- CoreWeave issues 0.1235 shares per CORZ share in a $9 billion all-stock transaction
- Transaction secures over 1 GW of U.S. data-center power for AI workloads
- Merger expected to close in Q4 2025 after regulatory and shareholder approvals
CoreWeave has agreed to acquire Core Scientific in an all-stock deal that values the bitcoin miner at about $9 billion. Under the terms, each Core Scientific share will convert into 0.1235 CoreWeave Class A shares, reflecting a 66% premium to its late-June price. This move secures over a gigawatt of U.S. data-center capacity for AI workloads and replaces a $10 billion lease agreement between the companies. Both boards have approved the merger, which is expected to close in the fourth quarter of 2025, subject to regulatory and shareholder approval. Effective alignment of resources and control over power costs are central to CoreWeave’s plan to support large-scale GPU deployments.
Overview of CoreWeave Deal
CoreWeave will issue 0.1235 Class A shares for each outstanding Core Scientific share (ticker CORZ), reflecting a valuation of $20.40 per share based on CoreWeave’s July 3 closing price. That equates to a 66 percent premium over Core Scientific’s unaffected June price of $12.30, when rumors of a takeover first surfaced. Earlier attempts by CoreWeave to purchase the miner in 2024 laid the groundwork for this successful negotiation. The boards of both companies have already endorsed the merger, which is expected to close in Q4 2025, pending investor approval and regulatory clearance.
CoreWeave Share Exchange Details
Under the deal terms, Core Scientific shareholders will convert each share into 0.1235 CoreWeave shares, limiting their stake to under 10% of the combined company at closing. At CoreWeave’s recent market capitalization, that exchange ratio implies a total valuation near $9 billion for Core Scientific’s assets. The agreement also terminates the existing $10 billion lease contract between the two firms, streamlining future operating costs and simplifying the capital structure.
Impact on U.S. Data-Center Capacity
By owning Core Scientific’s infrastructure outright, CoreWeave gains control over more than one gigawatt of high‐performance data‐center power. This capacity is critical for clients such as OpenAI and Microsoft, who rely on Nvidia GPU clusters for large‐scale model training. Last year, CoreWeave began hosting GPUs at Core Scientific locations under a 12-year service agreement; this transaction now verticalizes that arrangement, enhancing efficiency and eliminating third-party leasing risks.
Financial Terms and Premium
The $20.40 per-share consideration represents a substantial uplift from Core Scientific’s publicly traded price of $12.30 in late June, translating into a 66 percent premium. Core Scientific went public in January 2022 via a $4.3 billion SPAC merger but faced financial distress, filing for Chapter 11 protection in December 2022. Since emerging from bankruptcy and relisting on Nasdaq, its shares fell about 20 percent on the Monday of the announcement. At closing, the combined entity will carry Core Scientific’s remaining 977 BTC—valued at roughly $105 million based on current Bitcoin Treasuries data—on its balance sheet.
Strategic Benefits for CoreWeave
For CoreWeave, acquiring Core Scientific offers multiple advantages. Vertical ownership of data‐center assets reduces exposure to volatile power markets and lease renewals. CEO Michael Intrator emphasized that integrating these sites will “significantly enhance operating efficiency and de-risk future expansion.” The move also strengthens CoreWeave’s ability to negotiate lower electricity rates, a critical input for GPU‐intensive workloads, and secures capacity in regions with favorable energy costs.
integration and Growth Path
Following the merger close in Q4 2025, the combined company will operate under the CoreWeave banner, with existing Core Scientific stakeholders owning a minority interest. Integration plans include consolidating management teams, harmonizing site operations, and rolling out unified service offerings. With over one gigawatt of capacity now under its direct control, CoreWeave can accelerate its roadmap to support next-generation AI models, maintain cost competitiveness, and offer clients predictable pricing.
Conclusion
The agreement between CoreWeave and Core Scientific brings together two firms with connected infrastructure and goals. With this merger, CoreWeave secures control over essential data-center power and simplifies its operations by removing a large lease commitment. Core Scientific’s facilities now become part of a larger network focused on GPU-based services. The deal also reshapes ownership, with Core Scientific shareholders holding a smaller part of the new company. This move reflects a shift toward more stable, long-term planning in the AI and data-center space. Both companies are expected to continue their services with more coordination and shared direction.
Disclaimer
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