CoreWeave acquires Core Scientific in $9 billion deal, gaining control of critical AI infrastructure.

Key Points:

• CoreWeave (CRWV) announces $9 billion all-stock acquisition of bitcoin miner Core Scientific
• Move adds 1.3 GW of power capacity and positions CoreWeave for vertical integration
• Acquisition aims to eliminate $10 billion in lease obligations and cut costs
• Deal expected to close in Q4 2025, pending shareholder and regulatory approval

CoreWeave, one of the fastest-growing AI cloud infrastructure providers, has agreed to acquire Core Scientific in a bold $9 billion all-stock deal aimed at securing its long-term compute and power footprint.

Under the agreement, Core Scientific shareholders will receive 0.1235 shares of CoreWeave Class A stock for each share they hold. The transaction significantly expands CoreWeave’s access to GPU-ready data centers and power infrastructure, boosting total capacity to over 1.3 gigawatts, with another gigawatt of expansion potential.

The deal is about more than scale—it’s a play for control. By acquiring Core Scientific, CoreWeave plans to eliminate more than $10 billion in future lease liabilities, effectively reducing reliance on third-party data center operators. This strategic vertical integration is expected to drive operational efficiencies, accelerate deployment timelines, and improve margins as AI demand continues to grow.

Why It Matters:

• AI Growth Demands Power: CoreWeave’s success in offering AI compute services, often powered by NVIDIA chips, hinges on dense and scalable infrastructure. Core Scientific’s crypto-mining origins made it one of the few operators with access to such power-dense sites.
• Faster Time-to-Market: With land, permits, and power access already secured by Core Scientific, CoreWeave gains a faster path to expansion compared to building data centers from scratch.
• Cost and Margin Advantage: Controlling both the compute layer and the physical layer improves capital efficiency and gives CoreWeave a long-term cost advantage in the increasingly competitive AI infrastructure market.

Stock Market Reaction:

Core Scientific stock jumped on the acquisition news, with some analysts suggesting the deal values shares at more than double their pre-announcement price. Meanwhile, CoreWeave—already up around 300% year-to-date—has signaled confidence in the strategic logic of the deal, though investors will be watching closely for integration progress.

What’s Next:

• The deal must be approved by regulators and shareholders, with a closing target of Q4 2025.
• Investors will watch for updates on integration plans, debt implications, and future buildouts.

Bottom Line:
CoreWeave’s acquisition of Core Scientific represents a major step in reshaping the AI infrastructure landscape. By taking control of power, land, and data center assets, the company positions itself to scale faster, cut costs, and better serve the surging demand for AI compute. The challenge now lies in successfully integrating a crypto-era infrastructure into a next-generation AI platform.