CoreWeave finalizes Core Scientific acquisition for $9B

AI infrastructure provider CoreWeave (CRWV) has finalized its acquisition of Core Scientific (CORZ), aiming to expand its data center capacity to support artificial intelligence and high-performance computing (HPC) workloads.

The deal values Core Scientific at approximately $9 billion through an all-stock transaction. Under the terms of the agreement, existing Core Scientific shareholders will receive 0.1235 shares of newly issued CoreWeave Class A common stock for each CORZ share they hold, CoreWeave announced Monday.

“Through this acquisition, CoreWeave will own approximately 1.3 GW of gross power across Core Scientific’s national data center footprint with an incremental 1 GW+ of potential gross power available for expansion,” the announcement said. 

Core Scientific is one of the largest Bitcoin mining and hosting operations in North America. Although CoreWeave’s origins are in crypto mining, the acquisition does not necessarily signal a return to the sector. 

CORZ shareholders will receive a premium of approximately 66% over the closing price of $12.30 per share on June 25.

Upon completion of the transaction, Core Scientific shareholders are expected to own less than 10% of the combined company.

According to the announcement, CoreWeave sees “potential to repurpose [Core Scientific’s assets] toward HPC usage or divest crypto mining business over the medium-term horizon.”

CoreWeave–Core Scientific merger long in the making

CoreWeave had been pursuing Core Scientific for over a year, with its initial 2024 bid rejected as being too low. The original offer of $5.75 per share, which valued Core Scientific at just over $1 billion, was firmly declined.

Core Scientific’s market capitalization more than tripled over the following year, driven by sustained growth in its core business.

The company’s earnings more than doubled in the first quarter of 2025, reaching $580 million. However, revenue was adversely impacted by the Bitcoin halving.

Takeover discussions resurfaced last month, with The Wall Street Journal reporting that a new deal was in progress to reflect Core Scientific’s rapid growth over the past year.

At the time of its acquisition, Core Scientific was the 33rd largest corporate Bitcoin holder, with 977 BTC on its balance sheet, according to industry data.