Cloud computing firm CoreWeave has agreed to acquire rival Core Scientific in an all-stock transaction valued at approximately $9 billion, as artificial intelligence infrastructure companies race to secure the energy and data centre capacity needed to power surging demand.

The acquisition will give CoreWeave ownership of approximately 1.3 gigawatts of gross power across Core Scientific's national data centre footprint, with an additional 1 gigawatt of potential power available for expansion. CoreWeave expects the deal to eliminate more than $10 billion of cumulative future lease overhead for existing contractual sites over the next 12 years.

The deal will see Core Scientific shareholders receive 0.1235 newly issued CoreWeave shares for each share they hold, valuing Core Scientific at $20.40 per share. This represents a premium of around 66 per cent to the stock's closing price before reports of deal talks surfaced in late June.

The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approval and Core Scientific shareholder approval.

"This acquisition accelerates our strategy to deploy AI and HPC workloads at scale," said Michael Intrator, CoreWeave's chief executive officer and co-founder. "Owning Core Scientific's high-performance data centre infrastructure enables us to significantly enhance operational efficiencies and de-risk our future expansion."


"As our longstanding partner, CoreWeave has experienced firsthand the operational excellence we deliver and the value of the services we provide," said Adam Sullivan, Core Scientific's president and chief executive officer. "Together with CoreWeave, we will be well-positioned to accelerate the availability of world-class infrastructure for companies innovating with AI."

Both companies began as cryptocurrency miners but have pivoted to focus on AI infrastructure as demand for computing power soars. Core Scientific filed for bankruptcy in late 2022 following a sharp drop in bitcoin prices and soaring energy costs, emerging from bankruptcy in early 2024.

The deal marks a turnaround for Core Scientific, which previously rejected an unsolicited takeover offer from CoreWeave in June 2024, saying it was significantly undervalued. The companies subsequently signed a series of 12-year contracts under which Core Scientific provides CoreWeave with about 200 megawatts of infrastructure.

Bitcoin miners' energy-intensive sites and power contracts, built during the crypto boom, have emerged as prime targets for AI companies expanding their computing infrastructure. CoreWeave said it has the potential to repurpose or divest Core Scientific's crypto mining business over the medium-term horizon.

Upon closing, CoreWeave expects Core Scientific shareholders will own less than 10 per cent of the combined company. Goldman Sachs is acting as financial adviser to CoreWeave, while Moelis and PJT Partners are advising Core Scientific.

---