CoreWeave has announced the acquisition of Core Scientific in a deal valued at around $9 billion, enabling the cloud computing provider to enhance its data center capabilities. The transaction, set to close in the fourth quarter of 2025 pending regulatory approvals, will see Core Scientific’s stockholders own less than 10% of the combined company post-acquisition.
The agreement values Core Scientific’s shares at $20.40 each, reflecting a 66% premium over the closing price on June 25, as reported by CoreWeave on Monday. CEO Michael Intrator of CoreWeave expressed that the acquisition will accelerate their deployment of AI and HPC workloads on a larger scale.
Cloud infrastructure providers are racing to expand their data center capacities to meet the rising demand for AI-related tasks. Core Scientific, formerly a prominent Bitcoin mining company, transitioned to AI after facing bankruptcy due to a downturn in digital assets.
Core Scientific’s collaboration with CoreWeave led to the former becoming a key data center infrastructure provider. The deal will grant CoreWeave access to approximately 1.3 GW of power from Core Scientific’s data centers, equivalent to powering around 750,000 homes.
Notably, CoreWeave had previously attempted to purchase Core Scientific for $1 billion, resulting in a series of long-term contracts for infrastructure provision. The acquisition announcement has driven Core Scientific’s stock up by 110% since the initial billion-dollar offer back in June 2024.
In a separate development, Oracle Corporation and OpenAI recently secured 4.5 gigawatts of data center capacity, highlighting the increasing demand for cloud computing resources in the AI sector.
