CoreWeave Goes Big: Snags Core Scientific in a Whopping $9 Billion Crypto Mining Deal!

Hang onto your hats, crypto fans! CoreWeave, the Nasdaq-listed AI and cloud powerhouse, just dropped a bombshell by acquiring Core Scientific, a heavyweight in the crypto mining game, for a jaw-dropping $9 billion. Talk about making moves!

CoreWeave spilled the beans in a hot-off-the-press release on July 7, 2025. They've inked a deal with Core Scientific for an all-stock transaction that's set to shake up the industry. Buckle up!

This isn't CoreWeave's first rodeo with Core Scientific. Remember that $1 billion offer they made back in June 2024? Yeah, it got shot down, but they're back with a vengeance, and this time, it's bigger and better.

If everything goes according to plan, and it's expected to in Q4, CoreWeave will swap 0.1235 of their freshly minted shares for each Core Scientific stock. We're talking a cool $9 billion in equity value. Cha-ching!

Deal to close in Q4

CoreWeave's not just sitting back and waiting, though. They're ready to hit the ground running, pending the thumbs-up from regulators and Core Scientific's stockholders. Michael Intrator, CoreWeave's CEO and board chair, is stoked about tapping into Core Scientific's infrastructure to supercharge their AI and high-performance computing solutions.

"Verticalizing the ownership of Core Scientific's high-performance data center infrastructure? That's gonna crank up our efficiency and lock down our expansion plans," Intrator said with a grin. "We're talking serious growth here, folks. Owning this piece of our puzzle will skyrocket our performance and know-how as we help our customers unlock AI's full potential."

But wait, there's more! CoreWeave sees a whole slew of perks from this deal, like smoother operations, more flexible financing, and cheaper capital. Plus, Core Scientific's setup will beef up CoreWeave's operational chops.

And get this—CoreWeave's expecting to slash their future lease expenses by over $10 billion in the next ten years. On top of that, Core Scientific's platform will juice up CoreWeave's network with an extra 1.3 gigawatts of power capacity. That's a lot of juice!

Rumors were swirling at the end of last month about CoreWeave's second shot at Core Scientific, and it turns out they were spot on. These two have been in cahoots before, with a $1.2 billion expansion project in Texas under their belts.

"We've been working with CoreWeave for a while now, and they've seen firsthand how we roll and the value we bring to the table," said Adam Sullivan, Core Scientific's president and CEO.

Oh, and one more thing—Core Scientific's stockholders will own less than 10% of the new mega-company. Talk about a game-changer!