CoreWeave’s $9B Power Play: Snatching Core Scientific in Blockbuster Deal
Cloud compute giant CoreWeave just dropped the hammer—announcing plans to swallow Bitcoin miner Core Scientific whole in a deal worth a staggering $9 billion. The move shakes two industries at once, merging GPU muscle with blockchain infrastructure at Wall Street-meets-crypto scale.
Why it matters: This isn't just another acquisition. It's a vertical integration play that could redefine how AI and crypto infrastructures collide. Core Scientific brings 372MW of mining capacity to the table—along with enough political baggage to fill a Senate hearing.
The cynical take: Another day, another 'synergistic' deal where institutional money pretends to understand proof-of-work economics. At least this time they're buying actual infrastructure instead of JPEGs.
Deal to close in Q4
Pending regulatory approval and a green light from Core Scientific stockholders, CoreWeave plans to leverage Core Scientific’s infrastructure to further its AI and high-performance computing solutions. Michael Intrator, chief executive officer and board chair of CoreWeave, said the MOVE will allow the company to scale its workloads more efficiently.
“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,” Intrator added. “Owning this foundational LAYER of our platform will enhance our performance and expertise as we continue helping customers unleash AI’s full potential.”
CoreWeave also sees other strategic advantages in the acquisition, including improved operational efficiency, financing flexibility, and a reduced cost of capital. CORE Scientific’s infrastructure will further bolster CoreWeave’s operational expertise.
Financially, CoreWeave expects the acquisition to reduce its future lease expenses by over $10 billion over the next decade. Additionally, the Core Scientific platform will contribute approximately 1.3 gigawatts of power capacity to CoreWeave’s network.
Reports that the AI and cloud company was looking to make a second bid emerged at the of last month. Notably, the companies have worked together, with a $1.2 billion expansion effort in Texas one of their collaborations.
“As our longstanding partner, CoreWeave has experienced firsthand the operational excellence we deliver and the value of the services we provide,” said Adam Sullivan, president and chief executive officer of Core Scientific.
Core Scientific stockholders will account for less than 10% of the combined company ownership, CoreWeave noted.
