CoreWeave, a U.S.-based AI cloud service provider, has announced its plan to acquire Core Scientific, a digital infrastructure operator, in an all-stock transaction valued at approximately $9 billion. The agreement will see Core Scientific stockholders receive 0.1235 shares of CoreWeave Class A common stock for each Core Scientific share, reflecting a 66% premium over its June 25, 2025 closing price. Following its IPO in March 2025, CoreWeave aims to strengthen its data center operations by integrating Core Scientific’s 1.3 GW national power capacity with potential for future expansion. “Verticalizing 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,” said Michael Intrator, CEO of CoreWeave. The acquisition is expected to close in the fourth quarter of 2025, pending regulatory and shareholder approvals.
This merger is set to eliminate over $10 billion in future lease obligations and generate an estimated $500 million in annual savings by 2027. It also opens financing avenues while keeping CoreWeave’s leverage neutral. Adam Sullivan, CEO of Core Scientific, noted, “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.” Post-merger, CoreWeave plans to optimize or repurpose some of Core Scientific’s facilities, potentially shifting focus toward AI workloads and high-performance computing services.