AI hyperscaler CoreWeave (CRWV) announced today that it will acquire Core Scientific (CORZ) in an all-stock deal valued at approximately $9 billion.
The transaction, based on a fixed exchange ratio of 0.1235 CoreWeave shares per Core Scientific share, represents a 66% premium to Core Scientific’s pre-announcement share price and is expected to close in Q4 2025, pending regulatory and shareholder approvals.
The acquisition gives CoreWeave control of roughly 1.3 GW of gross power capacity, plus over 1 GW in future expansion potential across Core Scientific’s U.S. data center portfolio. Strategically, this vertical integration eliminates over $10 billion in future lease obligations and is expected to drive $500 million in annual run-rate cost savings by 2027.
“This deal allows us to fully own and operate the physical infrastructure that underpins our AI and high-performance computing workloads,” said CoreWeave CEO Michael Intrator. “It’s about efficiency, control, and derisking future growth.”
Core Scientific’s CEO Adam Sullivan called the buy out a natural extension of their partnership, enabling both companies to accelerate AI infrastructure availability and unlock significant shareholder value.
Both CoreWeave and Core Scientific are down on the news pre-market, 6% and 14%, respectively.
