CoreWeave to buy Core Scientific in $9 billion deal to meet AI power needs

Description

CoreWeave (CRWV.O) will buy crypto miner Core Scientific (CORZ.O) in an all-stock deal valued at about $9 billion, it said on Monday, as AI infrastructure firms race to secure the energy and data center capacity needed to power surging demand.

Authors

Pritam Biswas

Manya Saini

Publish date

July 7, 2025

Publisher

Reuters

Web URL

https://www.reuters.com/legal/transactional/coreweave-acquire-crypto-miner-core-scientific-2025-07-07

Referenced by

CoreWeave to acquire Core Scientific

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The deal also marks a turnaround for Core Scientific, which filed for bankruptcy in late 2022 following a sharp drop in bitcoin prices and soaring energy costs. The company emerged from bankruptcy in early 2024 and, like several other bitcoin miners, has looked to lean on the AI boom to power growth.

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The acquisition is expected to set the bar for bitcoin miners looking to pivot to AI, Bernstein analyst Gautam Chhugani told Reuters, adding that power remains the biggest constraint for AI data center expansion.

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