CoreWeave Strikes $9B Deal to Acquire Core Scientific in AI Infrastructure Push

CoreWeave has announced plans to acquire Core Scientific in an all-stock transaction valued at approximately $9 billion.

The deal, expected to close by the end of 2025, will give CoreWeave control over 1.3 gigawatts (GW) of power capacity across Core Scientific’s US data centers, with the potential for an additional 1 GW expansion.

“I’m thrilled to share that we’ve announced our definitive agreement to acquire Core Scientific, one of our partners and a leading data infrastructure provider,” Michael Intrator, chief executive officer of CoreWeave, wrote in a LinkedIn post. “Through our existing relationship, we know Core Scientific and its sites well, and we are confident that this move will enhance our performance and expertise as we continue helping customers unleash AI’s full potential.”

The acquisition comes as AI companies scramble to secure power and data center space to meet skyrocketing demand for high-performance computing (HPC). CoreWeave, which went public earlier this year, has seen explosive growth as a key provider of AI cloud infrastructure, backed by chip giant NVIDIA.

What Core Scientific gets

Under the agreement, Core Scientific shareholders will receive 0.1235 shares of CoreWeave Class A stock for every share they currently hold. That values Core Scientific at $20.40 per share, representing a 66% premium over its pre-deal stock price.

“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, said in a press release. “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.”

Market’s response to this acquisition news

Despite the strategic upside, the market reacted cautiously. CoreWeave’s stock dropped around 3% on Monday, while Core Scientific’s shares fell nearly 18%. Still, analysts see the deal as a long-term win.

The acquisition is also expected to help CoreWeave tap into infrastructure-focused investment vehicles, lowering its cost of capital.

Read TechRepublic’s recent coverage of Databricks $1 billion deal to acquire Neon to boost AI-driven databases.

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