CoreWeave to Acquire Core Scientific in $9 Billion AI Infrastructure Deal

July 8, 2025 | New York — In a major development that underscores the growing demand for AI-ready infrastructure, CoreWeave, a leading AI cloud services provider, has announced its decision to acquire Core Scientific, a prominent data center and infrastructure operator, in an all-stock transaction valued at approximately $9 billion.

The agreement marks one of the largest infrastructure-focused acquisitions in the AI era, positioning CoreWeave as a vertically integrated player capable of powering next-generation artificial intelligence and high-performance computing (HPC) workloads.

Deal Structure and Terms

Under the terms of the agreement, Core Scientific shareholders will receive 0.1235 shares of CoreWeave stock for each share they hold. This implies a 66% premium based on Core Scientific’s closing price as of June 25, 2025.

The acquisition is expected to close in the fourth quarter of 2025, subject to shareholder and regulatory approvals.

“This acquisition is a strategic leap forward,” said Michael Intrator, CEO of CoreWeave. “It enables us to gain control of critical infrastructure and power capacity, giving us the flexibility to meet the rising demands of AI applications globally.”

Strategic Rationale

The acquisition gives CoreWeave access to approximately 1.3 gigawatts (GW) of total data center capacity, including:

• 840 megawatts (MW) of operational infrastructure

• 500 MW currently used for digital asset mining, which can be repurposed for AI and HPC use

By integrating Core Scientific’s facilities, CoreWeave will significantly reduce its reliance on third-party data centers and expects to eliminate over $10 billion in potential lease commitments. The company forecasts cost synergies of approximately $500 million annually by 2027.

Market Impact and Industry Outlook

Despite the long-term growth potential, markets responded cautiously. Core Scientific shares fell by over 16% following the announcement, while CoreWeave’s stock declined by roughly 3%, reflecting typical investor concerns about dilution in all-stock transactions.

However, industry analysts say the move strengthens CoreWeave’s position in an increasingly competitive landscape. The demand for energy-dense, scalable infrastructure continues to rise due to the explosive growth of AI workloads, especially with the adoption of NVIDIA’s next-gen Blackwell chips and other advanced AI accelerators.

“Ownership of scalable power capacity is quickly becoming the most valuable asset in cloud computing,” said one industry analyst. “This deal reflects a broader trend of AI firms seeking to secure direct access to energy and infrastructure.”

Core Scientific’s Transition

Core Scientific, previously known for its focus on cryptocurrency mining, has been transitioning toward broader infrastructure and data services. After emerging from bankruptcy in 2023, the company has strategically diversified its operations to align with the evolving needs of the digital economy.

“This transaction validates the transformation we've undergone in the past two years,” said Adam Sullivan, CEO of Core Scientific. “Together with CoreWeave, we are now poised to serve the next wave of computational demand driven by AI and enterprise cloud.”

Future Plans and Integration

Following the acquisition, CoreWeave plans to:

• Convert Core Scientific’s crypto infrastructure into AI and HPC-ready facilities

• Expand its total deployment footprint across North America

• Explore additional mergers and global partnerships to further enhance its AI capabilities

The combined entity will focus on enabling next-generation workloads across AI, machine learning, simulation, and rendering—industries where compute availability and power efficiency are now critical competitive advantages.

The CoreWeave–Core Scientific deal is a landmark moment in the convergence of AI and data infrastructure. It represents a strategic realignment that could set the tone for future mergers across the cloud and AI sectors.

With the transaction expected to close by the end of 2025, all eyes will now turn to how effectively CoreWeave can integrate Core Scientific’s assets and fulfill its vision of becoming a leading force in global AI infrastructure.