US-based AI cloud-computing startup CoreWeave has announced the acquisition of Core Scientific, a leading data centre infrastructure provider, for $9 million in an all-stock transaction.
“This acquisition accelerates our strategy to deploy AI and HPC workloads at scale,” said Michael Intrator, CoreWeave's CEO and co-founder.
“Verticalising the ownership of Core Scientific’s high-performance data centre infrastructure enables CoreWeave to significantly enhance operating efficiency and de-risk our future expansion, solidifying our growth trajectory,” he added.
As a result of this acquisition, CoreWeave will gain ownership of approximately 1.3 gigawatts (GW) of gross power from Core Scientific's national data centre footprint, with an additional 1 GW or more available for future expansion.
Additionally, it offers the potential for repurposing resources for high-performance computing (HPC) or divesting from the crypto mining sector, supported by approximately 840 gross MW for HPC contracts and 500 gross MW for crypto mining.
According to Reuters, bitcoin miners have leveraged the AI surge to expand their operations beyond cryptocurrency by renting out power and data centre space to accommodate the increasing demand for AI tasks.
Bernstein analyst Gautam Chhugani told Reuters that the acquisition is anticipated to establish a standard for bitcoin miners seeking to transition to AI, noting that power is the primary limitation for the growth of AI data centres.
The company anticipates closing the transaction in the fourth quarter of 2025, subject to regulatory approvals and approval by Core Scientific's stockholders.
Following CoreWeave's successful initial public offering (IPO) in March 2025, this acquisition is expected to help CoreWeave streamline its data centre operations, ensuring future revenue growth and improving profitability.
This deal is expected to yield approximately $500 million in annual cost savings by the end of 2027, primarily through streamlined operations.
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