Key Takeaways:
- CoreWeave acquired Core Scientific in a $9B all-stock deal, gaining control of 1.3 GW of power capacity for AI and HPC expansion.
- Core Scientific shareholders receive a 66% premium but will hold under 10% of the merged entity.
- The deal signals a shift away from crypto mining, with potential asset repurposing for high-performance computing.
CoreWeave has completed its $9 billion all-stock acquisition of Core Scientific, a major Bitcoin mining and hosting firm in North America.
The deal, finalized after over a year of pursuit, significantly boosts CoreWeave’s data center capacity, aligning with its focus on artificial intelligence (AI) and high-performance computing (HPC).
CoreWeave is dropping $9 billion on the data-center operator Core Scientific in an effort to gain more direct control over the physical assets powering the artificial-intelligence boom https://t.co/LKMAjsd3Sr pic.twitter.com/RH6uxed7B4
— Bloomberg TV (@BloombergTV) July 7, 2025
Under the terms, Core Scientific shareholders receive 0.1235 shares of CoreWeave Class A stock per CORZ share, representing a 66% premium but leaving them with less than 10% ownership of the merged entity.
The acquisition gives CoreWeave control of 1.3 GW of gross power capacity, with an additional 1 GW potential for future expansion.
Despite acquiring a crypto-centric firm, CoreWeave emphasized that it may repurpose these assets for HPC or exit crypto mining entirely in the medium term.
The move supports a broader infrastructure strategy, not a renewed focus on crypto.
Core Scientific’s valuation has soared since rejecting a $1 billion offer in early 2024, thanks to strong earnings, including $580 million in Q1 2025, despite the Bitcoin halving.
At acquisition time, it held 977 BTC.
While CoreWeave’s stock briefly dipped, it remains up over 300% year-to-date.
About The Author
Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
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