By Shubhangi Chowdhury
CoreWeave is reportedly back at the negotiation table with Core Scientific, a major Bitcoin mining firm. The venture is back to acquire Core Scientific, nearly a year after its initial takeover bid fell through, according to the Wall Street Journal report out on Thursday.
This renewed effort signals CoreWeave’s growing push to cement its position in the AI infrastructure and data center space. CoreWeave, which started off as a cryptocurrency miner, and has been now growing in the AI space.
This deal could be sealed in the coming weeks, provided the talks stay on track. While discussions are ongoing, the exact terms are yet to be disclosed, according to the report.
READ: Nvidia-backed cloud firm CoreWeave files for $35 billion IPO (March 4, 2025)
Core Scientific’s stock surged over 8% following the news, prompting a temporary trading halt shortly after the Journal broke the story. Soon, the company’s market value was of nearly $4 billion.
Last year, CoreWeave put forward a $5.75-per-share takeover offer for Core Scientific, valuing the Bitcoin mining company at around $1 billion, as reported by the Journal. But Core Scientific turned it down, opting instead to strengthen its partnership with CoreWeave through a massive $1.225 billion deal aimed at boosting infrastructure support for its Nvidia GPUs.
The two companies went on to sign a string of 12-year deals, including one where Core Scientific agreed to supply CoreWeave with roughly 200 megawatts of infrastructure to fuel its high-performance computing operations at scale.
In June 2024, CoreWeave expanded its footprint by leasing another 70MW of capacity and secured options for an additional 230MW across other Core Scientific facilities.
Interestingly, both CoreWeave and Core Scientific trace their roots back to 2017, started off as crypto-focused ventures.
CoreWeave has reshaped its identity, moving away from its crypto origins to build a robust GPU cloud platform that delivers powerful computing resources for AI-driven applications. Its rise in the AI infrastructure space was underscored by a massive $11.9 billion deal with OpenAI. The company has 33 data centers spread across the U.S. and Europe, powering its infrastructure with 420 megawatts of active capacity.
Meanwhile, Core Scientific, though still a major host of crypto mining hardware for both internal and third-party operations, is gradually steering its focus toward the AI space. Industry data ranks Core Scientific as the 30th largest corporate holder of Bitcoin, with 977 BTC currently on its balance sheet.
Founded in 2017 by Aber Whitcomb, former CTO and co-founder of MySpace, Core Scientific has grown into a major player in the infrastructure space, offering high-performance hosting for both blockchain and AI workloads. From transaction processing to custom application support, the company’s platform is built to handle the demands of large-scale global partners, with an emphasis on reliability and agility in a fast-moving market.