AI Company CoreWeave Will Buy Bitcoin Mining Giant Core Scientific for $9 Billion
2025-07-08 15:17:46
Main Idea
AI infrastructure firm CoreWeave will acquire Bitcoin mining company Core Scientific in an all-stock transaction valued at approximately $9 billion, aiming to streamline operations and expand AI and high-performance computing capabilities.
Key Points
1. CoreWeave will acquire Core Scientific in an all-stock deal, with Core Scientific stockholders receiving 0.1235 shares of CoreWeave Class A common stock per share, valuing the transaction at around $9 billion.
2. The deal is expected to eliminate over $10 billion in cumulative future lease overhead and generate $500 million in annual cost savings by 2027 through streamlined operations.
3. Core Scientific stockholders will own less than 10% of the merged company post-transaction, which aims to enhance AI and high-performance computing (HPC) infrastructure.
4. CoreWeave's CEO stated the acquisition accelerates their strategy to deploy AI and HPC workloads at scale, while Core Scientific's CEO highlighted the potential for world-class infrastructure for AI innovation.
5. The companies previously announced a $1.2 billion expansion plan in February 2025 to build one of the largest GPU supercomputers in North America.
Description
Bitcoin mining company Core Scientific has revealed that AI infrastructure firm CoreWeave will acquire it in an all-stock transaction. According to the press release, the transaction will close in the fourth quarter of this year. Core Scientific stockholders will receive 0.1235 newly issued shares of CoreWeave Class A common stock, on a fixed exchange ratio, for each share of Core Scientific common stock they hold. The total equity value is approximately $9 billion. The partners will determine t...
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