CoreWeave Expected to Buy Core Scientific & Fuel AI Growth
AI data centre firm CoreWeave said on 7 July 2025 it is buying crypto miner Core Scientific in an all-stock deal valued at about US$9bn.
According to Reuters, the offer represents a US$20.40 per share value and implies a premium of nearly 66% to Core Scientific stock’s close before potential deal talks were first reported.
CoreWeave is hoping to strengthen its AI capabilities and bulk out its data centre infrastructure by bringing critical infrastructure in-house.
Company CEO, Chairman and co-founder Michael Intrator said the move is expected to eliminate US$10bn in future lease obligations and significantly enhance operating efficiency.
“This acquisition accelerates our strategy to deploy AI and HPC workloads at scale,” he says.
The deal is expected to close in the fourth quarter of 2025, pending regulatory and shareholder approval.
Who is Core Scientific?
Core Scientific is a Bitcoin mining company that is transitioning into a high-performance computing (HPC) company. Since the company went bankrupt (filing in 2022), it has re-emerged to focus on HPC workloads and was relisted on the Nasdaq in 2024.
It now focuses on helping businesses to grow faster with high-density data centres built to scale and enables them to deploy high-density workloads quickly in application specific data centres.
As part of this, it operates dedicated purpose-built facilities for digital asset mining and is a strong provider of digital infrastructure, software solutions and services to its third-party customers.
- 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)
As AI and enterprise workloads grow, companies require partners who can deliver digital infrastructure with the power, space and scalability needed to support innovation. With a growing footprint in key markets, Core Scientific says it has the power, space and efficiency to host your high-density AI and enterprise workloads.
Likewise, its contracted power and rapid deployment capabilities enable businesses to access a data centre platform built for maximum power availability. The platform is also built for high-density computing at scale.
Its high-density data centre locations are Alabama, Georgia, Kentucky, North Carolina, North Dakota, Oklahoma and Texas, US.
The CoreWeave deal is expected to expand CoreWeave’s access to power and real estate, giving it ownership of 1.3 gigawatts (GW) of gross capacity across Core Scientific's US data centre footprint, with another gigawatt available for potential future growth.
Core Scientific shareholders will receive 0.1235 CoreWeave shares for each share they hold. After closing, Core Scientific shareholders will own less than 10% of the combined company.
How CoreWeave hopes to excel AI infrastructure
Following CoreWeave’s successful IPO in March 2025, this acquisition is designed to help the company verticalise its data centre footprint to future-proof revenue growth and enhance profitability.
- 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.
Michael adds: “Verticalizing 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. Owning this foundational layer of our platform will enhance our performance and expertise as we continue helping customers unleash AI’s full potential.”
CoreWeave has been committed to its AI expansion plans for some time, having signed a range of partnerships and deals to accelerate AI infrastructure.
In January 2025, the company announced that two of its initial data centres in the UK had become operational.
Based in Crawley and the London Docklands, these sites were said to be hosting some of Europe’s largest Nvidia AI platform deployments powered by Nvidia H200 GPUs, as Coreweave sought to meaningfully advance the UK’s HPC capability.
Likewise, 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 entered into a 15 year lease agreement with CoreWeave to deliver the critical IT load needed to host CoreWeave’s AI and HPC infrastructure.
“As our longstanding partner, CoreWeave has experienced firsthand the operational excellence we deliver and the value of the services we provide,” says Adam Sullivan, President and CEO of Core Scientific.
“Together with CoreWeave, we will be well-positioned to accelerate the availability of world-class infrastructure for companies innovating with AI while delivering the greatest value for our shareholders, who will be able to participate in the tremendous upside potential of the combined company.”