CoreWeave to Buy Crypto Miner Core Scientific in $9B Deal
CoreWeave has announced plans to acquire crypto mining firm Core Scientific in an all-stock transaction valued at approximately $9 billion. The move reflects a growing trend: artificial intelligence firms are absorbing crypto infrastructure to meet rising energy demands.
The deal, expected to close in Q4, signals a strategic pivot where AI and crypto industries are merging around high-power computing needs.
Repurposing Crypto Infrastructure for AI Growth
During the crypto boom, miners like Core Scientific built energy-intensive data centers and locked in long-term power contracts. Now, AI firms like CoreWeave see an opportunity.
By acquiring a legacy crypto player, CoreWeave secures access to cheap, stable energy — a critical asset for powering high-performance computing workloads.
Core Scientific Gets a Lifeline Post-Bankruptcy
Core Scientific filed for bankruptcy in late 2022 after Bitcoin prices collapsed and energy costs soared. It emerged from bankruptcy earlier this year. The deal with CoreWeave marks a full-circle recovery for the crypto mining firm.
The proposed $20.40 per-share offer represents a 66% premium to Core Scientific’s stock price before rumors of the acquisition surfaced.
Deal Includes Elimination of Billions in Lease Obligations
CoreWeave says the acquisition will eliminate more than $10 billion in future lease costs over the next 12 years. These savings stem from contracts tied to existing crypto mining infrastructure — now being retooled for AI.
The companies had already signed 12-year agreements, including one giving CoreWeave access to 200 megawatts of capacity for its AI systems.
CoreWeave’s Origins in Crypto Mining
Founded in 2017 as an Ethereum-focused crypto miner, CoreWeave pivoted to AI after Ethereum’s 2022 “Merge” cut mining rewards. The company shuttered its crypto operations and redirected resources into AI infrastructure.
According to its IPO prospectus, CoreWeave’s revenue grew more than eightfold last year, driven by demand for AI computing power.
Market Response to the Acquisition
Despite the announcement, Core Scientific shares dropped 15% in premarket trading, while Nvidia-backed CoreWeave slipped 4%. Investors appear cautious, likely due to uncertainty around valuation and integration risks.
Still, the long-term upside lies in CoreWeave’s ability to convert legacy crypto assets into productive AI infrastructure.
A New Model for Crypto-AI Convergence
This acquisition may set a precedent for future partnerships or takeovers between crypto and AI firms. As AI workloads surge, demand for power infrastructure will keep rising. Underutilized crypto mining centers offer a fast, scalable solution.
CoreWeave’s deal isn’t just about growth — it’s about redefining how crypto infrastructure can be repurposed in the AI era.