CoreWeave Set to Acquire Core Scientific in $20.40-Per-Share All-Stock Deal
CoreWeave (CRWV), a leader in AI infrastructure, has struck an all-stock deal to acquire bitcoin mining company Core Scientific (CORZ), valuing CORZ at about $20.40 per share based on recent closing prices.
The offer sits roughly in the middle of the $16–$23 per-share acquisition range previously estimated by investment bank Jefferies. The transaction is anticipated to close in the fourth quarter of 2025.
Following the announcement, shares of Core Scientific dropped 22%, trading near $14 at publication time. Other bitcoin miners and potential high-performance computing (HPC) plays—including HUT 8 and Cleanspark (CLSK)—also saw declines exceeding 7%, while IREN (IREN), another miner in a comparable space, rose 3%. CoreWeave shares were down 3.3%.
Jefferies analysts noted that CoreWeave’s strong performance since going public has positioned the company well for significant mergers and acquisitions. They view the purchase as a strategic step toward vertically integrating CoreWeave’s operations, reducing reliance on leased infrastructure, and securing more direct control over data center assets.
“CoreWeave’s relatively low cost of equity gives it a unique advantage to transition away from long-term lease obligations and toward owning its infrastructure,” analysts Jonathan Petersen and Jan Aygul wrote.
The acquisition underscores the accelerating trend of consolidation within AI infrastructure and high-performance computing as companies look to scale up and gain tighter operational control to meet growing demand.
For CoreWeave, the move strengthens its role not just as a compute provider but as a full-stack infrastructure operator—a crucial position as AI workloads and cloud-native enterprises continue to expand rapidly.
By acquiring Core Scientific’s data center assets and platform, CoreWeave can expand its owned infrastructure footprint and maintain greater flexibility in scaling future capacity, the analysts said.
Core Scientific has also been seeking new leasing agreements with hyperscalers, and Jefferies suggested CoreWeave may be acting swiftly to secure those opportunities before new deals are finalized.
Jefferies currently rates Core Scientific shares as a buy, with an $18 price target.
