CoreWeave to acquire Core Scientific in $9 billion all-stock deal

CoreWeave, a prominent player in the artificial intelligence sector, announced on Monday its plans to acquire Core Scientific, a major provider of data center infrastructure, in an all-stock transaction valued at around $9 billion. Following the announcement, CoreWeave's shares experienced a dip of approximately 4%, while Core Scientific's stock saw a significant decrease of about 20%. The acquisition comes after a period of speculation, with both companies’ stocks rising in late June when news broke of potential acquisition discussions. This strategic move is poised to enhance CoreWeave's competitive edge in the rapidly evolving AI landscape by bringing vital infrastructure under its control. CoreWeave's CEO, Michael Intrator, highlighted that this acquisition could help eliminate $10 billion in future leasing commitments, greatly improving operational efficiency. The deal is anticipated to finalize in the fourth quarter of 2025, subject to necessary regulatory and shareholder approvals. This acquisition will significantly bolster CoreWeave's resources, granting it access to 1.3 gigawatts of existing power capacity across Core Scientific's U.S. data centers, along with an additional gigawatt earmarked for future development. Since its emergence from bankruptcy and relisting on the Nasdaq in 2024, Core Scientific has shifted its focus towards high-performance computing demands. Core Scientific shareholders will benefit from this deal, receiving 0.1235 shares of CoreWeave for each share they own, which translates to a valuation of $20.40 per share, reflecting a 66% premium based on Core Scientific's stock price prior to the acquisition news. Following the completion of the deal, Core Scientific stakeholders will hold less than 10% of the newly formed entity.