CoreWeave, an AI infrastructure provider, has completed the acquisition of Core Scientific, one of the largest Bitcoin mining operations in North America. The deal is valued at $9 billion and aims to expand capabilities for high-performance computing.
The Deal and Its Terms
The deal is valued at approximately $9 billion and is conducted as an all-stock transaction. Core Scientific shareholders will receive 0.1235 shares of newly issued CoreWeave Class A common stock for each CORZ share they hold. Following the completion of the deal, Core Scientific shareholders are expected to own less than 10% of the combined company.
Core Scientific's Market and Financials
Core Scientific ranks among the leading Bitcoin mining companies in North America and is the 33rd largest corporate Bitcoin holder, with 977 BTC on its balance sheet. In Q1 2025, the company more than doubled its earnings to $580 million, despite the adverse impact of the Bitcoin halving on revenue.
Background and Future Plans
CoreWeave has been pursuing the acquisition of Core Scientific for over a year, initially offering $5.75 per share, which was rejected. Following the rise in Core Scientific's market capitalization, takeover discussions resumed. According to CoreWeave, there is potential to repurpose Core Scientific's assets for high-performance computing or divest the cryptocurrency mining business over the medium term.
The acquisition of Core Scientific marks a key step for CoreWeave in expanding its capabilities in artificial intelligence and high-performance computing, strengthening its position in a rapidly evolving market.
