CoreWeave Buys Core Scientific for US$9bn in AI Data Push
CoreWeave, the artificial intelligence data centre company, announced on 7 July 2025 that it will acquire cryptocurrency miner Core Scientific in a $9 billion all-stock transaction.
The deal values Core Scientific shares at $20.40 each, representing a 66% premium over the stock's closing price before acquisition talks were first reported, according to Reuters.
Strategic Infrastructure Play
CoreWeave aims to strengthen its AI capabilities and expand its data centre infrastructure by bringing critical operations in-house. The acquisition will give CoreWeave ownership of 1.3 gigawatts of gross capacity across Core Scientific's US data centre network, with an additional gigawatt available for future expansion.
Michael Intrator, CoreWeave's CEO, Chairman and co-founder, said the move will eliminate $10 billion in future lease obligations whilst significantly boosting operational efficiency.
"This acquisition accelerates our strategy to deploy AI and HPC workloads at scale," Intrator explained.
The transaction is expected to complete in the fourth quarter of 2025, subject to regulatory and shareholder approval.
From Crypto Mining to AI Infrastructure
Core Scientific represents a remarkable transformation story. The Bitcoin mining company filed for bankruptcy in 2022 but has since reinvented itself as a high-performance computing (HPC) provider. The firm was relisted on the Nasdaq in 2024.
Today, Core Scientific focuses on helping businesses grow through high-density data centres designed for scale. The company enables rapid deployment of high-density workloads in application-specific data centres.
Core Scientific operates purpose-built facilities for digital asset mining whilst providing digital infrastructure, software solutions and services to third-party customers. As AI and enterprise workloads expand, companies need partners capable of delivering digital infrastructure with the power, space and scalability required for innovation.
Extensive US Footprint
- 1,300MW+ of current power capacity across U.S. data centres
- 50-200kW+ per rack available for AI and high-density workloads
- US$10bn+ in secured AI and high-density colocation contracts
- US$7.2bn+ fully diluted market cap (as of 12/12/2024)
Core Scientific's high-density data centre locations span Alabama, Georgia, Kentucky, North Carolina, North Dakota, Oklahoma and Texas. The company's contracted power and rapid deployment capabilities enable businesses to access a data centre platform built for maximum power availability and high-density computing at scale.
Deal Structure
Under the agreement, Core Scientific shareholders will receive 0.1235 CoreWeave shares for each share they hold. Following completion, Core Scientific shareholders will own less than 10% of the combined company.
Vertical Integration Strategy
This acquisition follows CoreWeave's successful IPO in March 2025 and is designed to help the company verticalise its data centre footprint to future-proof revenue growth and enhance profitability.
"Verticalising the ownership of Core Scientific's high-performance data centre 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."
Expansion Momentum
CoreWeave has been committed to aggressive AI expansion plans, signing numerous partnerships and deals to accelerate AI infrastructure development.
- Operational Efficiency: CoreWeave expects to generate significant cost savings through streamlining business operations and eliminating lease overhead.
- Greater Financing Flexibility: CoreWeave can pursue infrastructure financing strategies to finance committed capital expenditures, reducing its overall cost of capital.
- Power Ownership and Optionality: CoreWeave expects to gain greater control over a critical power footprint and optionality for future power capacity.
- Expanded Expertise: Core Scientific’s data centre development capabilities complement and augment CoreWeave’s extensive expertise in power procurement, construction, and site management for infrastructure assets.
In January 2025, the company announced that two of its initial UK data centres had become operational. Based in Crawley and the London Docklands, these sites host some of Europe's largest Nvidia AI platform deployments powered by Nvidia H200 GPUs, as CoreWeave seeks to meaningfully advance the UK's HPC capability.
Meanwhile, Applied Digital entered into lease agreements with CoreWeave in June to host 250MW of AI infrastructure at its data centre campus in Ellendale, North Dakota. The HPC developer signed a 15-year lease agreement with CoreWeave to deliver the critical IT load needed to host CoreWeave's AI and HPC infrastructure.
Leadership Perspective
Adam Sullivan, President and CEO of Core Scientific, welcomed the partnership: "As our longstanding partner, CoreWeave has experienced firsthand the operational excellence we deliver and the value of the services we provide.
"Together with CoreWeave, we will be well-positioned to accelerate the availability of world-class infrastructure for companies innovating with AI whilst delivering the greatest value for our shareholders, who will be able to participate in the tremendous upside potential of the combined company."