CoreWeave, a GPU-cloud hyperscaler, acquires Core Scientific (formerly a large crypto-miner with 100+ MW data center footprint) for $9 billion.

AI hyperscaler CoreWeave announced Monday it will acquire Core Scientific, a leading data center infrastructure provider, in an all-stock deal valued at approximately $9 billion. The announcement prompted mixed immediate market reactions, with CoreWeave stock falling about 4% on Monday while Core Scientific stock plummeted about 20%. However, shares of both companies rallied at the end of June after the Wall Street Journal reported that talks were underway for an acquisition.

The deal strengthens CoreWeave's position in the AI arms race by bringing critical infrastructure in-house. CoreWeave CEO Michael Intrator said the move will eliminate $10 billion in future lease obligations and significantly enhance operating efficiency. The transaction is expected to close in the fourth quarter of 2025, pending regulatory and shareholder approval.

The acquisition expands CoreWeave's access to power and real estate, giving it ownership of 1.3 gigawatts of gross capacity across Core Scientific's U.S. data center footprint, with another gigawatt available for future growth. Core Scientific has increasingly focused on high-performance compute workloads since emerging from bankruptcy and relisting on the Nasdaq in 2024.

Core Scientific shareholders will receive 0.1235 CoreWeave shares for each share they hold — implying a $20.40 per-share valuation and a 66% premium to Core Scientific's closing stock price before deal talks were reported. After closing, Core Scientific shareholders will own less than 10% of the combined company.