AI Firm CoreWeave to Acquire Bitcoin Mining Leader Core Scientific for $9 Billion

Bitcoin mining enterprise Core Scientific has announced that AI infrastructure organization CoreWeave will acquire it through an all-stock deal.

As stated in the press release, the transaction is expected to finalize in the fourth quarter of this year. Shareholders of Core Scientific will receive 0.1235 newly issued shares of CoreWeave Class A common stock, based on a fixed exchange ratio, for each share of Core Scientific common stock they possess.

The overall equity value is estimated to be around $9 billion. The final valuation will be determined by the partners upon the transaction’s completion.

Additionally, at that time, the ownership stake of Core Scientific’s shareholders in the combined entity will be under 10%, according to the announcement.

Today marks an exciting milestone for CoreWeave! We have just disclosed an agreement to acquire @Core_Scientific, reinforcing our status as the premier AI Cloud Platform—designed to provide unparalleled performance and expertise for the AI era. https://t.co/cRvGO0L1Jl #PoweringAI pic.twitter.com/svFjoH1MEr

— CoreWeave (@CoreWeave) July 7, 2025

Furthermore, the companies anticipate an “immediate elimination” of over $10 billion in cumulative future lease overhead, which will be settled for existing contractual sites over the next 12 years.

“With the removal of the lease overhead, this agreement is projected to yield $500 million in estimated fully ramped, annual run rate cost savings by the end of 2027 through streamlined operational focus,” the announcement indicates.

The advantages of the acquisition, according to the teams, also encompass the potential to repurpose towards HPC (High-Performance Computing) applications or divest the crypto mining segment in the medium term, along with enhanced access to various financing sources at “a more favorable cost of capital.”

Meanwhile, the two firms have been in discussions regarding a merger for some time. A previous $1 billion offer was declined last year.

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Stocks Drop

CoreWeave completed its IPO in March 2025. The current stock price is $155.9, reflecting a decrease of 2.38%. Its peak was $183 observed in June.

Core Scientific has decreased by 1.35% to $14.63, having reached a high of $18.23 in November of the previous year.

Currently, CoreWeave asserts that this merger will provide it with approximately 1.3 GW of gross power, with an additional 1 GW+ of potential gross power available for expansion.

It claims it will achieve “significant cost savings through streamlining business operations and eliminating lease overhead.” Additionally, the acquisition will allow it to pursue infrastructure financing for capital expenditures, thereby lowering its cost of capital.

We are pleased to announce that we have signed a definitive agreement to be acquired by @CoreWeave in an all-stock transaction valued at approximately $9 billion. Read more about the benefits of the proposed transaction here: https://t.co/51XdKVBFoE pic.twitter.com/8OGaDyPAzu

— Core Scientific (@Core_Scientific) July 7, 2025

“This acquisition accelerates our strategy to deploy AI and HPC workloads at scale,” stated Michael Intrator, CoreWeave’s Chief Executive Officer, Chairman of the Board, and co-founder. “Verticalizing the ownership of Core Scientific’s high-performance data center infrastructure enables CoreWeave to significantly enhance operational efficiency and mitigate risks associated with our future expansion, thereby solidifying our growth trajectory.”

Adam Sullivan, President and Chief Executive Officer of Core Scientific, remarked that the combined entity “will be well-positioned to expedite the availability of world-class infrastructure for companies innovating with AI” while delivering value for shareholders.

Today, Core Scientific and @CoreWeave announced a $1.2 billion expansion at Core Scientific’s Denton, Texas site.
-Core Scientific and CoreWeave announce 70-megawatt (MW) expansion at the Denton, TX site
-Expands to ~ 590 MW of contracted HPC infrastructure across 6 sites… pic.twitter.com/8Mz0mlcKa6

— Core Scientific (@Core_Scientific) February 26, 2025

In February of this year, Core Scientific and CoreWeave disclosed plans for a $1.2 billion data center expansion. The partners contended that the collaboration could ultimately result in over $10 billion in cumulative revenue opportunities.

As part of the expansion, Core Scientific increased its capacity in Texas, USA, with the goal of constructing “one of the largest GPU supercomputers in North America.”

Meanwhile, in May, Core Scientific released financial results for the first quarter of the year. Net income was $580.7 million, compared to $210.7 million for the same period in 2024. Total revenue was $79.5 million, down from $179.3 million in the same period last year.

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