CoreWeave's acquisition of digital infrastructure company Core Scientific may finalize in the coming weeks, provided there are no significant disagreements between the two parties.

Written by: Bao Yilong, Wall Street Insights

AI cloud service giant CoreWeave is re-engaging in negotiations with digital infrastructure company Core Scientific regarding an acquisition, nearly a year after its previous acquisition proposal was rejected.

On June 26, media reports indicated that the acquisition deal between CoreWeave and Core Scientific could be finalized in the coming weeks, assuming no major disputes arise. The reports noted that with the surge in demand for artificial intelligence, the shortage of data center space and power resources has become increasingly prominent, prompting related companies to pursue mergers and acquisitions to gain more computing resources and infrastructure capabilities.

Core Scientific is one of many Bitcoin mining companies attempting to benefit from the AI boom. The explosive growth of AI applications has led to a shortage of data center space and power resources, providing cryptocurrency mining companies with significant opportunities for transformation due to their extensive computing infrastructure.

Following the news, Core Scientific's stock was temporarily halted before resuming trading and ultimately closing up over 32%. The company currently has a market capitalization of approximately $3.7 billion, with its stock price down about 15% this year. CoreWeave has a market capitalization of around $75 billion and recently completed its IPO in March of this year.

Acquisition Rejected Last Year, Stock Price Has Doubled

Reports indicate that CoreWeave proposed to acquire Core Scientific for $5.75 per share last year, valuing the company at over $1 billion. However, Core Scientific rejected the proposal, citing the offer as too low, and stated it would focus on its existing partnership with CoreWeave.

Currently, Core Scientific's stock price is more than double last year's acquisition offer. The reports noted that while specific negotiation terms have not been disclosed, given the rapid growth of Core Scientific's business, it is expected to receive a substantial premium.

The partnership between the two companies has lasted for several years. In June of last year, they announced a series of 12-year contracts, under which Core Scientific would provide hundreds of megawatts of hosting services for CoreWeave's operations, expected to generate billions of dollars in revenue for Core Scientific.

Analysts pointed out that if this potential deal is finalized, it will further solidify CoreWeave's position in the AI infrastructure sector while providing it with more computing resources and power capacity.

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