CoreWeave (a company known for providing cloud infrastructure for AI) has announced it will acquire bitcoin mining company Core Scientific in an all-stock deal valued at around $9 billion. The deal is expected to close by the end of 2025, pending approval from shareholders and regulators. According to the agreement, Core Scientific shareholders will receive 0.1235 shares of CoreWeave Class A stock for each Core Scientific share they own. This values Core Scientific at about $20.40 per share. Once completed, Core Scientific shareholders will hold less than 10% of the combined company.
With this deal, CoreWeave will take over around 1.2 to 1.3 gigawatts of data center capacity from Core Scientific. These facilities were originally built for bitcoin mining, but the Nvidia-backed firm plans to convert them to support AI and high-performance computing workloads, which are in growing demand due to the rise of generative AI technologies.
The Livingston-headquartered CoreWeave was originally founded in 2017 as a crypto mining firm focused on Ethereum. In the years that followed, it shifted its business model toward powering artificial intelligence (AI) applications through high-performance computing infrastructure. At present, it leases data center space and electricity from Core Scientific to support its AI workloads. However, with this latest move, the company aims to bring those operations in-house, cutting more than $10 billion in future lease expenses over the next 12 years. It also expects to save around $500 million annually by 2027 through greater operational control and efficiency.
“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,” Michael Intrator (CEO, CoreWeave) said in his statement.
Meanwhile, on Core Scientific’s part, its journey has included major challenges over the past few years. Once one of the largest bitcoin mining companies in North America, it filed for bankruptcy in late 2022 after facing high energy prices and falling bitcoin values. The company restructured and emerged from bankruptcy in early 2024, regaining some stability in its operations. Despite its recovery, some investors and analysts believe the $9 billion valuation is too low, especially considering the scale and long-term value of its data center assets. Also, after the announcement of the latest deal, Core Scientific’s stock fell by about 15-20%.
Notably, the development comes at a time when, in March 2025, CoreWeave made its debut on the Nasdaq stock exchange. The company priced its IPO at $40 per share, offering 37.5 million shares and raising around $1.5 billion. This gave the firm an initial valuation of about $23 billion. The company has not yet achieved profitability. It reported a net loss of $863.4 million in 2024. However, the firm recently secured some major partnerships, including an $11.9 billion deal with OpenAI.
