CoreWeave Reignites Talks to Acquire Core Scientific Amid AI Infrastructure Push
CoreWeave is back at the table. A year after its $1 billion bid was rebuffed, the AI cloud infrastructure provider is reportedly in fresh talks to acquire Bitcoin miner Core Scientific, according to a June 26 report from The Wall Street Journal.
The renewed negotiations come at a time when demand for AI computing power is soaring—and so is the pressure to secure reliable, cost-efficient energy sources. For CoreWeave, which counts OpenAI and Microsoft among its clients and recently went public in a $1.5 billion IPO, buying Core Scientific would unlock direct access to one of the rarest assets in tech today: power infrastructure already wired for high-performance computing.
While the terms of the new deal haven’t been disclosed, the market’s reaction was swift. Core Scientific’s shares jumped 28% following the news, bringing its valuation close to $4 billion.
This latest move builds on existing ties between the two companies. Last year, CoreWeave signed a multi-year deal for 200 megawatts of power from Core Scientific’s facilities to fuel its AI workloads. That contract hinted at a deeper strategic alignment—one now resurfacing with higher stakes.
Unlike hyperscalers like Amazon Web Services or Google Cloud, CoreWeave doesn’t own sprawling global data centers. What it does have is a fast-growing roster of AI clients and an urgent need for scalable, energy-efficient infrastructure. That’s where Core Scientific fits in. The Bitcoin miner’s facilities—many located near low-cost energy sources—are already optimized for dense compute loads, making them a natural fit for AI operations.
Why It Matters for Core Scientific
For Core Scientific, the timing couldn’t be more favorable. After emerging from bankruptcy in early 2024 with a cleaner balance sheet and a profitable first quarter ($580 million), the company is no longer seen as a distressed miner but as a valuable infrastructure player.
Still, the halving of Bitcoin rewards in April has put pressure on mining margins across the industry. While some peers are scaling back or slowly pivoting to AI hosting, Core Scientific’s leadership has held out for something bigger—and potentially more transformative.
A deal with CoreWeave would give Core Scientific a seat at the AI table and potentially redefine its identity beyond Bitcoin mining. For both companies, it’s not just about machines—it’s about megawatts.