CoreWeave is set to acquire Core Scientific, a former crypto mining company turned infrastructure player in a $9 billion all-stock deal. After going public in March, CoreWeave is now buying Core Scientific to take more control over its own data centers.
This move will help the company grow faster and make its business stronger for the long run. CoreWeave will have access to massive data center power capacity, over 1.3 gigawatts, boosting its AI infrastructure in a large scale.
“This acquisition accelerates our strategy to deploy AI and HPC workloads at scale,” said Michael Intrator, CoreWeave’s CEO, chairman, and co-founder.
CoreWeave’s acquisition of Core Scientific is a strategic move that’s expected to bring multiple long-term benefits across operations, finance, and infrastructure. First, the deal will help CoreWeave cut costs by streamlining operations and removing the need for costly lease agreements, leading to greater operational efficiency.
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With Core Scientific’s large-scale infrastructure now under its wing, CoreWeave can also explore better financing options especially for major infrastructure investments while lowering its cost of capital.
“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,” said Adam Sullivan, president and chief executive officer of Core Scientific.
This deal also marks a big comeback for Core Scientific. The company had hit rock bottom back in late 2022 when bitcoin prices crashed and energy costs skyrocketed, forcing it into bankruptcy. But it managed to bounce back in early 2024 and like many other bitcoin miners, it’s been shifting focus to AI space for future growth.
CoreWeave first showed interest in acquiring Core Scientific in June 2024 with an unsolicited offer, but it was turned down at the time for being undervalued. Then the two went on to build a working relationship through a series of long-term contracts, including a major 12-year deal where Core Scientific agreed to supply around 200 megawatts of power infrastructure to support CoreWeave’s high-performance computing needs. That partnership eventually laid the groundwork for today’s full-scale acquisition.
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“As our longstanding partner, CoreWeave has experienced firsthand the operational excellence we deliver and the value of the services we provide,” said Sullivan.
The deal is expected to be finalized by the end of 2025. Financially, this deal is a big win for CoreWeave. By buying Core Scientific, CoreWeave gets rid of over $10 billion in future lease payments it would have owed for data center sites over the next 12 years. Even CoreWeave expects to save around $500 million a year by the end of 2027 by streamlining operations and focusing more on its core business.
CoreWeave is a cloud computing company with a focus in AI and high-performance GPU infrastructure. The company offers access to GPU cloud services via its own data centers. It has grown over the U.S., UK, and Europe.