CoreWeave has officially acquired Bitcoin mining heavyweight Core Scientific in a $9 billion all-stock deal, signaling a major leap forward in the company’s efforts to dominate the AI and high-performance computing (HPC) space.
Announced Monday, the agreement gives CoreWeave access to Core Scientific’s 1.3 gigawatts of gross power capacity, with an additional 1 GW in potential expansion. The deal values each Core Scientific share at 0.1235 of newly issued CoreWeave Class A stock—placing the acquisition at a premium of nearly 66% above CORZ’s closing share price of $12.30 on June 25.
This move solidifies CoreWeave’s pivot from its crypto-mining roots toward a broader role in powering AI workloads, large-scale data processing, and compute-heavy enterprise applications.
“This acquisition marks a key step in scaling our infrastructure to meet rising demand for AI compute,” the company stated.
Bitcoin Mining Assets Could Be Repositioned for AI Workloads
Core Scientific, once one of North America’s largest Bitcoin miners and hosting providers, now finds itself absorbed by a company that is steadily stepping away from crypto. Despite CoreWeave’s own origins in mining, the deal is widely viewed as part of its evolution into an AI-first infrastructure powerhouse.
Notably, Core Scientific shareholders will own less than 10% of the newly combined entity, a reflection of CoreWeave’s clear dominance in the transaction. The company has signaled that crypto mining is no longer a central pillar of its growth strategy.
“There’s potential to repurpose Core Scientific’s existing facilities for HPC workloads,” CoreWeave noted in its announcement, adding that a gradual divestment of its Bitcoin mining operations could follow over the medium term.
Although Core Scientific currently holds 977 BTC—making it the 33rd largest corporate Bitcoin holder—its crypto assets appear to be a secondary consideration in the broader integration plan.
From a $1B Rejection to a $9B Merger
The $9 billion agreement is the culmination of a year-long pursuit by CoreWeave. In 2024, CoreWeave offered $5.75 per share for Core Scientific, but that bid was swiftly rejected for undervaluing the company at just over $1 billion.
Since then, Core Scientific’s performance has surged. The company reported $580 million in Q1 2025 earnings—more than double the previous year—despite revenue headwinds caused by the recent Bitcoin halving. That growth helped push its market cap to over $3 billion before the acquisition terms were finalized.
Renewed talks began earlier this summer, as CoreWeave returned to the negotiating table with a significantly improved offer. Reports from The Wall Street Journal confirmed that both companies had resumed takeover discussions to better reflect Core Scientific’s newfound scale and profitability.
Now, with the deal complete, CoreWeave gains not only a massive power footprint but a springboard to further solidify its role in AI computing—a market experiencing exponential demand. As traditional miners like Core Scientific are absorbed into next-gen infrastructure giants, the lines between crypto, cloud, and compute continue to blur.
Quick Facts
- CoreWeave acquired Core Scientific for $9B in an all-stock deal.
- The acquisition adds over 2.3 GW of total capacity, including future expansion.
- Core Scientific shareholders receive a 66% premium but retain under 10% ownership.
- CoreWeave may pivot away from crypto mining, repurposing assets for AI.
