Cloud and AI infrastructure firm CoreWeave (CRWV) on Monday announced it will purchase crypto-mining data center operator Core Scientific for roughly $9 billion in an all-stock transaction.
CoreWeave said the move will eliminate more than $10 billion in future lease expenses over the next 12 years. It also gives the firm ownership of about 1.3 gigawatts of gross power capacity across Core Scientific’s data centers
“This acquisition accelerates our strategy to deploy AI and HPC workloads at scale,” Michael Intrator, CoreWeave’s chief executive officer, chairman of the board, and co-founder, said. “Verticalizing the ownership of Core Scientific’s high-performance data center infrastructure enables CoreWeave to significantly enhance operating efficiency and de-risk our future expansion, solidifying our growth trajectory. Owning this foundational layer of our platform will enhance our performance and expertise as we continue helping customers unleash AI’s full potential.”
“As our longstanding partner, CoreWeave has experienced firsthand the operational excellence we deliver and the value of the services we provide,” Adam Sullivan, president and chief executive officer of Core Scientific, said. “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.”
