The two firms announced that they have entered into a definitive agreement for an all-stock acquisition, with the deal expected to be finalised in Q4 2025.
As a result, CoreWeave will gain control of around 1.3GW of total power from Core Scientific’s data centres. Additionally, there is over 1GW of potential gross power available for future expansion, the company revealed.
Meanwhile, CoreWeave expects the acquisition to improve efficiency by cutting costs through streamlined operations and removing lease expenses. It will also gain more flexibility in financing infrastructure.
CoreWeave CEO and chairman, Michael Intrator, said: “This acquisition accelerates our strategy to deploy AI and HPC workloads at scale.
“Verticalising the ownership of Core Scientific’s high-performance data centre infrastructure enables CoreWeave to significantly enhance operating efficiency and de-risk our future expansion, solidifying our growth trajectory. Owning this foundational layer of our platform will enhance our performance and expertise as we continue helping customers unleash AI’s full potential.”
Core Scientific CEO and president, Adam Sullivan, added: “As our longstanding partner, CoreWeave has experienced firsthand the operational excellence we deliver and the value of the services we provide.
“Together with CoreWeave, we will be well-positioned to accelerate the availability of world-class infrastructure for companies innovating with AI while delivering the greatest value for our shareholders, who will be able to participate in the tremendous upside potential of the combined company.’
Despite that rejection, the two firms signed a major leasing agreement that same month, granting CoreWeave 200MW of capacity through 12-year contracts.
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