Key Numbers
- CoreWeave stock is up over 200% since its March IPO
- Acquisition valued at $9 billion in an all-stock deal
- CoreWeave to gain control of 1.3 gigawatts of power capacity
- Core Scientific shareholders to receive 0.1235 CRWV shares per CORZ share
- Deal implies a $19.77 per-share value for CORZ, ~23% above Monday’s close
CoreWeave (NASDAQ:CRWV), one of 2025’s most talked-about tech stocks, has announced it will acquire Core Scientific (NASDAQ:CORZ) in an all-stock transaction valued at approximately $9 billion. Shares of CoreWeave have soared over 200% since its March IPO, fueling its ability to make a deal after an earlier bid was rejected. The transaction gives CoreWeave direct control of 1.3 gigawatts of gross power capacity—an essential strategic move as the company looks to scale infrastructure to meet skyrocketing AI compute demand.
The two companies already had a working relationship: CoreWeave had leased and expanded data center space from Core Scientific. By acquiring its partner outright, CoreWeave aims to eliminate lease expenses and better control its power footprint, which Jefferies analyst Jonathan Petersen described as a critical bottleneck to signing larger deals. Now, owning that power layer, CoreWeave expects to unlock new efficiencies and cost savings while accelerating AI deployments.
While the acquisition looks synergistic from CoreWeave’s perspective, not all analysts see the deal as favorable for Core Scientific shareholders. Cantor Fitzgerald’s Brett Knoblauch argued the $20.40 per-share value implied by the original offer is misleading, with Monday’s trading suggesting a lower $19.77 value—roughly 23% above Core Scientific’s market price, but only 10% above its all-time high. He estimated that after adjusting for infrastructure value, the effective deal price is closer to $6 billion, representing an EBITDA multiple of just 8.6x—low for a business with REIT potential and a booming data center backlog.
Despite the stock dropping 3.3% on Monday to $159.70 due to dilution concerns, CoreWeave remains a fast-growing AI infrastructure play, leveraging its surging valuation to consolidate power—literally and strategically. With its stock already up more than 200% year-to-date, this deal signals CoreWeave’s ambition to own the full stack of AI deployment, from chips to grid.
The stock may appeal to growth investors who are comfortable with elevated risk and believe in the long-term upside of AI infrastructure dominance.