CoreWeave, a Nasdaq-listed AI and cloud computing firm, has announced its acquisition of Core Scientific, a leading Bitcoin mining data centre operator, in a landmark $9 billion all-stock deal. Revealed via a press release on July 7, 2025, the transaction marks a major step in the integration of AI infrastructure with cryptocurrency mining capabilities.
Under the terms of the agreement, Core Scientific shareholders will receive 0.1235 CoreWeave shares for each Core Scientific share. The deal is expected to close in the fourth quarter of 2025, subject to regulatory approval and a vote by Core Scientific stockholders.
Second Attempt After Initial Rejection
This acquisition follows a previously rebuffed offer of $1 billion by CoreWeave in June 2024. That earlier bid was turned down, but growing strategic alignment and operational collaboration between the two companies seem to have paved the way for a renewed and successful proposal.
CoreWeave and Core Scientific have already collaborated on several ventures, including a $1.2 billion expansion in Texas. The familiarity between the firms helped build mutual confidence, culminating in this all-stock transaction which significantly raises the valuation bar.
Strategic Rationale and Cost Sav5ings
CoreWeave plans to integrate Core Scientific’s infrastructure into its existing AI and high-performance computing (HPC) operations. According to CoreWeave CEO Michael Intrator, the acquisition is a key part of the company’s strategy to “verticalise” infrastructure ownership and scale efficiently.
“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,” Intrator said.
The company expects to save over $10 billion in future lease expenses across the next decade. The acquisition also adds 1.3 gigawatts of power capacity to CoreWeave’s platform, an essential asset for AI workloads and large-scale data processing.
Less Than 10% Ownership for Core Scientific Shareholders
Despite the substantial size of the deal, Core Scientific shareholders will own less than 10% of the newly combined entity. This reflects the relative valuation difference and the dominant market positioning of CoreWeave in AI and cloud services.
Core Scientific CEO Adam Sullivan praised the merger, highlighting the strong working relationship between the two companies: “As our longstanding partner, CoreWeave has experienced firsthand the operational excellence we deliver and the value of the services we provide.”
This merger positions CoreWeave as a vertically integrated powerhouse in the AI-data-infrastructure space, uniquely blending crypto mining scalability with AI compute capability. The deal also highlights how traditional data centre operations, particularly in crypto, are being re-evaluated through the lens of emerging technologies like generative AI and machine learning.
AI and Crypto: A Converging Future
This acquisition underscores the deepening ties between artificial intelligence and blockchain infrastructure. CoreWeave’s move to absorb one of the largest Bitcoin mining firms is not merely a financial decision, but a strategic alignment that highlights how compute-intensive industries are merging.
With growing demand for AI-driven workloads and decentralised computing networks, the integration of blockchain mining infrastructure into AI service providers could set a precedent for future M&A activity across the tech and crypto sectors.
