CoreWeave (NASDAQ: CRWV), a prominent AI hyperscaler, has announced the acquisition of Core Scientific (NASDAQ: CORZ), a leading data center infrastructure provider, in an all-stock transaction valued at approximately $9 billion. Under the agreement, Core Scientific shareholders will receive 0.1235 newly issued CoreWeave Class A common shares for each Core Scientific share held.

This move, following CoreWeave’s IPO in March 2025, positions the company to take direct control of its data center assets—owning roughly 1.3 GW of gross power capacity across Core Scientific’s national footprint, with an additional 1 GW+ available for future expansion.

Michael Intrator, CEO and Co-Founder of CoreWeave, stated, “This acquisition strengthens our ability to deploy AI and HPC workloads at scale. By owning Core Scientific’s high-performance infrastructure, we enhance operational efficiency and reduce risks associated with future growth.”

The deal is expected to bring substantial strategic benefits, including:

  • Operational Savings: CoreWeave projects $500 million in annualized cost savings by 2027 by removing $10 billion in long-term lease obligations.
  • Financing Flexibility: The company will gain greater control over financing strategies, reducing its cost of capital.
  • Power Footprint Ownership: CoreWeave will assume ownership of approximately 840 MW currently supporting its HPC contracts and another 500 MW linked to crypto mining, allowing optional repurposing.
  • Enhanced Capabilities: Core Scientific’s experience in site development will complement CoreWeave’s expertise in infrastructure management.

Adam Sullivan, CEO of Core Scientific, commented, “As long-term partners, we share a commitment to excellence. This merger accelerates our shared goal of delivering top-tier infrastructure for AI-driven innovation while maximizing shareholder value.”

The transaction is expected to close in Q4 2025, subject to regulatory approvals and a vote by Core Scientific shareholders. Upon completion, Core Scientific investors will hold under 10% of the combined entity. The deal values Core Scientific at $20.40 per share—a 66% premium over its closing price on June 25, 2025.

The acquisition not only consolidates CoreWeave’s infrastructure but also positions the company to lead the next phase of AI and HPC innovation with a more robust, vertically integrated foundation.

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News Source: Businesswire.com