AI infrastructure company CoreWeave is set to acquire prominent Bitcoin mining firm Core Scientific in a $9 billion all-stock deal. The move will be boosting the firm’s presence in the AI and Bitcoin mining sectors.
The agreement values Core Scientific at $20.40 per share, a 66% increase from its price in late June, with all stockholders receiving 0.1235 shares of newly issued CoreWeave stock for each share they hold.
Despite this high-profile deal, Core Scientific’s stock dropped 22%, while CoreWeave slipped 4.5% in the last trading session.
As per Reuters, the acquisition helps CoreWeave eliminate over $10 billion in future lease overhead tied to long-term infrastructure contracts. Moreover, CoreWeave will gain full control of Core Scientific’s 1.3 gigawatts of contracted power. This is a critical advantage in today’s AI-driven data economy where power access remains a major bottleneck. The deal is expected to close in Q4, with the final price determined then.
Bitcoin Mining Meets AI Infrastructure
In the emerging tech sector, Bitcoin miners have found new life in the AI boom. Most of their hardware is now directed toward powering AI infrastructures where it sees efficient usage.
CoreWeave, backed by Nvidia, is seizing this shift by acquiring one of the mining sector’s key players. The company was established in 2017 as an Ethereum miner and switched to AI after Ethereum’s “Merge” in 2022. Its revenue has increased since then by more than eight times in the past year.
Core Scientific returned from bankruptcy in early 2024 after facing challenges with soaring energy costs and plummeting Bitcoin prices. Locking in a 12-year deal with CoreWeave for 200 MW in hosting services, the company established itself as a key player in AI.
AI Power Demand Reshapes Mining Industry
Bitcoin miners are now targeting AI clients to stay profitable. According to Bernstein, CoreWeave’s move sets a benchmark for future AI-crypto partnerships. With energy supply being the biggest barrier, firms with existing power assets like Core Scientific hold growing strategic value.
