AI infrastructure firm CoreWeave has agreed to acquire bitcoin miner Core Scientific in an all-stock deal valued at approximately $9 billion. The acquisition, announced Monday, is aimed at securing energy-heavy infrastructure to support surging demand for AI computing capacity. With this move, CoreWeave will gain control over 1.3 GW of power contracts and expand its data center footprint significantly.
The transaction values Core Scientific shares at $20.40 each—a 66% premium over its pre-deal stock price—and is expected to close in the fourth quarter of 2025. Core Scientific shareholders will receive 0.1235 shares of CoreWeave stock for every share they own.
Crypto infrastructure pivots to AI acceleration
Bitcoin miners like Core Scientific are increasingly being targeted by AI infrastructure firms due to their existing power-heavy setups and underutilized data center capacity. CoreWeave, originally founded in 2017 as a crypto miner, pivoted away from mining after Ethereum’s 2022 transition known as “The Merge.” The company has since seen exponential growth in revenue, driven by demand for AI and high-performance computing (HPC) workloads.
This acquisition is expected to eliminate over $10 billion in future lease obligations tied to CoreWeave’s expansion plans, allowing faster deployment of AI infrastructure. According to analysts, the move sets a new benchmark for crypto miners seeking relevance in the AI era.
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Rebirth for Core Scientific post-bankruptcy
For Core Scientific, the deal marks a major turnaround. After filing for bankruptcy in late 2022 due to plunging bitcoin prices and high energy costs, the company emerged from restructuring in early 2024. It later signed a series of 12-year contracts with CoreWeave, including agreements to supply over 200 MW of infrastructure for HPC.
While Core Scientific initially rejected CoreWeave’s unsolicited bid in June 2024, the strategic alignment and long-term contracts paved the way for acquisition talks to resume. The deal highlights how AI infrastructure growth is reshaping adjacent industries like crypto mining and defining new energy-based valuations in the tech sector.
