Cailian Press reported on July 8 (Editor Zhao Hao) that the American artificial intelligence (AI) cloud service company CoreWeave has agreed to acquire data center infrastructure provider Core Scientific through an all-stock transaction, with a transaction value of nearly $9 billion.
On Monday (July 7), CoreWeave announced on its official website that it has signed a final agreement to acquire Core Scientific through an all-stock transaction: each share of Core Scientific common stock can be exchanged for 0.1235 shares of newly issued CoreWeave Class A common stock.
The press release stated that based on CoreWeave's closing price last Thursday (July 3), the per share value of Core Scientific in the transaction was $20.40, which represents a premium of about 66% compared to Core Scientific's stock price on June 25, unaffected by news.
The transaction is expected to be completed in the fourth quarter of 2025, but it still requires approval from regulatory authorities and consent from Core Scientific shareholders. After the transaction is completed, CoreWeave expects that Core Scientific shareholders will hold less than 10% of the combined company.
CoreWeave stated that this acquisition will help the company 'verticalize' its data center layout: ① Improve operational efficiency ② Have greater financing flexibility ③ Obtain ownership and optionality of power ④ Expand expertise for future revenue growth and enhance profitability.
Specifically, Core Scientific will become one of CoreWeave's main data center infrastructure providers, supporting CoreWeave's business by utilizing its existing data center resources and large-scale power supply capacity.
CoreWeave was founded in 2017 and is headquartered in Roseland, New Jersey, USA. It is a cloud service startup supported by NVIDIA, with clients including giants in the AI field such as OpenAI and Microsoft.
Cailian Press previously reported that CoreWeave received the first NVIDIA GB300 NVL72 system in the market last week. Analysts believe this shows that the startup CoreWeave is gaining an increasingly prominent position in the competitive AI cloud computing field.
CoreWeave will have a total generation capacity of approximately 1.3 gigawatts from Core Scientific's national data centers, with over 1 gigawatt of potential expandable generation capacity—equivalent to the generating capacity of a nuclear reactor.
Currently, cloud service providers are building data centers on an unprecedented scale to meet the demands of AI-related work. Last week, it was reported that Oracle and OpenAI have also reached an agreement, allowing OpenAI to acquire 4.5 gigawatts of data center capacity.
CoreWeave CEO Michael Intrator stated, 'The acquisition accelerates our strategy for large-scale deployment of AI and HPC (High-Performance Computing) workloads.'
It is worth mentioning that Core Scientific was once one of the top Bitcoin mining companies, specializing in building large-scale data centers and using high-energy-consuming computers to 'mine'.
The company had previously gone bankrupt due to a collapse in cryptocurrency asset prices, but emerged from bankruptcy last January after a strong rebound in Bitcoin and began transitioning to the AI field.
As early as last year, CoreWeave proposed to acquire Core Scientific for about $1 billion. At that time, both parties signed a series of 12-year contracts to provide approximately 200 megawatts of data center infrastructure for CoreWeave.
Due to the cooperation agreement and CoreWeave's acquisition intentions, Core Scientific's stock price has soared, rising 135.77% in the second quarter of this year.