CoreWeave to acquire Core Scientific in $9bn deal

September 2025 | DEALFRONT | MERGERS & ACQUISITIONS

Financier Worldwide Magazine

September 2025 Issue

In a strategic move to secure the energy and data centre capacity required to meet soaring demand, artificial intelligence (AI) cloud computing start-up CoreWeave has confirmed it will acquire data centre infrastructure provider Core Scientific in an all-stock transaction valued at $9bn.

According to the terms of the definitive agreement, Core Scientific shareholders will receive 0.1235 newly issued shares of CoreWeave class A common stock for each share of Core Scientific common stock they hold.

CoreWeave has filed a registration statement with the US Securities and Exchange Commission, which includes a proxy statement and prospectus. Core Scientific shareholders will receive these documents ahead of a vote to approve the transaction, expected later this year.

CoreWeave delivers a cloud platform equipped with advanced software designed to power the next generation of AI. Its technology provides enterprises and leading AI laboratories with cloud solutions optimised for accelerated computing. Since its founding in 2017, CoreWeave has expanded its network of data centres across the US and Europe.

The acquisition will significantly increase CoreWeave’s access to power and real estate, granting the New Jersey-based company ownership of approximately 1.3 gigawatts of gross power across Core Scientific’s national data centre footprint. An additional 1 gigawatt or more of potential gross power is available for future expansion.

Following its successful initial public offering in March 2025, CoreWeave aims to use this acquisition to vertically integrate its data centre operations, thereby strengthening revenue growth and improving profitability.

The company is currently reallocating and converting a substantial portion of its 10 facilities in Alabama, Georgia, Kentucky, North Carolina, North Dakota, Oklahoma and Texas to support AI-related workloads. This involves modifying selected data centres to deliver next-generation colocation services under a series of new contracts.

Market analysts have responded positively to the deal, highlighting CoreWeave’s ability to reduce lease overheads and improve cost efficiency by acquiring its long-time infrastructure partner. Commentators have also noted that the acquisition strengthens CoreWeave’s position in the AI infrastructure market, particularly in relation to power procurement and data centre scalability.

“This acquisition accelerates our strategy to deploy AI and high-performance computing workloads at scale,” said Michael Intrator, chief executive, chairman of the board and co-founder of CoreWeave. “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, a leader in digital infrastructure for high-density colocation services and digital asset mining, operates purpose-built facilities and provides digital infrastructure, software solutions and services to third-party clients.

“As our longstanding partner, CoreWeave has experienced firsthand the operational excellence we deliver and the value of the services we provide,” said Adam Sullivan, president and chief executive of Core Scientific. “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.”

Goldman Sachs & Co. LLC is acting as financial adviser to CoreWeave, with Davis Polk & Wardwell LLP and Kirkland & Ellis LLP serving as legal counsel. Moelis & Company LLC and PJT Partners LP are acting as financial advisers to Core Scientific, with Wachtell Lipton Rosen & Katz providing legal counsel.

The transaction, which has been approved by the boards of directors of both companies, is expected to close in the fourth quarter of 2025, subject to customary closing conditions, including regulatory approval and approval by Core Scientific shareholders.

Fraser Tennant