CoreWeave Goes Vertical With $9B Core Scientific Deal
AI hyperscaler CoreWeave announced it will acquire data center operator Core Scientific in an all-stock transaction valued at approximately $9 billion, cementing a bold move to take greater ownership of the physical infrastructure that powers its expanding AI and HPC workloads.
The acquisition, set to close in Q4 2025, would transfer ownership of 1.3 GW of gross power across Core Scientific’s U.S. data center footprint to CoreWeave – with the potential for 1 GW+ of future expansion. Under the deal, Core Scientific shareholders will receive 0.1235 shares of CoreWeave Class A stock for each share they hold, ultimately accounting for less than 10% of the combined company’s ownership.
“This acquisition accelerates our strategy to deploy AI and HPC workloads at scale,” said Michael Intrator, CEO of CoreWeave, in a press release. “Owning this foundational layer of our platform will enhance our performance and expertise as we continue helping customers unleash AI’s full potential.”
Key Strategic Benefits for CoreWeave
- Eliminates $10B in lease overhead over the next 12 years
- Adds $500M in projected annual run-rate cost savings by 2027
- Enhances power optionality and capacity control for AI-era scalability
- Brings complementary construction and site ops talent in-house
- Offers long-term optionality to pivot or divest crypto operations
With crypto-mining still accounting for a portion of Core Scientific’s active workload, CoreWeave’s leadership hinted at medium-term repurposing plans, signaling that the AI wave has become the dominant monetization path for high-density infrastructure.
“Together with CoreWeave, we will be well-positioned to accelerate the availability of world-class infrastructure for companies innovating with AI,” said Adam Sullivan, CEO of Core Scientific.
The TechArena Take
CoreWeave’s acquisition of Core Scientific is more than a real estate play – it’s a strategic realignment of the AI infrastructure stack, as companies that once rented compute now seek to own the grid that underpins it.
By pulling data center operations in-house, CoreWeave moves closer to hyperscaler parity with players like AWS and Microsoft, while maintaining its edge in delivering GPU-rich, AI-native compute services. The deal also marks a turning point in the crypto-to-AI transition, as underutilized mining assets are reimagined as AI infrastructure.
This is a classic verticalization play with a 21st-century twist: Instead of chasing scale through more compute alone, CoreWeave is locking down power, land, and efficiency – the real constraints in a generative AI economy.
In a landscape defined by power-hungry workloads, supply chain bottlenecks, and geopolitical uncertainty, control is king. And CoreWeave just bought itself a throne.
AI hyperscaler CoreWeave announced it will acquire data center operator Core Scientific in an all-stock transaction valued at approximately $9 billion, cementing a bold move to take greater ownership of the physical infrastructure that powers its expanding AI and HPC workloads.
The acquisition, set to close in Q4 2025, would transfer ownership of 1.3 GW of gross power across Core Scientific’s U.S. data center footprint to CoreWeave – with the potential for 1 GW+ of future expansion. Under the deal, Core Scientific shareholders will receive 0.1235 shares of CoreWeave Class A stock for each share they hold, ultimately accounting for less than 10% of the combined company’s ownership.
“This acquisition accelerates our strategy to deploy AI and HPC workloads at scale,” said Michael Intrator, CEO of CoreWeave, in a press release. “Owning this foundational layer of our platform will enhance our performance and expertise as we continue helping customers unleash AI’s full potential.”
Key Strategic Benefits for CoreWeave
- Eliminates $10B in lease overhead over the next 12 years
- Adds $500M in projected annual run-rate cost savings by 2027
- Enhances power optionality and capacity control for AI-era scalability
- Brings complementary construction and site ops talent in-house
- Offers long-term optionality to pivot or divest crypto operations
With crypto-mining still accounting for a portion of Core Scientific’s active workload, CoreWeave’s leadership hinted at medium-term repurposing plans, signaling that the AI wave has become the dominant monetization path for high-density infrastructure.
“Together with CoreWeave, we will be well-positioned to accelerate the availability of world-class infrastructure for companies innovating with AI,” said Adam Sullivan, CEO of Core Scientific.
The TechArena Take
CoreWeave’s acquisition of Core Scientific is more than a real estate play – it’s a strategic realignment of the AI infrastructure stack, as companies that once rented compute now seek to own the grid that underpins it.
By pulling data center operations in-house, CoreWeave moves closer to hyperscaler parity with players like AWS and Microsoft, while maintaining its edge in delivering GPU-rich, AI-native compute services. The deal also marks a turning point in the crypto-to-AI transition, as underutilized mining assets are reimagined as AI infrastructure.
This is a classic verticalization play with a 21st-century twist: Instead of chasing scale through more compute alone, CoreWeave is locking down power, land, and efficiency – the real constraints in a generative AI economy.
In a landscape defined by power-hungry workloads, supply chain bottlenecks, and geopolitical uncertainty, control is king. And CoreWeave just bought itself a throne.
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