Core Scientific to be acquired for $9 billion in stock by CoreWeave
2025/07/07 15:30- CoreWeave to buy Core Scientific for $9 billion in stock
- Bitcoin miner integrates infrastructure with AI operations
- Core Scientific shares fall after acquisition announcement
CoreWeave, a cloud computing company focused on GPUs, announced on Monday (8) the acquisition of bitcoin mining company Core Scientific in a 100% stock-based transaction. The transaction values Core Scientific at approximately US$ 9 billion and strengthens CoreWeave's infrastructure with more than 1,2 gigawatts of power capacity for data centers in the United States.
**CoreWeave Announces $9B All-Stock Acquisition of Core Scientific**
CoreWeave is set to acquire bitcoin miner Core Scientific in a $9 billion all-stock deal, valuing it at approximately $20.40 per share.
• Valuation aligns with Jefferies' $16-$23 estimate; expected closure by…
Under the deal, Core Scientific shareholders will receive 0,1235 CoreWeave Class A shares for each CORZ share, which is equivalent to about $20,40 per share, based on CoreWeave’s price on July 3. That represents a 66% premium to the miner’s share price on June 25, when rumors of the deal first surfaced.
Upon completion of the merger, which is expected to close in the fourth quarter of 2025, Core Scientific’s current shareholders will own less than 10% of the combined company. The deal has already been approved by the boards of both companies, but is still subject to regulatory approval and investor approval.
CoreWeave was already a Core Scientific customer, with contracts to host GPUs at sites operated by the mining company. With the acquisition, the previous 12-year contract, valued at US$ 10 billion, will be canceled. According to CoreWeave CEO Michael Intrator, the integration will allow for operational gains and greater control over the company’s expansion. “Verticalizing the ownership of Core Scientific’s high-performance data center infrastructure allows CoreWeave to significantly improve operational efficiency and reduce the risks of our future expansion,” he said.
Core Scientific, which filed for Chapter 2022 bankruptcy in December 11, had returned to the Nasdaq after a reorganization. However, the miner’s shares fell about 20% at the market open, reflecting the dilution of shareholders with the new ownership structure. The company still holds 977 bitcoins in its treasury, valued at about $105 million.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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