AI Giant CoreWeave to Buy Bitcoin Miner Core Scientific in $9B Deal
CoreWeave has agreed to acquire Core Scientific in an all-stock deal valued at approximately $9 billion. This acquisition will provide CoreWeave with 1.3 gigawatts of gross power from Core Scientific's data centers, with potential for an additional 1 gigawatt. The deal aims to enhance CoreWeave's operational efficiency and support future expansion. Core Scientific's shareholders will receive 0.1235 shares of CoreWeave stock for each share they own. The transaction is expected to close in the fourth quarter and will eliminate over $10 billion in future lease expenses over 12 years. Both companies have a history of partnership, and the acquisition aligns with the growing intersection of Bitcoin mining and AI data center operations, which both require significant energy resources. CoreWeave's stock was trading at $159.74, while Core Scientific's stock fell to just below $15.
