CoreWeave Stuns Markets with $9B All-Stock Takeover of Bitcoin Miner Core Scientific

Cloud computing upstart CoreWeave just placed a billion-dollar bet on Bitcoin's infrastructure future—and Wall Street didn't see it coming.

The AI infrastructure provider is swallowing Core Scientific whole in a deal that values the mining firm at roughly $9 billion. No cash changed hands—just stock swaps that'll have traders scrambling to calculate dilution.

Why it matters: This isn't just another mining consolidation play. CoreWeave gets instant access to 500MW of energized infrastructure across five U.S. states—prime real estate for both Bitcoin mining and AI workloads. The market clearly thinks hybrid compute is the next gold rush.

The cynical view: Another day, another SPAC-style deal where executives get rich on paper while retail investors puzzle over the math. But with Bitcoin hovering near all-time highs, maybe this time really is different—until the next crypto winter, of course.

CoreWeave is set to acquire Core Scientific in a $9B deal

Under the terms of the deal, Core Scientific’s shareholders will receive 0.1235 newly issued shares of CoreWeave’s Class A common stock for each Core Scientific share they hold.

Based on CoreWeave’s five-day volume-weighted average price (VWAP) and its closing stock price of $20.40 on July 3, the agreement represents a 66% premium to CORE Scientific’s unaffected share price of $12.30 as of June 25.

Upon closing, Core Scientific shareholders will own less than 10% of the combined company.

This acquisition is a financial statement from CoreWeave following its IPO in March 2025. CoreWeave will gain ownership of roughly 1.3 gigawatts (GW) of gross power capacity through Core Scientific’s US-wide data center footprint of 840 megawatts (MW) that is currently supporting AI workloads and another 500 MW used for crypto mining. The deal also includes over 1 GW of potential expansion capacity.

“This acquisition accelerates our strategy to deploy AI and HPC workloads at scale,” Michael Intrator, CoreWeave’s CEO, chairman, and co-founder said. “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.”

Financial and operational impact

The transaction is expected to save the company significant costs and provide financial flexibility. One of the immediate impacts of the deal is the elimination of more than $10B in cumulative lease obligations over the next 12 years, related to existing Core Scientific sites.

The move is expected to reduce CoreWeave’s capital costs and allow for more diversified infrastructure financing options.

CoreWeave estimates that the merger will generate $500M in fully ramped, annual run-rate cost savings by the end of 2027. These savings will be a result of the newly streamlined operations, the removal of lease overhead, and the combination of expertise that is sure to push development.

The deal is expected to have a neutral effect on CoreWeave’s leverage while also increasing its access to capital through improved financing terms. As part of its long-term strategy, CoreWeave may also repurpose a portion of Core Scientific’s infrastructure that is currently dedicated to crypto mining for AI-focused high-performance computing (HPC) workloads, or sell off its subsidiaries in that division.

The transition aligns with the ongoing changes at Core Scientific, which has already begun retooling its data centers in Alabama, Georgia, Kentucky, North Carolina, North Dakota, Oklahoma, and Texas to support AI workloads.

Core Scientific’s CEO, Adam Sullivan, emphasized the operational alignment between the two companies. “As our longstanding partner, CoreWeave has experienced firsthand the operational excellence we deliver and the value of the services we provide,” he said. “Together, we will be well-positioned to accelerate the availability of world-class infrastructure for companies innovating with AI.”

The acquisition is subject to standard closing conditions, including approval by Core Scientific shareholders and regulatory authorities. CoreWeave and Core Scientific will file the necessary documents with the U.S. Securities and Exchange Commission (SEC).

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