AI cloud powerhouse CoreWeave has announced its acquisition of Core Scientific, a data center operator historically focused on cryptocurrency mining, in a transformative $9 billion all-stock deal. The transaction will give CoreWeave control of approximately 1.3 GW of gross power capacity across a national network of data centers, with another 1 GW available for future expansion.
The deal, expected to close in Q4 2025 pending regulatory and shareholder approvals, positions CoreWeave to accelerate its ambitions in artificial intelligence (AI) and high-performance computing (HPC) by vertically integrating data center infrastructure across key states including Texas, Georgia, North Carolina, and North Dakota.
Why This Matters
The acquisition marks a defining pivot from crypto infrastructure to AI-native infrastructure. CoreWeave will gain not just physical assets but strategic flexibility—by repurposing crypto-mining setups for HPC use or selling off non-core assets, the company aims to double down on AI at scale.
Key Highlights:
- Massive Scale: CoreWeave will now control 1.3 GW of power across Core Scientific sites, with another 1 GW in the pipeline.
- Cost Efficiency: An estimated $500 million in annual cost savings and the removal of $10 billion in lease overhead over the next 12 years.
- Asset Control: Complete vertical integration of infrastructure will allow CoreWeave to better manage costs, expand sustainably, and secure critical power capacity.
- Shareholder Terms: Core Scientific shareholders will receive 0.1235 shares of CoreWeave Class A common stock for each Core Scientific share, owning less than 10% of the merged entity post-closing.
CoreWeave Chairman Michael Intrator stated,
“Owning this foundational layer of our platform will enhance our performance and expertise as we continue helping customers unleash AI’s full potential.”
Core Scientific CEO Adam Sullivan added,
“This partnership enables us to unlock greater value and accelerate infrastructure availability for companies advancing AI solutions.”
Strategic Context
This acquisition follows CoreWeave’s major agreement with OpenAI earlier this year, valued at up to $11.9 billion, to expand compute capacity for training and deploying AI models. The purchase of Core Scientific fits seamlessly into this roadmap by offering unprecedented control over a high-powered data center footprint.
While Core Scientific previously rejected a $1 billion offer from CoreWeave in 2024, citing undervaluation, the new deal dramatically reshapes the scale and ambitions of both companies.
This acquisition is more than a financial deal—it’s a signal of a new era in digital infrastructure. It reflects how hyperscale AI companies are shifting from reliance on third-party data center leases to owning their own infrastructure for both cost savings and operational control.
For governments, utilities, and property developers, the message is clear: data centers are no longer passive landlords in the tech economy. They are strategic partners, or even acquisition targets, for the companies driving AI.
For crypto infrastructure players, this marks a potential exit route or pivot—retooling for AI workloads offers a lifeline in an increasingly regulated, volatile environment.
For traditional telecoms and real estate owners, the playbook is evolving fast. The best opportunities may lie in hybrid models: energy + compute + location.
