CoreWeave to acquire Core Scientific in $9b deal

CoreWeave, a Nasdaq-listed artificial intelligence and cloud solutions provider, has announced its acquisition of Core Scientific, a top cryptocurrency mining data center, in a deal worth approximately $9 billion.

The CoreWeave team revealed in a press release on July 7, 2025 that the companies have signed a definitive agreement for the acquisition, with the deal set for an all-stock transaction. 

It’s the latest development in CoreWeave’s quest to acquire the Bitcoin (BTC) mining company, with the first attempt of $1 billion rebuffed in June 2024.

If the deal sails through as expected in the fourth quarter, CoreWeave will offer Core Scientific shareholders 0.1235 newly-issued CoreWeave shares for each Core Scientific stock. The acquisition is thus expected to close at a total equity value of $9 billion.

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.