CoreWeave Just Bought a Bitcoin Miner for $9B — But It’s Not About Crypto
CoreWeave (NASDAQ:CRWV) has agreed to acquire Core Scientific (NASDAQ:CORZ) in an all-stock deal valued at around $9 billion, aiming to dramatically scale its AI and high-performance computing (HPC) capacity. The offer puts Core Scientific shares at $20.40 a 66% premium to their June 25 close yet the market reaction has been anything but smooth. Shares of Core Scientific slid 13.4% at 11.22am today, after the announcement, reflecting skepticism despite the rich headline price. The deal is expected to close in Q4 2025, with CoreWeave projecting that Core Scientific shareholders will hold less than 10% of the combined company once it’s done.
This isn’t CoreWeave’s first move on Core Scientific. The cloud firm previously made…
