AI giant CoreWeave acquires Bitcoin mining company Core Scientific for $9 billion

The infrastructure company #AICoreWeave has signed an agreement to acquire the data center provider and Bitcoin mining unit Core Scientific in an all-stock deal valued at approximately $9 billion. The deal is expected to close by the end of this year.

Objective of the transaction

This transaction will enable CoreWeave to own 1.3 gigawatts of total capacity across Core Scientific's data center systems in the United States, with the potential to expand an additional 1 GW. CoreWeave CEO Michael Intrator stated that owning this foundational layer will "significantly enhance operational efficiency and mitigate risks for future expansion," reinforcing the company's growth trajectory.

Adam Sullivan, President and CEO of Core Scientific, shared that the agreement will help the company "accelerate the provision of world-class infrastructure for AI innovation companies while delivering maximum value to shareholders." Shareholders of Core Scientific will receive 0.1235 newly issued CoreWeave shares for each share they hold.

Benefits and collaboration

CoreWeave estimates that this deal will eliminate over $10 billion in leasing costs over the next 12 years. The two companies have had a long-standing partnership. The Bitcoin mining and AI data center industries have significant overlap as both consume large amounts of energy and are always seeking cheaper energy sources. Bitcoin miners have also considered AI as a way to generate additional revenue in recent years. #anhbacong