News
In a move to deepen its hold on the infrastructure layer of the AI ecosystem, CoreWeave announced June 7, 2025 that it will acquire long-time partner and data center operator Core Scientific in an all-stock transaction valued at approximately $9 billion. The acquisition marks a significant vertical integration step for the AI cloud platform provider, aimed at reducing costs, boosting performance and future-proofing growth amid the ongoing AI boom.
Under the terms of the deal, Core Scientific shareholders will receive 0.1235 shares of CoreWeave Class A common stock for each Core Scientific share held. Based on CoreWeave’s stock price as of July 3, 2025, this equates to roughly $20.40 per share — a 66% premium over Core Scientific’s share price before the deal was announced. The merger is expected to close in Q4 2025, pending regulatory and shareholder approvals.
A Strategic Play for Infrastructure Ownership
“This acquisition accelerates our strategy to deploy AI and HPC workloads at scale. Owning this foundational layer of our platform will enhance our performance and expertise as we continue helping customers unleash AI’s full potential.”
- Michael Intrator
CoreWeave CEO and Co-Founder
CoreWeave will gain control of approximately 1.3 gigawatts (GW) of gross power capacity across Core Scientific’s 10 US data centers, with another 1 GW+ available for expansion. That power capacity will be crucial as demand for high-performance compute surges. Core Scientific’s sites — currently used for both crypto mining and colocation — are in the process of being retrofitted to support AI workloads.
In a blog post accompanying the announcement, Michael Intrator, CoreWeave CEO and co-founder, described the deal as a response to the current “critical moment for AI,” where demand for specialized compute is outpacing supply and legacy infrastructure can’t keep up. “Our platform, including every layer of our technology stack, is purpose-built for the performance and expertise needed to power AI innovation,” he wrote.
Our CEO Mike Intrator joined @jimcramer on @MadMoneyOnCNBC to discuss our acquisition of @Core_Scientific and how it strengthens our position as a leader in AI infrastructure, extending our stack from hardware to software.
— CoreWeave (@CoreWeave) July 8, 2025
Watch here: https://t.co/SSUMs68vuO
Eliminating $10 Billion in Lease Costs, Unlocking $500 Million in Annual Savings
One of the most immediate financial benefits: CoreWeave will eliminate over $10 billion in cumulative lease obligations over the next 12 years. By owning its infrastructure outright, the company expects to unlock $500 million in fully ramped, annual run rate cost savings by 2027.
The deal also improves CoreWeave’s financing options. Rather than relying on traditional capital expenditures or lease arrangements, the company can now tap into infrastructure financing vehicles with potentially lower costs of capital.
Core Scientific, which emerged from bankruptcy in late 2023 and pivoted much of its infrastructure from crypto mining to AI support in the past 18 months, brings extensive data center development experience to the table. CEO Adam Sullivan framed the deal as a natural evolution of the companies’ longstanding relationship.
“As our longstanding partner, CoreWeave has experienced firsthand the operational excellence we deliver and the value of the services we provide,” Sullivan said. “Together, we will be well-positioned to accelerate the availability of world-class infrastructure for companies innovating with AI.”
Consolidating the Stack as AI Infrastructure Wars Heat Up
The acquisition comes just four months after CoreWeave’s successful IPO in March 2025, and as competition among AI infrastructure providers intensifies. CoreWeave has positioned itself as a leading alternative to the hyperscale cloud incumbents, offering specialized infrastructure tailored to AI labs and enterprises.
By acquiring Core Scientific, CoreWeave is making a clear play to control every layer of the AI compute stack — from chips to power to software. The move follows a trend of AI-first cloud providers racing to secure power, land and data center capacity in anticipation of explosive demand from enterprise and foundation model customers.
“This isn’t just about cost savings or expansion — it’s about control,” said Intrator. “With this deal, we’re making sure the infrastructure our customers depend on isn’t just available, but optimized for what’s next.”
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What’s Next
- Upon closing, Core Scientific shareholders will own less than 10% of the combined company.
- Advisors on the deal include Goldman Sachs and Davis Polk for CoreWeave, and Moelis & Company and Wachtell Lipton for Core Scientific.
While subject to the usual closing conditions, the merger signals CoreWeave’s growing ambitions in the rapidly evolving world of AI infrastructure — and points to just how critical owning the physical backbone of AI has become.
