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CoreWeave to Acquire Core Scientific in $9 Billion Deal to Expand AI Infrastructure
CoreWeave has announced a $9 billion all-stock acquisition of Core Scientific, a move designed to expand its data center footprint and solidify its position in the global artificial intelligence infrastructure race. The transaction, revealed on July 7, 2025, marks a strategic effort by CoreWeave to internalize critical operations, eliminate future leasing obligations, and secure the physical capacity needed to support increasingly dense AI and HPC (high-performance computing) workloads.
The agreement values Core Scientific shares at $20.40 apiece — a 66% premium over the stock’s closing price before acquisition discussions became public. The deal is expected to close in the fourth quarter of 2025, pending shareholder and regulatory approval.
AI Infrastructure Demands More Than Compute Power
As artificial intelligence applications continue to evolve, so do the infrastructure requirements behind them. CoreWeave’s acquisition strategy reflects the increasing need for companies to control not only processing power but also the underlying physical infrastructure — from power distribution to cooling systems.
The addition of Core Scientific’s data center assets will grant CoreWeave access to 1.3 gigawatts of gross capacity across facilities located throughout the United States. The company also gains the option to expand by another gigawatt, positioning it to accommodate the rapid growth of AI and machine learning workloads.
Beyond compute resources, the acquisition is also intended to drive operational efficiency. CoreWeave’s leadership highlighted the potential to eliminate an estimated $10 billion in future lease obligations, improving flexibility and cost structure as demand for AI processing continues to rise.
Core Scientific’s Shift From Mining to Compute Infrastructure
Core Scientific has undergone a significant transformation since its bankruptcy filing in 2022. Originally a major player in Bitcoin mining, the company has repositioned itself as a provider of digital infrastructure and HPC solutions. After relisting on the Nasdaq in 2024, Core Scientific has focused on enabling high-density computing deployments in purpose-built environments.
Its facilities are designed to support scalable digital workloads for enterprise clients and institutional partners. This operational pivot made the company an appealing acquisition target for CoreWeave, which is looking to scale its infrastructure quickly in response to increasing demand for AI-powered applications.
While Core Scientific continues to serve the digital asset industry, its broader transition to infrastructure-as-a-service and compute hosting has made it more aligned with the future needs of AI and enterprise computing.
A Growing Push to Control the Stack
This deal is part of a broader trend among technology companies aiming to control more layers of the digital infrastructure stack. For firms in the AI space, ownership of data centers, power capacity, and physical assets is becoming just as important as algorithmic innovation.
CoreWeave’s acquisition strategy reflects this shift. Rather than relying on third-party hosting providers, the company is bringing infrastructure under direct control to enhance speed, reliability, and energy efficiency for clients building and deploying AI models at scale.
The integration of Core Scientific’s facilities will also help CoreWeave expand its footprint across the U.S., diversifying geographic risk and ensuring access to strategically located sites with favorable energy profiles.
Implications for the AI Infrastructure Market
The infrastructure behind artificial intelligence is no longer a secondary concern. As enterprises deploy increasingly large models across sectors — from healthcare and manufacturing to fintech — the need for reliable, scalable data centers has become critical.
This deal sends a signal that capital is now flowing into infrastructure consolidation. Companies that can deliver both computing performance and physical capacity are becoming central to how AI ecosystems operate.
For CoreWeave, the acquisition reinforces its ambition to become a cornerstone provider in this space. With ownership of high-capacity data centers and the operational freedom that comes with it, the company is better positioned to meet the needs of AI developers and enterprise clients seeking performance at scale.
From Bankruptcy to a Strategic Exit
The trajectory of Core Scientific also highlights how businesses can pivot in response to market pressures. While its origins lie in digital asset mining, the company adapted its model to serve broader enterprise demand — shifting focus from asset generation to infrastructure support.
That strategic repositioning is now paying off. The acquisition represents not just a business transaction but also a recognition of the growing value of digital infrastructure in the AI era. It also shows that companies with the ability to adapt operationally can find renewed relevance in adjacent sectors.
With regulatory review still pending, the full impact of the deal remains to be seen. But if approved, it will represent one of the largest AI-focused infrastructure acquisitions to date — a signal of how high the stakes have become in the race to power the next generation of machine intelligence.
