CoreWeave Acquires Core Scientific in $9 Billion All-Stock Deal
- CoreWeave acquires Core Scientific in a $9 billion all-stock deal.
- CoreWeave aims to bolster AI capacity with the acquisition.
- Bitcoin mining operations may experience centralized growth.
CoreWeave Inc. announced the acquisition of Core Scientific Inc., one of North America’s largest Bitcoin mining companies, in an all-stock transaction valued at $9 billion. The move, led by CoreWeave’s CEO Michael Intrator, aims to enhance AI and HPC capabilities.
This acquisition signifies CoreWeave’s strategic intent to solidify its position in the AI and HPC market while streamlining its operational efficiency and expanding its Bitcoin mining footprint.
CoreWeave is purchasing Core Scientific, converting $10 billion in lease obligations to owned assets. This step enhances CoreWeave’s AI infrastructure significantly. CoreWeave, led by Michael Intrator, aims to strengthen its AI and HPC operation by integrating Core Scientific’s 1.3 GW infrastructure. Shareholders of Core Scientific will receive 0.1235 shares of CoreWeave Class A stock per existing share.
The acquisition may affect Bitcoin’s hash rate and institutional miner dynamics in North America. CoreWeave aims to leverage Core Scientific’s capabilities, potentially influencing Bitcoin mining economics through operational centralization and increased efficiency. Financial implications include a projected $500 million annual cost savings by 2027. Regulatory adjustments are minimal as indicated in reports, with the deal expected to close by Q4 2025 pending approvals.
This acquisition accelerates our strategy to deploy AI and HPC workloads at scale. 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. Owning this foundational layer of our platform will enhance our performance and expertise as we continue helping customers unleash AI’s full potential. — Michael Intrator, CEO of CoreWeave
This event underscores the trend towards vertical integration in the computational infrastructure domain. It signals a shift in how AI and cryptocurrency mining industries interrelate. The strategic acquisition aligns with the growing demand for high-performance computing and AI capabilities.
