CoreWeave Finalizes $9B Acquisition of Core Scientific to Expand AI Capacity
CoreWeave has acquired Core Scientific in an all-stock transaction valued at approximately $9 billion. Existing Core Scientific shareholders will receive 0.1235 shares of CoreWeave Class A common stock for each share of Core Scientific. The acquisition expands CoreWeave's data center capacity to support AI and high-performance computing, with ownership of about 1.3 GW of gross power and potential for over 1 GW more. Core Scientific, a major Bitcoin mining operation in North America, will see its shareholders own less than 10% of the combined entity post-transaction. CoreWeave plans to potentially repurpose Core Scientific’s assets for HPC or divest its crypto mining business. CoreWeave had pursued this acquisition for over a year, with initial offers rejected as too low. Core Scientific's market capitalization increased significantly, driven by growth in its core business, despite revenue challenges from the Bitcoin halving.
