholders, who will be able to participate in the tremendous upside potential of the combined company.”