CoreWeave, Inc. (CRWV) entered a merger agreement on July 7, 2025, to acquire Core Scientific, Inc. (CORZ) in an all-stock deal valued at $9 billion.
Under the terms of the agreement, Core Scientific stockholders will receive 0.1235 newly issued shares of CoreWeave Class A common stock for each share of Core Scientific common stock. This represents a $20.40 per share value, which is at a 13.33% premium from the stock’s last close.
Core Scientific is a North American provider of digital infrastructure and blockchain services, specializing in high-density colocation, digital asset mining, and AI-focused data center solutions.
CoreWeave is a cloud infrastructure company that provides high-performance GPU computing and scalable solutions for AI, machine learning, VFX, and other compute-intensive workloads.
Last month, the Wall Street Journal reported that CoreWeave was in talks to acquire Core Scientific. The stock was trading at $12.30 before the report came out. CoreWeave had tried to acquire Core Scientific a year ago as well, for $5.75 per share in cash, but the attempt had failed as Core Scientific rejected it as it undervalued the company.
Upon close, expected in the fourth quarter of 2025, CoreWeave expects Core Scientific’s stockholders to own less than 10% of the combined company.
Moelis & Co. and PJT Partners acted as financial advisors, with Wachtell, Lipton, Rosen & Katz providing legal counsel to Core Scientific. Goldman Sachs served as financial advisor, while Davis Polk & Wardwell and Kirkland & Ellis provided legal counsel to CoreWeave.
CoreWeave is paying 9.05 times sales for Core Scientific.
For a more comprehensive understanding of this M&A transaction, visit the Deal Metrics page here:
Deal Metrics for the acquisition of Core Scientific, Inc. (CORZ) by CoreWeave, Inc. (CRWV)
The Deal Metrics page for each merger or acquisition includes:
– A spread history chart of the merger from announcement through eventual completion or failure.
– Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And a whole lot more.
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Editor’s Note: Baranjot Kaur contributed to this article