TLDR
- CoreWeave reignites $4B bid for Core Scientific as AI cloud needs overlap with Bitcoin mining power.
- Core Scientific’s stock surges 25% amid fresh acquisition talks with $75B cloud firm CoreWeave.
- CoreWeave eyes full control of Core Scientific’s energy-rich infrastructure to boost AI expansion.
- New deal talks value Core Scientific at nearly 4x more than last year’s rejected $1B offer.
- CoreWeave’s strategic play targets vertical integration by locking in critical GPU and power supply.
CoreWeave is back in advanced talks to acquire Bitcoin miner Core Scientific, aiming for a potential $4 billion deal. The cloud infrastructure firm previously made a $1 billion offer in 2024, which Core Scientific rejected. However, with Core Scientific’s current market cap now near $3.7 billion, the new discussions suggest a significantly higher valuation.
CoreWeave Reignites Deal After Previous Rejection
CoreWeave has entered acquisition discussions with Core Scientific after its earlier $5.75-per-share offer was declined last year. That offer valued Core Scientific at just over $1 billion, but its stock price has since more than doubled. The current talks imply a potential offer much closer to its recent $15 share price.
*COREWEAVE IN TALKS TO BUY CORE SCIENTIFIC: WSJ
Blocks are always moving in the #Bitcoin mining industry. $MNRS
Learn more about $MNRS: https://t.co/kCpi8yOYF1 pic.twitter.com/sy9DG1f8dR
— Grayscale (@Grayscale) June 26, 2025
The two firms have maintained a working relationship despite the failed acquisition attempt. In 2023, they signed 12-year infrastructure agreements, including 200 megawatts of hosting support. These agreements brought Core Scientific substantial revenue and positioned it as a long-term strategic partner to CoreWeave.
CoreWeave’s valuation has grown rapidly following its IPO in March 2025. Its public listing attracted significant capital and pushed its market cap near $75 billion. The company is now actively expanding its capacity to meet the demand for AI-driven cloud infrastructure.
Core Scientific Emerges as Critical Infrastructure Partner
Core Scientific operates one of the largest fleets of Bitcoin mining and digital hosting infrastructure in North America. It offers high-performance computing support, positioning itself as a critical energy-intensive partner for large-scale AI infrastructure needs. CoreWeave’s renewed acquisition push underlines the strategic value of this infrastructure footprint.
Demand for power and computing capacity continues to rise as AI data centers expand. CoreWeave has already contracted hundreds of megawatts of capacity from Core Scientific, boosting revenue streams. The deal, if finalized, would consolidate energy and digital resources under CoreWeave’s growing portfolio.
Core Scientific has faced recent stock volatility but remains a leader in blockchain hosting. Despite a 15% year-to-date decline, its valuation surged following the acquisition news. Its stock jumped over 30% after reports of renewed takeover talks surfaced.
Acquisition Could Finalize in Weeks as Valuations Shift
CoreWeave’s acquisition plans could conclude in the coming weeks. Although exact terms remain confidential, the rising share price points to a significantly higher bid. Core Scientific’s rapid growth makes the timing crucial for any deal closure.
The AI cloud provider relies on large-scale GPU capacity and efficient data centers. Partnering fully with Core Scientific would enhance its computing power and energy distribution network. Such a move also reduces supply risks and increases control over infrastructure costs.
CoreWeave’s previous bid came when the market undervalued Bitcoin miners. However, growing overlap between AI compute needs and mining infrastructure has changed strategic dynamics. A successful acquisition would deepen CoreWeave’s vertical integration as it scales operations.
