CoreWeave (CRWV) has made an all-stock bid to acquire bitcoin miner Core Scientific (CORZ) valued at $20.40 per share. This acquisition, representing a ~16x FY26E EBITDA multiple, has raised concerns among Core Scientific shareholders, as the valuation appears low compared to traditional data center peers, according to analysts at investment bank KBW. Core Scientific shares fell 18% to approximately $14.75 following the announcement, while CoreWeave's stock dropped 5%. The deal is expected to provide strategic advantages to CoreWeave, including the potential to cut over $10 billion in lease obligations and achieve annual cost savings over $500 million by 2027. However, analysts predict possible shareholder pushback regarding the deal's terms, which do not include cash and reflect an unchanged asset base since a prior failed acquisition attempt by CoreWeave. Despite these concerns, the analysts note that without a competing offer, the acquisition is likely to progress, pending shareholder approval expected in Q4 2025.

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