As AI demand soars, CoreWeave repositions with bold M&A move
CoreWeave, once a crypto miner, now an AI infrastructure powerhouse, is reportedly in final talks to acquire Bitcoin mining giant Core Scientific, according to Cointelegraph. This comes after a previous offer was rejected in 2023 — but with Core Scientific’s recent growth, the new deal is expected to be significantly higher.
The potential acquisition caused Core Scientific’s stock (CORZ) to spike over 23%, temporarily halting trading. The company now boasts a market cap of $3.6B, more than triple the value of last year’s $1B buyout offer ($5.75 per share). That initial offer was declined in favor of a deeper partnership with CoreWeave, including a $1.225B infrastructure deal focused on supporting Nvidia GPUs.
CoreWeave (CRWV), meanwhile, has seen its own stock soar nearly 300% this year, pushing its valuation to $78.4B — a massive leap driven by surging AI demand.
Core Scientific recently reported a Q1 net income of $580M, more than doubling year-over-year, although revenue missed estimates at $79.5M, with $67.2M from its own mining operations. The April 2024 Bitcoin halving (6.25 BTC → 3.125 BTC) impacted earnings, yet Core Scientific still ranks as the 30th largest BTC-holding public company with 977 BTC.
As the crypto mining sector pivots toward AI and infrastructure, CoreWeave’s aggressive expansion signals a new chapter in the evolving digital asset landscape.