CoreWeave to Acquire Bitcoin Miner Core Scientific for $9 Billion

AI hyperscaler CoreWeave has signed a definitive agreement to purchase the American mining company Core Scientific, valuing it at $9 billion.

Today is an exciting day for CoreWeave! We just announced an agreement to acquire @Core_Scientific, solidifying our position as the leading AI Cloud Platform—purpose-built to deliver unmatched performance and expertise for the AI era. ? https://t.co/cRvGO0L1Jl #PoweringAI pic.twitter.com/svFjoH1MEr

— CoreWeave (@CoreWeave) July 7, 2025

As part of the deal, CoreWeave will exchange Class A shares for the bitcoin miner’s stock at a ratio of 0.1235:1.

The terms imply a 66% premium for Core Scientific shareholders based on the June 25 closing price of $12.3. They are expected to hold less than 10% of the combined company.

The acquisition is expected to be completed in the fourth quarter, pending shareholder and regulatory approval.

Through this acquisition, CoreWeave will gain data centers with a capacity of 1.3 GW, with the potential to expand by more than 1 GW.

Will CoreWeave Completely Exit Core Scientific from Mining?

In June 2024, the companies signed a 12-year contract under which Core Scientific committed to providing the AI hyperscaler with 200 MW of infrastructure for hosting Nvidia graphics processors. The agreement was expected to generate $3.5 billion in revenue for the miner over its term.

The acquisition terminates this contract. CoreWeave estimates that savings from the absence of rental payments will amount to approximately $10 billion.

In September 2024, Core Scientific CEO Adam Sullivan announced plans to expand services for the AI segment, as it is a more profitable business than cryptocurrency mining. However, he acknowledged that about 500 MW of the company’s capacity cannot be repurposed for high-performance computing due to technical limitations and will remain in mining.

According to Core Scientific, the firm mines approximately 5-7 BTC daily with a deployed hash rate of 19.7 EH/s. Since January 2021, the total cryptocurrency production has reached 40,132 BTC.

Today’s $CORZ daily self-mined #Bitcoin for the last reported 24-hour period (06-Jul-2025): 6.0 pic.twitter.com/fcsJnytqbk

— Core Scientific (@Core_Scientific) July 7, 2025

Core Scientific holds 993 BTC on its balance sheet, according to BitcoinTreasures.

In December 2022, the company filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. The firm completed its reorganization process in January 2024, and its shares returned to the Nasdaq listing.

Following the announcement of the agreement with CoreWeave, Core Scientific’s stock prices plummeted by more than 18% after the market opened, dropping to $14.7. Under the terms of the acquisition, the share price is set at $20.4.

CoreWeave has suggested that in the medium term, the combined company might exit the mining business. The hyperscaler itself was involved in cryptocurrency mining before transitioning to the AI segment.

In March, CoreWeave entered into a partnership agreement with OpenAI worth up to $11.9 billion.