AI Giant CoreWeave Strikes $9B Deal to Acquire Core Scientific

CoreWeave, an American Artificial Intelligence (AI) cloud-computing startup, intends to acquire Core Scientific, a leading data center infrastructure provider. The decision comes as the company plans to enhance operational efficiency and mitigate future expansion risks as it solidifies its growth trajectory. 

The announcement revealed that, under the terms of the agreement, the exchange ratio translates to a total equity value of nearly $9 billion. The calculation reflects a fully diluted share count and utilizes CoreWeave’s 5-day VWAP as the pricing benchmark. 

Commenting on the latest acquisition, Michael Intrator, CoreWeave’s Chief Executive Officer, Chairman of the Board, and co-founder, said:

“This acquisition accelerates our strategy to deploy AI and HPC workloads at scale. Verticalizing the ownership of Core Scientific’s high-performance data center infrastructure enables CoreWeave to significantly enhance operating efficiency and de-risk our future expansion, solidifying our growth trajectory.” 

Deal Unlocks Infrastructure Growth

As part of the deal, holders of Core Scientific common stock will be entitled to receive 0.1235 newly issued shares of CoreWeave Class A common stock for each share they own, under a fixed exchange ratio.

Notably, by acquiring Core Scientific, CoreWeave will control around 1.3 gigawatts of power at data centers across the United States. It will also have access to an additional gigawatt of potential expansion capacity. 

According to the announcement, following its March 2025 IPO, CoreWeave is using this acquisition to bring its data center capabilities in-house. The company is strengthening its control over infrastructure, accelerating growth, and enhancing earnings potential. 

“As our longstanding partner, CoreWeave has experienced firsthand the operational excellence we deliver and the value of the services we provide,” Adam Sullivan, President and Chief Executive Officer of Core Scientific, added.  

CoreWeave Highlights Deal Advantages

Sullivan further noted that in partnership with CoreWeave, the company is strategically positioned to roll out advanced infrastructure for the AI ecosystem and strengthen value creation for shareholders. 

Meanwhile, CoreWeave listed the benefits of the latest deal, including operational efficiency, greater financing flexibility, power ownership and optionality, and expanded expertise. This allows shareholders to participate in the significant growth prospects that the combined company can offer. 

Founded in 2017, CoreWeave was initially launched as a cryptocurrency mining company. However, it later shifted its focus to AI. The company has rapidly scaled its data center operations across the U.S. and Europe. In recognition of its industry impact, CoreWeave featured in TIME’s 100 Most Influential Companies and Forbes’ Cloud 100 in 2024. 

Core Scientific, on the other hand, has established itself as a major player in the digital infrastructure sector. It offers services that support high-performance colocation and crypto mining. The company is currently the 33rd largest corporate bitcoin holder.

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