AI cloud firm CoreWeave is to acquire data center developer Core Scientific for $9 billion. The deal sees Core Scientific being taken over by its largest customer.

The companies today announced that they have signed a definitive agreement under which CoreWeave will acquire Core Scientific in an all-stock transaction. The deal is expected to close in Q4 2025.

Through the acquisition, CoreWeave will own approximately 1.3GW of gross power across Core Scientific's national data center footprint, with ~840MW supporting CoreWeave’s HPC contracts and ~500MW of cryptomining capacity. An incremental 1GW+ of potential gross power is available for expansion.

“This acquisition accelerates our strategy to deploy AI and HPC workloads at scale,” said Michael Intrator, CoreWeave's CEO and co-founder. “Verticalizing the ownership of Core Scientific’s high-performance data center infrastructure enables CoreWeave to significantly enhance operating efficiency and de-risk our future expansion, solidifying our growth trajectory. Owning this foundational layer of our platform will enhance our performance and expertise as we continue helping customers unleash AI’s full potential.”

CoreWeave said the acquisition will help the company “verticalize its data center footprint to future-proof revenue growth and enhance profitability.”

The GPU cloud firm noted that the deal removes $10 billion of cumulative future lease overhead that was to be paid for existing contractual sites over the next 12 years. It also estimated some $500 million in annual run rate cost savings by the end of 2027.

CoreWeave also noted potential to repurpose the inherited cryptomining capacity towards HPC usage or divest the crypto mining business in the future.

"As our longstanding partner, CoreWeave has experienced first-hand the operational excellence we deliver and the value of the services we provide,” added Adam Sullivan, CEO of Core Scientific. “Together with CoreWeave, we will be well-positioned to accelerate the availability of world-class infrastructure for companies innovating with AI while delivering the greatest value for our shareholders, who will be able to participate in the tremendous upside potential of the combined company."

Under the terms of the merger agreement, Core Scientific stockholders will receive 0.1235 newly issued shares of CoreWeave Class A common stock for each share of Core Scientific common stock. Upon close, CoreWeave expects Core Scientific’s stockholders’ ownership of the combined company will be less than 10 percent.

Both CoreWeave and Core Scientific were founded in 2017 as crypto firms

Founded to host cryptomining hardware on behalf of customers, recent years have seen Core Scientific pivot to also hosting AI cloud firms. The company has sites across North Dakota, Georgia, Kentucky, North Carolina, Alabama, Texas, and Oklahoma totaling 1.3GW of HPC and cryptomine capacity in operation and development.

Originally known as Atlantic Crypto, CoreWeave previously used Core Scientific to host hardware when it was deploying GPUs to mine Ethereum. After pivoting to using its GPUs to offer AI cloud services, CoreWeave again turned to Core Scientific, signing a number of large leases with the latter company – including repurposing existing cryptomining capacity towards HPC hosting.

As well as self-building, US data center providers serving CoreWeave include Lincoln, Chirisa, Flexential, TierPoint, Digital Realty, DataBank, Switch, Galaxy, and Applied Digital – with several retrofitting former cryptomine facilities for AI use to serve the GPU cloud firm. At the end of 2024, the company said it had 32 data centers operating more than 250,000 GPUs in total and more than 360MW of active power. Known customers include Microsoft, IBM, and OpenAI.

CoreWeave previously sought to acquire Core Scientific in June 2024, offering $1bn for the company, though this was rejected by Core Scientific, which said the bid “significantly undervalued” the company. News that CoreWeave was again interested in buying Core Scientific surfaced last week.

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