Data centres and energy supply become key bottlenecks in AI infrastructure as the generating AI and HPC loads grow rapidly. CoreWeave, as an AI cloud service provider, focuses on providing Nvidia GPU-driven computing power, and clients include businesses such as Microsoft that require large-scale AI model training and reasoning. In recent days, the artificial intelligent cloud servicer, CoreWeave, announced that it would purchase the data centre infrastructure provider, Core Science, with a full-stock exchange of about $9 billion. Core Scientific converted from a Taifu miner in 2017 to a data centre operator, supported AI requirements in recent years through leasing of computing power and data centre space, and also provided a data centre for CoreWeave.
According to CoreWeave, the acquisition of Core Scientific would eliminate $10 billion in future rental expenditure and expected to save $500 million in annual operating costs by the end of 2027. In June 2024, CoreWeave had submitted for purchase at $5.75 per share (a total of approximately $1 billion), but was rejected by Core Scientific as undervalued. CoreWeave states that over time it may “reutilize or divest” the encrypted excavation operations of Core Scientific. Under the agreement, each share held by the Core Scientific shareholders would receive 0.1235 shares of the CoreWeave A category, with a trading valuation of approximately $9 billion, equivalent to $20.40 per share of Core Scientific, a 66 per cent premium of $12.30 as compared to 25 June. Upon completion of the transaction, the Core Scientific shareholders will hold less than 10 per cent of the consolidated company ‘ s shares. The transaction is expected to be completed in the fourth quarter of 2025 with the approval of the regulator and the Core Scientific shareholder. CoreWeave will have a data centre network in the United States of America with a total power capacity of 1.3 GW (up to 850,000 households) and a potential for future expansion of 1 GW.
CoreWeave stated that the acquisition would reduce its capital costs, increase its control over the scope of its operations and enhance its expertise in construction, electricity and site management. CoreWeave currently receives 83 per cent of its income from three Microsoft-led clients. The company has also recently announced its cooperation with OpenAI and IBM. CoreWeave has been expanding rapidly since March 2025, the first open-source unit. After the transaction was announced, the stock price of CoreWeave fell by about 3 per cent and the stock price of Core Scientific fell by 17.6 per cent, but the latter has accumulated an increase of about 50 per cent since the Wall Street Journal reported on the acquisition negotiations at the end of June. CoreWeave received $981.3 million in the first quarter, an increase of 420 per cent over the same period. The company had a net loss of $314 million. Under non-GAAP, the net loss for the first quarter was $149.55 million.
