CoreWeave buys Core Scientific in $9bn AI infrastructure deal
News snapshot
- Acquisition givea CoreWeave greater centre reach
- Add two gigawatts of capacity
- Deal values Core Scientific at $9 billion
AI cloud provider CoreWeave announced Monday it will acquire data centre operator Core Scientific in an all-stock deal, valued at $9 billion.
The move aims to vertically integrate CoreWeave’s infrastructure capabilities as demand for AI computing surges, especially in high-performance training and inference workloads.
Core Scientific investors will receive 0.1235 shares of CoreWeave for each share they own.
Both stocks fell in New York, with CoreWeave down 3.7%, while Core Scientific plunged more than 20%, reflecting a caution over the size and scope of the merger.
CoreWeave plans to bring more than two gigawatts of power capacity in-house through the acquisition, reducing reliance on third-party leases and eliminating over $10 billion in projected operating expenses.
“Verticalizing Core Scientific’s infrastructure enables us to significantly enhance operating efficiency,” CoreWeave CEO Michael Intrator said.
Coreweave's IPO, in March, valued the business at $23 billion, and raised $1.46 billion of new capital.
