CoreWeave has completed its acquisition of Bitcoin mining firm Core Scientific for $9 billion in an all-stock deal, aimed at enhancing its data center capacity for artificial intelligence (AI) and high-performance computing (HPC). Core Scientific's valuation in this agreement comes from an all-stock exchange where shareholders will receive 0.1235 shares of CoreWeave's Class A common stock for each share of CORZ. The acquisition will grant CoreWeave around 1.3 GW of gross power across Core Scientific's data centers, with further potential for expansion. Though Core Scientific has faced challenges due to the Bitcoin halving, the company has demonstrated significant growth, reportedly achieving $580 million in revenue in Q1 2025. This acquisition marks a strategic shift for CoreWeave into the burgeoning AI sector, despite being traditionally linked to cryptocurrency mining.

Source 🔗