CoreWeave to purchase Core Scientific for $9 billion

CoreWeave, a Livingston-based company, recently announced its plans to acquire Core Scientific in a deal valued at $9 billion. This all-stock transaction will see Core Scientific stockholders receiving 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 acquisition comes on the heels of CoreWeave’s successful IPO in March 2025 and is geared towards verticalizing the company’s data center footprint to ensure revenue growth and profitability in the future. The acquisition will give CoreWeave control over approximately 1.3 GW of gross power across Core Scientific’s national data center footprint, with an additional 1 GW+ of potential gross power available for future expansion.

Michael Intrator, CoreWeave’s CEO, chairman, and co-founder, expressed excitement about the acquisition, citing the strategic benefits it provides. Verticalizing the ownership of Core Scientific’s high-performance data center infrastructure will enable CoreWeave to enhance operating efficiency, de-risk future expansion, and solidify its growth trajectory. By owning this foundational layer of their platform, CoreWeave aims to improve performance and expertise in deploying AI and HPC workloads at scale to help customers maximize AI’s potential.

The acquisition of Core Scientific offers several strategic benefits for CoreWeave. These include operational efficiency by streamlining business operations and eliminating lease overhead, greater financing flexibility to reduce the overall cost of capital, power ownership for future capacity, and access to expanded expertise in data center development. According to Adam Sullivan, president and CEO of Core Scientific, partnering with CoreWeave will accelerate the availability of world-class infrastructure for companies innovating with AI and provide significant value for shareholders.

The financial impact of the acquisition includes immediate elimination of over $10 billion in cumulative future lease overhead, leverage neutral impact to CoreWeave, and an estimated $500 million in annual run rate cost savings by the end of 2027. The deal also offers the potential to repurpose assets towards high-performance computing or divest the crypto mining business in the medium term. Goldman Sachs & Co. LLC is serving as the financial advisor to CoreWeave, with legal counsel provided by Davis Polk & Wardwell LLP and Kirkland & Ellis LLP. Moelis & Company LLC and PJT Partners LP are acting as financial advisors to Core Scientific, with legal counsel provided by Wachtell Lipton Rosen & Katz.

Overall, the acquisition of Core Scientific by CoreWeave represents a significant strategic move to enhance operational efficiency, ownership of critical power infrastructure, and expertise in deploying high-performance computing workloads. It sets the stage for continued growth, improved performance, and the delivery of cutting-edge infrastructure services for companies leveraging AI technology.