CoreWeave (CRWV) completes the acquisition of Core Scientific (CORZ) for $9 billion.

CN
7 hours ago

Artificial intelligence infrastructure provider CoreWeave (CRWV) has completed its acquisition of Core Scientific (CORZ) to expand its data center capacity to support artificial intelligence and high-performance computing (HPC) workloads.

The transaction values Core Scientific at approximately $8.9 billion through an all-stock deal. According to the terms of the agreement, existing Core Scientific shareholders will receive 0.1235 shares of newly issued CoreWeave Class A common stock for each share of CORZ they hold, CoreWeave announced on Monday.

"Through this acquisition, CoreWeave will have approximately 1.3 gigawatts of total power across Core Scientific's national data center network, with over 1 gigawatt of potential total power available for expansion," the announcement stated.

Core Scientific is one of the largest Bitcoin (BTC) mining and hosting operators in North America. Although CoreWeave originated in cryptocurrency mining, this acquisition does not necessarily indicate a return to that industry.

CORZ shareholders will receive a premium of about 66% relative to the closing price of $12.30 per share on June 25.

After the transaction is completed, Core Scientific shareholders are expected to own less than 10% of the combined company.

According to the announcement, CoreWeave believes there is "potential to repurpose [Core Scientific's assets] for HPC use, or to divest the cryptocurrency mining business in the medium term."

CoreWeave has pursued Core Scientific for over a year, with its initial offer for 2024 being rejected for being too low. The initial offer of $5.75 per share valued Core Scientific at just over $1 billion and was firmly rejected.

In the following year, Core Scientific's market value more than doubled, thanks to the continued growth of its core business.

The company's revenue for the first quarter of 2025 more than doubled to $580 million. However, the Bitcoin halving had an adverse effect on revenue.

Acquisition discussions resurfaced last month, with The Wall Street Journal reporting that a new deal was underway to reflect Core Scientific's rapid growth over the past year.

According to industry data, at the time of the acquisition, Core Scientific was the 33rd largest corporate holder of Bitcoin, with 977 BTC on its balance sheet.

Related: Bitcoin (BTC) miners bet on AI last year and are now reaping the rewards.

Original article: “CoreWeave (CRWV) Completes $8.9 Billion Acquisition of Core Scientific (CORZ)”

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