CoreWeave (NASDAQ:CRWV), an AI hyperscaler, announced that it will acquire data center infrastructure provider Core Scientific (NASDAQ:CORZ) in an all-stock deal valued at approximately $9 billion.
Shares of both companies fell on the announcement, with CoreWeave down 2.3% at $161 and Core Scientific down 15.9% at $15.
The acquisition will give CoreWeave ownership of about 1.3 gigawatts of power capacity across Core Scientific’s nationwide data center network, enhancing CoreWeave’s ability to support large-scale AI and high-performance computing workloads.
It eliminates more than $10 billion in future lease expenses over the next 12 years that CoreWeave would otherwise pay to Core Scientific under existing contracts.
Per the terms of the deal, each Core Scientific share will be swapped for 0.1235 CoreWeave shares, valuing Core Scientific stock at about $20.40 per share, which represents a premium over its price before takeover talks became public.
After closing, Core Scientific shareholders will own less than 10% of the combined company.
The deal is expected to close in the fourth quarter of 2025.