TLDR: AI hyperscaler CoreWeave has announced a definitive agreement to acquire data center infrastructure provider Core Scientific in an all-stock transaction valued at approximately $9.0 billion. The strategic move, set to close in Q4 2025, aims to verticalize CoreWeave’s data center footprint, secure critical power capacity of 1.3 GW with potential for 1 GW+ expansion, and enhance operational efficiency to accelerate AI and HPC workload deployment.
LIVINGSTON, N.J. & AUSTIN, Texas – CoreWeave, a leading AI hyperscaler, and Core Scientific, a prominent data center infrastructure provider, announced on July 7, 2025, that they have entered into a definitive agreement for CoreWeave to acquire Core Scientific in an all-stock transaction. This significant deal, valued at approximately $9.0 billion based on CoreWeave’s stock price as of July 3, 2025, marks a pivotal step for CoreWeave in solidifying its position in the rapidly expanding artificial intelligence and high-performance computing (HPC) sectors.
The acquisition follows CoreWeave’s successful initial public offering (IPO) in March 2025 and is designed to verticalize its data center ownership, thereby future-proofing revenue growth and enhancing profitability. CoreWeave will gain ownership of approximately 1.3 gigawatts (GW) of gross power across Core Scientific’s national data center footprint, with an additional 1 GW+ of potential gross power available for future expansion. This move is particularly strategic as power capacity has emerged as a critical bottleneck in the AI infrastructure race.
Michael Intrator, CoreWeave’s Chief Executive Officer, Chairman of the Board, and co-founder, emphasized the strategic importance of the acquisition, stating, “This acquisition accelerates our strategy to deploy AI and HPC workloads at scale. 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.”
Under the terms of the merger agreement, Core Scientific stockholders will receive 0.1235 newly issued shares of CoreWeave Class A common stock for each share of Core Scientific common stock held, based on a fixed exchange ratio. This represents a substantial premium of approximately 66% to Core Scientific’s unaffected closing share price of $12.30 on June 25, 2025. Upon the transaction’s close, expected in the fourth quarter of 2025, Core Scientific’s stockholders are anticipated to own less than 10% of the combined company. The deal is subject to customary closing conditions, including regulatory approval and approval by Core Scientific stockholders.
Core Scientific, which previously focused on Bitcoin mining, has been strategically pivoting its operations to support AI training and inference workloads. Its data centers are equipped with advanced features such as direct liquid cooling, essential for managing the heat generated by large graphics card clusters, and boast an impressive 99.999% uptime. This transition from cryptocurrency mining to AI infrastructure reflects a broader industry trend where high-density power distribution and GPU clusters are being repurposed for new technological demands.
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This acquisition is also indicative of an accelerating trend of consolidation within the data center infrastructure market, with increasingly larger transactions. CoreWeave had reportedly attempted to acquire Core Scientific last year for a significantly lower valuation, highlighting the rapid increase in value for AI-related infrastructure assets. The deal is expected to generate significant cost savings for CoreWeave by streamlining business operations and eliminating lease overhead, while also providing greater financing flexibility for future capital expenditures.
