CoreWeave Acquires Core Scientific
CoreWeave (NASDAQ: CRWV) announced the acquisition of Bitcoin miner Core Scientific (NASDAQ: CORZ) in an all-stock deal valued at $9 billion on July 7, 2023. The acquisition will grant CoreWeave access to Core Scientific’s data center footprint of 1.3 Gigawatts (GW) and over 1 GW of future power capacity which is critical for AI infrastructure.
This deal is expected to yield over $500 million in annual savings by 2027 from operational and lease payment reductions. The acquisition is anticipated to close in Q4 2023 and positions CoreWeave as a significant player in the AI neocloud market, while mitigating risks commonly associated with large acquisitions by avoiding debt financing.
