AI Company CoreWeave Will Buy Bitcoin Mining Giant Core Scientific for $9 Billion

Bitcoin mining company Core Scientific has revealed that AI infrastructure firm CoreWeave will acquire it in an all-stock transaction.

According to the press release, the transaction will close in the fourth quarter of this year. Core Scientific stockholders will receive 0.1235 newly issued shares of CoreWeave Class A common stock, on a fixed exchange ratio, for each share of Core Scientific common stock they hold.

The total equity value is approximately $9 billion. The partners will determine the final value when the transaction closes.

Also, at that point, Core Scientific’s stockholders’ ownership of the merged company will be less than 10%, the announcement says.

Moreover, the companies expect an “immediate elimination” of more than $10 billion of cumulative future lease overhead. It will be paid for existing contractual sites over the next 12 years.

“Including the elimination of the lease overhead, this deal adds $500 million of estimated fully ramped, annual run rate cost savings by the end of 2027 through streamlined operational focus,” the announcement notes.

The benefits of the acquisition, per the teams, also include a possibility to repurpose toward HPC (High-Performance Computing) usage or divest crypto mining business in the medium-term, as well as additional access to various financing sources at “a more attractive cost of capital.”

Meanwhile, the two companies have been negotiating a merger for a while now. An earlier $1 billion bid was rejected last year.

Stocks Drop

CoreWeave completed its IPO in March 2025. The price of the stock at the time of writing is $155.9, down 2.38%. Its highest point was $183 seen in June.

Core Scientific is down 1.35% to $14.63. It hit its peak of $18.23 in November last year.

Now, CoreWeave says, this merger will provide it with some 1.3 GW of gross power, with an incremental 1 GW+ of potential gross power available for expansion.

It argues it will see “significant cost savings through streamlining business operations and eliminating lease overhead.” Also, the acquisition will enable it to seek infrastructure financing for capital expenditures, reducing its cost of capital.

“This acquisition accelerates our strategy to deploy AI and HPC workloads at scale,” said Michael Intrator, CoreWeave’s Chief Executive Officer, Chairman of the Board, and co-founder. “Verticalizing the ownership of Core Scientific’s high-performance data center infrastructure enables CoreWeave to significantly enhance operating efficiency and de-risk our future expansion, solidifying our growth trajectory.”

Adam Sullivan, President and Chief Executive Officer of Core Scientific, added that the merged company “will be well-positioned to accelerate the availability of world-class infrastructure for companies innovating with AI” while delivering value for the shareholders.

In February this year, Core Scientific and CoreWeave revealed plans for a $1.2 billion data center expansion. The partners argued that the partnership could ultimately lead to over $10 billion in cumulative revenue opportunities.

As part of the expansion, Core Scientific increased its capacity in Texas, USA, aiming to build “one of the largest GPU supercomputers in North America.”

Meanwhile, in May, Core Scientific announced financial results for the year’s first quarter. Net income was $580.7 million, compared to $210.7 million for the same period in 2024. Total revenue stood at $79.5 million, while it was $179.3 million in the same period last year.

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