CoreWeave Acquires Core Scientific in $9 Billion Deal

CoreWeave, the AI Hyperscaler that delivers a cloud platform of cutting-edge software powering the next wave of AI, has announced on Monday that it will acquire Core Scientific, a leader in digital infrastructure for high-density colocation services and digital asset mining, in an all-stock transaction valued $9 billion.

Under the terms of the agreement, Core Scientific stockholders will receive 0.1235 newly issued shares of CoreWeave Class A common stock for each share of Core Scientific common stock based on a fixed exchange ratio.

Following CoreWeave’s successful IPO in March 2025, the acquisition will help CoreWeave verticalise its data center footprint to future-proof revenue growth and enhance profitability. Through this acquisition, CoreWeave will own approximately 1.3 GW of gross power across Core Scientific’s national data center footprint1 with an incremental 1 GW+ of potential gross power available for expansion.

CoreWeave’s Co-founder, CEO and Chairman Michael Intrator said that this acquisition accelerates their strategy to deploy AI and HPC workloads at scale.

“Verticalising 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. Owning this foundational layer of our platform will enhance our performance and expertise as we continue helping customers unleash AI’s full potential,” he said.

Strategic Benefits

CoreWeave expects to generate significant cost savings through streamlining business operations and eliminating lease overhead. It can pursue infrastructure financing strategies to finance committed capital expenditures, reducing its overall cost of capital.

CoreWeave will also gain greater control over a critical power footprint and optionality for future power capacity and Core Scientific’s data center development capabilities complement and augment CoreWeave’s extensive expertise in power procurement, construction, and site management for infrastructure assets.

Core Scientific’s President and CEO Adam Sullivan said that as their longstanding partner, CoreWeave has experienced first-hand the operational excellence they deliver and the value of the services they provide.

He added: “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.”

Transaction Details

The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions, including regulatory approval and approval by Core Scientific stockholders.

As of 3 July 2025, the agreed-upon exchange ratio implies a total equity value of approximately $9 billion. This is calculated on a fully diluted basis and based on CoreWeave’s 5-day VWAP. The final value will be determined at the time of transaction close. Upon close, CoreWeave expects Core Scientific’s stockholders’ ownership of the combined company will be less than 10%.

Financial Impact

Immediate elimination of over $10 billion of cumulative future lease overhead to be paid for existing contractual sites over the next 12 years.  Leverage neutral impact to CoreWeave while opening access to diverse financing sources at a more attractive cost of capital.

Including the elimination of the lease overhead, this deal adds $500 million of estimated fully ramped, annual run rate cost savings by the end of 2027 through streamlined operational focus. It also has the potential to repurpose toward HPC usage or divest crypto mining business over the medium-term horizon.