CoreWeave, a Nasdaq-listed leader in artificial intelligence and cloud solutions, has announced its acquisition of Bitcoin mining giant Core Scientific in a massive $9 billion all-stock deal. The definitive agreement, revealed on July 7, 2025, marks a strategic shift for CoreWeave, as it seeks to integrate high-performance data infrastructure into its AI-driven ecosystem.

This deal is expected to close in the fourth quarter of 2025, pending regulatory approvals and a vote from Core Scientific shareholders. Once complete, it will represent one of the largest AI-blockchain infrastructure mergers to date.

A Second Attempt Pays Off

CoreWeave’s initial $1 billion bid for Core Scientific was rejected in June 2024. However, the renewed $9 billion offer, which Core Scientific has now accepted, shows the increasing value placed on data centre infrastructure in an AI-first future.

Under the terms of the agreement, Core Scientific shareholders will receive 0.1235 newly issued CoreWeave shares for each Core Scientific share they hold. Upon closing, shareholders of Core Scientific will own less than 10% of the merged entity.

The companies have a history of collaboration, most notably a $1.2 billion expansion project in Texas. That partnership likely laid the groundwork for the acquisition and gave CoreWeave first-hand insight into Core Scientific’s operational strength.

Scaling AI With Mining Infrastructure

CoreWeave CEO Michael Intrator highlighted the strategic nature of the acquisition, noting it allows the company to vertically integrate Core Scientific’s large-scale infrastructure to support its AI and high-performance computing (HPC) services.

“Verticalizing the ownership of Core Scientific’s high-performance data centre infrastructure enables CoreWeave to significantly enhance operating efficiency and de-risk our future expansion,” Intrator said. He also emphasised that owning the infrastructure layer will strengthen CoreWeave’s ability to serve AI workloads more effectively.

The acquisition will bring 1.3 gigawatts of additional power capacity into CoreWeave’s network, a significant boost as the company looks to meet rising energy demands in AI and machine learning.

Financial and Operational Impact

Beyond technical synergies, the deal is expected to deliver substantial financial benefits. CoreWeave anticipates over $10 billion in lease expense savings over the next decade by owning, rather than renting, the infrastructure. It will also gain greater financing flexibility and reduce its cost of capital, a key advantage amid high interest rates and volatile capital markets.

Core Scientific’s proven operational model and large-scale deployment capability are expected to accelerate CoreWeave’s growth and support the expansion of data-intensive AI applications.

Adam Sullivan, CEO of Core Scientific, expressed confidence in the deal, citing their long-standing partnership with CoreWeave: “CoreWeave has experienced firsthand the operational excellence we deliver and the value of the services we provide.”

Implications for the Crypto and AI Sectors

This acquisition comes at a time when the lines between blockchain infrastructure and AI workloads are blurring. Bitcoin mining firms, once seen as niche players in the crypto ecosystem, are increasingly being recognised for their energy capacity and computational potential, critical components for AI companies scaling large models.

As AI and blockchain technologies continue to converge, this deal could set a precedent for future mergers between cloud providers and crypto-native infrastructure firms. It also signals a maturing of the crypto mining sector, as companies like Core Scientific find new lifelines and growth avenues beyond Bitcoin mining alone.