CoreWeave, the Nvidia backed AI hyperscaler, is making a bold $9 billion all stock move to acquire Core Scientific, one of North America’s largest bitcoin mining and hosting operators. The AI industry’s surging demand for data center power has made bitcoin miners with their energy intensive sites and long term power contracts irresistible acquisition targets.
Under the proposed deal, Core Scientific shareholders would receive 0.1235 CoreWeave shares per CORZ share, valuing the miner at $20.40 per share. That represents a 66 percent premium before rumors surfaced, but the announcement has sparked fierce debate among investors.
From Bitcoin Blocks to AI Brains
Core Scientific, fresh from emerging out of bankruptcy in early 2024, has been pivoting hard toward high performance computing hosting. Earlier this year, the company signed 12 year contracts to supply about 200 megawatts of infrastructure for CoreWeave’s Nvidia GPU powered AI operations. The partnership is projected to generate $3.5 billion over the term.
CoreWeave will fund roughly $300 million in site upgrades, converting existing bitcoin mining locations into dense AI ready data centers. The deal gives CoreWeave full control over Core Scientific’s 1.3 gigawatts of contracted and future pipeline power, a potential goldmine in a market where power availability is the biggest bottleneck.
Shareholder Showdown
Not everyone is celebrating. Two Seas Capital, Core Scientific’s largest shareholder, blasted the sale as materially undervaluing the company and exposing investors to unnecessary risk. The firm, which holds 6.3 percent of CORZ, pledged to vote against the deal, arguing it unfairly favors CoreWeave and ignores the strategic value of Core Scientific’s vast infrastructure.
While not opposed to mergers in principle, Two Seas insists the board should negotiate terms that better reflect Core Scientific’s assets, especially given the booming demand for AI compute capacity.
What’s Next
If approved, the acquisition could close in late 2025, cementing a new era where bitcoin miners double as AI infrastructure powerhouses. If rejected, it may trigger bidding wars or new strategic partnerships as both industries race to secure the energy and computing muscle needed to fuel the AI revolution.
Either way, the AI and crypto crossover just became far more interesting and far more high stakes.