Coreweave Acquires Core Scientific for $9 Billion

By Philip Seaworth • Monday, July 07 15:23 • Permanent Link

Coreweave (NASDAQ: CRWV) has announced its acquisition of Core Scientific, a leading data center infrastructure provider, in an all-stock transaction. The deal will see Core Scientific stockholders receive 0.1235 newly issued shares of Coreweave Class A common stock for each share of Core Scientific common stock, based on a fixed exchange ratio. The transaction, expected to close in the fourth quarter of 2025, carries a total equity value of approximately $9.0 billion based on Coreweave's 5-day VWAP as of July 3, 2025.

This acquisition is set to have significant financial impacts, including the immediate elimination of over $10 billion of cumulative future lease overhead for existing contractual sites over the next 12 years. Additionally, the deal is expected to add an estimated $500 million of fully ramped, annual run rate cost savings by the end of 2027 through streamlined operational focus. Furthermore, the transaction will have a leverage-neutral impact on Coreweave while opening access to diverse financing sources at a more attractive cost of capital.

The strategic benefits of the acquisition include operational efficiency, greater financing flexibility, power ownership and optionality, and expanded expertise. Coreweave expects to own approximately 1.3 GW of gross power across Core Scientific's national data center footprint, with an incremental 1 GW+ of potential gross power available for expansion.

Following the acquisition, Core Scientific's stockholders' ownership of the combined company is expected to be less than 10%. The acquisition aims to accelerate Coreweave's strategy to deploy AI and HPC workloads at scale, with Coreweave's CEO, Michael Intrator, highlighting the move as a means to significantly enhance operating efficiency and de-risk future expansion.

Goldman Sachs & Co. LLC is acting as the financial advisor, with Davis Polk & Wardwell LLP and Kirkland & Ellis LLP serving as legal counsel to Coreweave. Meanwhile, Moelis & Company LLC and PJT Partners LP are acting as financial advisors, with Wachtell Lipton Rosen & Katz as legal counsel to Core Scientific.

Coreweave, known as the "AI hyperscaler™," delivers a cloud platform of cutting-edge software powering the next wave of AI. Core Scientific, on the other hand, is a leader in digital infrastructure for high-density colocation services and digital asset mining. The acquisition is expected to significantly enhance the performance and expertise of Coreweave as it continues to help customers unleash AI's full potential.

Investors can access further details about the transaction and the upcoming investor call on Coreweave's investor relations page. The market has reacted to these announcements by moving the company's shares -17.58% to a price of $14.835. Check out the company's full 8-K submission here.

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