The acquisition of Core Scientific, Inc. (CORZ) by CoreWeave, Inc. (CRWV) for a closing value of $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. (Press Release)

Expected to close in the fourth quarter of 2025, for a closing value of $9 billion. Under the terms of the agreement, Core Scientific (CORZ) stockholders will receive 0.1235 newly issued shares of CoreWeave (CRWV) Class A common stock for each share of Core Scientific common stock. This represents a $20.40 per share value.

Press Release, Merger Agreement

Termination Fee: $270 million

Outside Date: April 7, 2026

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.

Core Scientific, Inc. Investor Relations

CoreWeave, Inc. Investor Relations

Update(s):

July 21, 2025: Bloomberg reported that CoreWeave (CRWV) is offering $1.5 billion of senior notes that will be used in part to refinance debt. Initial price talk for the junk bond is for a yield in the low-9% range. JPMorgan Chase (JPM) is leading the deal, which is expected to price on Tuesday.

August 5, 2025: FT reported that CoreWeave’s (CRWV) deal to buy data centre landlord Core Scientific (CORZ) is facing a potential revolt, with some top shareholders of the target company arguing it could leave them short-changed. The merger was viewed by Wall Street as a savvy way for CoreWeave to rein in spending, but some top Core Scientific shareholders plan to vote against the deal unless terms are changed in the coming weeks. Hedge fund shareholders in Core Scientific are now deciding whether to vote against the merger, hoping such a manoeuvre would cause CoreWeave to offer better terms. Hedge funds who own more than 1% of Core Scientific’s stock include Two Seas Capital, Helix Partners Management, JAT Capital and Parsifal Capital Management. Investors would be more comfortable with the deal if it included a so-called collar agreement, which would give the valuation more certainty by limiting the potential downside for Core Scientific shareholders.

August 7, 2025: Two Seas Capital, an active shareholder of Core Scientific (CORZ), announced its opposition to the company's proposed sale to CoreWeave (CRWV). Two Seas owns over 19 million shares of Core Scientific's common stock, representing about 6.3% of the company, making it the largest active shareholder. The activist said they are "disappointed" that the Board has chosen to sell the company to CoreWeave at an inadequate valuation. "The proposed all-stock, uncollared structure leaves Core Scientific shareholders exposed to the high volatility of CoreWeave's share price with no protections on the value they will receive at or following close," Two Seas said. It added that unless the terms are revised, they intend to vote against the transaction.

August 20, 2025: CoreWeave (CRWV) filed Form S-4 for the acquisition of Core Scientific (CORZ). The companies expect to complete the merger in the fourth quarter of 2025. The companies' HSR notifications were filed with the Federal Trade Commission (FTC) and the Antitrust Division of the Department of Justice (DOJ) on July 25, 2025. The 30-day waiting period expires on August 25, 2025.