Nvidia-backed CoreWeave strengthens AI position with $9 billion acquisition
The AI hyperscaler will bring critical data center operations in-house to cut costs and expand power access
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Artificial intelligence hyperscaler CoreWeave announced Monday that it will acquire Core Scientific, a leading data center infrastructure provider, in an all-stock transaction valued at approximately $9 billion.
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The deal, which is expected to close in the fourth quarter of 2025 pending regulatory and shareholder approval, will give Nvidia-backed CoreWeave control of 1.3 gigawatts of gross data center capacity across the United States, with an additional gigawatt available for future expansion.
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“This move will eliminate $10 billion in future lease obligations and significantly enhance our operating efficiency,” CoreWeave CEO Michael Intrator said in a statement. The acquisition will enable CoreWeave to bring critical infrastructure in-house as it ramps up computing capacity to meet rising AI workloads.
Shares of CoreWeave, which recently went public, fell about 4% on Monday following the announcement, while Core Scientific stock dropped roughly 20%. Both companies’ shares had rallied at the end of June after The Wall Street Journal reported acquisition talks were underway.
Under the terms of the deal, Core Scientific shareholders will receive 0.1235 shares of CoreWeave for each Core Scientific share they hold, valuing their shares at approximately $20.40 each. That figure represents a 66% premium over Core Scientific’s closing stock price before deal talks became public. After the merger closes, Core Scientific shareholders will own less than 10% of the combined company.
Core Scientific, which emerged from bankruptcy and relisted on the Nasdaq in 2024, has been pivoting toward high-performance computing workloads to support AI and cloud infrastructure growth.
CoreWeave counts Nvidia as both a client and a major shareholder.