CoreWeave, a leading AI hyperscaler, has signed a definitive agreement to acquire Core Scientific, a prominent data center infrastructure provider, in an all-stock transaction valued at approximately $9.0 billion. This strategic move verticalizes CoreWeave’s data center ownership, enhancing operational efficiency and positioning the company for sustained revenue growth in the AI and high-performance computing (HPC) sectors.
CoreWeave to acquire Core Scientific in an all-stock deal worth $9.0 billion.
Acquisition verticalizes data center ownership, securing 1.3 GW of power.
Move enhances efficiency, cuts $10 billion in future lease overhead by 2027.
CoreWeave gains financing flexibility and expanded data center expertise.
Deal expected to close in Q4 2025, pending regulatory and stockholder approval.
Acquisition strengthens CoreWeave’s AI and HPC infrastructure capabilities.
CoreWeave’s acquisition of Core Scientific marks a pivotal step in scaling its AI and HPC infrastructure. By owning Core Scientific’s national data center footprint, which includes 1.3 GW of gross power and over 1 GW of potential expansion capacity, CoreWeave strengthens its ability to deploy AI workloads at scale. The all-stock transaction, based on a fixed exchange ratio of 0.1235 CoreWeave Class A shares per Core Scientific share, reflects a 66% premium over Core Scientific’s June 25, 2025, share price.
The acquisition delivers significant operational and financial advantages. CoreWeave expects to eliminate over $10 billion in cumulative lease overhead for existing sites over the next 12 years, achieving $500 million in annual cost savings by 2027. Verticalizing data center ownership streamlines operations, while Core Scientific’s expertise in data center development enhances CoreWeave’s capabilities in power procurement and site management. Additionally, the deal provides greater financing flexibility, enabling access to diverse funding sources at lower costs.
“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.” By securing control over a critical power footprint, CoreWeave gains optionality for future capacity, with the potential to repurpose or divest Core Scientific’s crypto mining business.
“As our longstanding partner, CoreWeave has experienced firsthand the operational excellence we deliver and the value of the services we provide,” said Adam Sullivan, President and Chief Executive Officer of Core Scientific. “Together with CoreWeave, we will be well-positioned to accelerate the availability of world-class infrastructure for companies innovating with AI while delivering the greatest value for our shareholders, who will be able to participate in the tremendous upside potential of the combined company.” The transaction, set to close in Q4 2025, aligns the interests of both companies’ stakeholders, with Core Scientific shareholders owning less than 10% of the combined entity.
CoreWeave’s acquisition of Core Scientific positions the company as a leader in AI infrastructure, combining operational efficiency, financial flexibility, and expanded expertise. This strategic move ensures CoreWeave can meet the growing demand for AI and HPC workloads while delivering long-term value to shareholders.
CoreWeave, the AI Hyperscaler™, delivers a cloud platform of cutting-edge software powering the next wave of AI. The company's technology provides enterprises and leading AI labs with cloud solutions for accelerated computing. Since 2017, CoreWeave has operated a growing footprint of data centers across the US and Europe. CoreWeave was ranked as one of the TIME100 most influential companies and featured on Forbes Cloud 100 ranking in 2024.
Core Scientific is a leader in digital infrastructure for high-density colocation services and digital asset mining. We operate dedicated, purpose-built facilities for digital asset mining and are a premier provider of digital infrastructure, software solutions and services to our third-party customers. We employ our own large fleet of computers (“miners”) to earn digital assets for our own account and to provide hosting services for large digital asset mining customers and we are in the process of allocating and converting a significant portion of our ten facilities in Alabama (1), Georgia (2), Kentucky (1), North Carolina (1), North Dakota (1), Oklahoma (1) and Texas (3) to support artificial intelligence-related workloads under a series of contracts that entail the modification of certain of our data centers to deliver next generation colocation services.
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