CoreWeave to Acquire Core Scientific in $9B All-Stock Deal

Cloud and AI infrastructure company CoreWeave (CRWV) has reached an agreement to acquire crypto-mining data center operator Core Scientific (CORZ) in an all-stock deal valued at approximately $9 billion.

Under the terms of the agreement, each Core Scientific share will be exchanged for 0.1235 CoreWeave shares, effectively valuing Core Scientific at $20.40 per share—a 66% premium over its share price in late June.

The transaction, which remains subject to regulatory and shareholder approval, is expected to close by the end of 2025.

CoreWeave said the acquisition would eliminate more than $10 billion in projected lease obligations over the next 12 years and provide access to roughly 1.3 gigawatts of gross power capacity from Core Scientific’s data center portfolio.

Following the announcement, CoreWeave shares dropped 4% in pre-market trading, while Core Scientific shares declined roughly 14.7% to $15.48.