CoreWeave Renews Bid to Acquire Core Scientific Amid AI Boom
CoreWeave is once again pursuing an acquisition of Bitcoin mining firm Core Scientific, nearly a year after its initial $1 billion bid was rejected. According to a June 26 report from The Wall Street Journal, the Nvidia-backed AI cloud provider has reopened discussions to buy Core Scientific, reflecting shifting market dynamics and rising demand for AI infrastructure.
Last year, Core Scientific’s board dismissed CoreWeave’s $5.75-per-share offer as significantly undervaluing the company. While details of the renewed offer remain confidential, the market responded swiftly—Core Scientific’s shares jumped 28%, bringing its valuation to nearly $4 billion.
Insiders say the revived talks come on the heels of several long-term infrastructure agreements between the two companies, including a major deal to provide 200 megawatts of power for CoreWeave’s high-performance computing operations. With AI workloads expanding and Bitcoin mining profitability under pressure, CoreWeave appears to see strategic value in closer integration with Core Scientific.
