CoreWeave to Buy Core Scientific in $9bn AI-Driven Tech Deal
CoreWeave is moving quickly to consolidate its position in the AI infrastructure market by acquiring Core Scientific in a US$9bn all-stock deal. The acquisition, announced on 7 July 2025, represents one of the most substantial moves yet in the race to deliver scalable, high-performance data centre technology for AI workloads.
The deal gives CoreWeave direct control over 1.3 gigawatts (GW) of operational capacity and opens up another GW for future expansion, significantly deepening its physical footprint in the United States.
Michael Intrator, CoreWeave’s CEO, Chairman and Co-Founder, says the deal is all about removing cost and taking ownership of infrastructure. “This acquisition accelerates our strategy to deploy AI and HPC workloads at scale,” he says.
CoreWeave expects the acquisition to eliminate more than US$10bn in lease obligations and increase operating efficiency across its growing AI infrastructure network. The deal is expected to close in Q4 2025, pending shareholder and regulatory approval.
- 1,300MW+ of current power capacity across U.S. data centres
- 50-200kW+ per rack available for AI and high-density workloads
- US$10bn+ in secured AI and high-density colocation contracts
- US$7.2bn+ fully diluted market cap (as of 12/12/2024)
Core Scientific’s technology shift
Core Scientific began life as a cryptocurrency mining company but has since repositioned itself as a high-performance computing (HPC) and data infrastructure provider.
Since exiting bankruptcy and relisting on the Nasdaq in 2024, the company has focused on supplying the kind of high-density compute environments that AI, machine learning and cloud-native applications require.
Its current data centre network spans Alabama, Georgia, Kentucky, North Carolina, North Dakota, Oklahoma and Texas. These facilities offer 50–200kW per rack and deliver the power density that modern AI systems demand.
Core Scientific’s customers include enterprise clients running AI training and inference workloads, with over US$10bn secured in AI and high-density colocation contracts.
Adam Sullivan, President and CEO of Core Scientific, positions the merger as a logical next step.
“As our longstanding partner, CoreWeave has experienced firsthand the operational excellence we deliver and the value of the services we provide,” he says. “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.”
Technical and operational integration
From a technology perspective, the deal allows CoreWeave to bring infrastructure ownership under its direct control. That means more flexibility for site planning, greater influence over future power strategy and reduced risk as AI demand grows.
- Operational Efficiency: CoreWeave expects to generate significant cost savings through streamlining business operations and eliminating lease overhead.
- Greater Financing Flexibility: CoreWeave can pursue infrastructure financing strategies to finance committed capital expenditures, reducing its overall cost of capital.
- Power Ownership and Optionality: CoreWeave expects to gain greater control over a critical power footprint and optionality for future power capacity.
- Expanded Expertise: Core Scientific’s data centre development capabilities complement and augment CoreWeave’s extensive expertise in power procurement, construction, and site management for infrastructure assets.
“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,” adds Michael. “Owning this foundational layer of our platform will enhance our performance and expertise as we continue helping customers unleash AI’s full potential.”
Growing AI infrastructure, globally and locally
CoreWeave’s strategy has already seen it invest heavily in AI-specific infrastructure across both the US and Europe. In January 2025, two of its UK data centres – in Crawley and London Docklands – went live, hosting some of Europe’s largest Nvidia AI platform deployments with H200 GPUs.
In the US, CoreWeave has been working with Applied Digital to expand capacity. The two firms signed a 15-year lease in June for 250MW of AI hosting at Applied’s Ellendale, North Dakota campus. That agreement forms part of a wider rollout of power-dense data centres purpose-built for AI and HPC.
With the Core Scientific acquisition, CoreWeave will take a much larger role in developing and managing those kinds of facilities directly. And with AI workloads growing more demanding, that control could be crucial.
Shareholders in Core Scientific will receive 0.1235 CoreWeave shares for each share they hold, giving them a less than 10% stake in the combined company after completion.
With this move, CoreWeave is placing technology infrastructure at the centre of its long-term growth plan – acquiring not just sites, but the capability to build, manage and optimise the systems that power AI at scale.