CoreWeave to acquire Core Scientific in all-stock deal
After rejecting a bid from the AI cloud-computing startup last year, Core Scientific agreed to be acquired in a deal expected to close by Q4 2025
PJ McDonnell/Shutterstock modified by Blockworks
CoreWeave will acquire Core Scientific, the company announced Monday morning.
The news comes after the two engaged in a lengthy battle last year that saw Core Scientific rejecting a bid from CoreWeave.
The all-stock transaction, which will see Core Scientific shareholders receive 0.1235 shares of CoreWeave Class A common Stock, is expected to help the newly-public CoreWeave “verticalize its data center footprint to future-proof revenue growth and enhance profitability.” The deal is worth roughly $9 billion.
“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,” Core Scientific’s Adam Sullivan said in a statement.
Read more: Bitcoin miner’s data center project to be ‘game-changer’
The deal is expected to close in the fourth quarter of 2025. The Wall Street Journal reported at the end of June that the two were in talks on a deal after the failed talks last year.
“This acquisition accelerates our strategy to deploy AI and HPC workloads at scale,” said Michael Intrator, CoreWeave’s CEO. “Owning this foundational layer of our platform will enhance our performance and expertise as we continue helping customers unleash AI’s full potential.”
Initially, Core Scientific was willing to come to the table for talks, Blockworks’ Ben Strack reported last year, but they rejected the bid as being too low.
The two announced cloud provider hosting deals last year, which sparked CoreWeave’s interest in the bitcoin miner.
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