TL;DR
- CoreWeave will acquire Core Scientific in a $9 billion deal, taking control of its 1.3 GW of contracted and future power capacity.
- The transaction will eliminate over $10 billion in future lease obligations and secure critical resources for CRWV’s AI infrastructure business.
- Bitcoin miners are seeking to pivot, as energy availability remains the biggest constraint for AI data center expansion.
CoreWeave has reached a deal to acquire Core Scientific in a transaction valued at $9 billion. The operation will be executed through a stock swap, with each Core Scientific shareholder receiving 0.1235 shares of CRWV Class A stock. The transaction is scheduled to close in the fourth quarter of 2025, aiming to expand power and data center capacity for artificial intelligence and high-performance computing.
The acquisition grants CoreWeave full control over 1.3 GW of contracted and future power capacity from Core Scientific. This will secure critical infrastructure to meet growing AI demand, a resource increasingly scarce due to energy supply limitations. Additionally, the deal will eliminate over $10 billion in future lease liabilities tied to Core Scientific’s data centers, built during the crypto mining boom.
CoreWeave was founded as an Ethereum mining operation in 2017 but exited that business after Ethereum’s 2022 network upgrade drastically reduced mining rewards. Since then, the company shifted its focus to AI infrastructure, experiencing rapid revenue growth and launching a public offering in 2025.
CoreWeave Ends Core Scientific’s Financial Ordeal
For Core Scientific, the acquisition marks a structured exit after a difficult period. The company filed for bankruptcy in 2022 following the sharp drop in BTC prices and rising energy costs. After restructuring and emerging from bankruptcy in 2024, it sought to diversify by leasing power capacity and data center space to meet growing AI demand. The company signed 12-year contracts with CoreWeave to supply 200 MW of capacity, eventually bringing both firms back to the negotiation table.
Industry analysts believe this deal will set a benchmark for other bitcoin miners looking to pivot toward AI-related businesses. Energy availability remains the key bottleneck in expanding AI data centers, and this transaction gives CoreWeave an immediate solution to that challenge.
