Core Scientific (CORZ) Stock Surges 33% as CoreWeave Renews Acquisition Talks

TLDR

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CoreWeave is in talks to acquire Core Scientific, with a deal potentially finalizing within weeks
Core Scientific stock jumped 33% on Thursday following the acquisition report, reaching nearly $5 billion market cap
This marks CoreWeave’s second attempt to buy Core Scientific after a failed bid last year at a much lower valuation
The companies have an existing 12-year partnership worth $10.2 billion in revenue commitments with 590 megawatts of infrastructure planned
Core Scientific has transformed from a struggling bitcoin miner into an AI infrastructure provider since exiting bankruptcy in January 2024

CoreWeave is making another play for Core Scientific after its failed takeover attempt last year. The AI infrastructure company is in talks to acquire the bitcoin-mining-turned-AI-hosting provider in a deal that could close within weeks.

CoreWeave $CRWV is reportedly back in talks to acquire Core Scientific, after a $5.75/shr offer last year was rejected as too low. With $CORZ now valued around $3.7B and shares trading at more than double that prior bid, a deal—if it happens—will likely come at a premium. -WSJ pic.twitter.com/Iu9HnoTeq2
— Wall St Engine (@wallstengine) June 26, 2025

Core Scientific shares rocketed 33% on Thursday after The Wall Street Journal broke the story. The stock had been struggling this year, down 12% compared to the S&P 500’s 4% gain until Thursday’s surge.

The timing feels right for both companies. CoreWeave has been on a tear since going public in March, with shares up 299% through Wednesday’s close before dropping 0.9% on Thursday.

From Crypto Crash to AI Gold Rush

Both companies share a similar origin story. They started as cryptocurrency mining operations before pivoting to AI infrastructure after the 2018 crypto crash.

CoreWeave made the transition early and aggressively. The company grew revenue from $16 million in 2022 to $1.9 billion in 2024.

Core Scientific took a different path. The company filed for bankruptcy but emerged in January 2024 with a new focus on AI hosting.

The Partnership That Started It All

The two companies have been working together for about a year. CoreWeave rents data center space from Core Scientific in what has become a crucial relationship.

Their 12-year partnership is worth $10.2 billion in revenue commitments. Core Scientific plans to deliver 590 megawatts of infrastructure by early 2026.

This existing relationship makes the acquisition attempt look like vertical integration. CoreWeave would gain more control over its data center capacity and facilities management.

D.A. Davidson analyst Gil Luria called it “a form of really a vertical integration” where CoreWeave gets “more into the actual data center space and land management.”

The deal makes strategic sense for CoreWeave. The company is heavily dependent on Microsoft, which supplied 72% of first-quarter sales.

CoreWeave has new contracts with Google and OpenAI that should reduce that concentration. But the company needs more capacity to serve these new customers.

Core Scientific’s transformation from distressed bitcoin miner to AI infrastructure player mirrors trends across the mining sector. Companies are racing to retrofit data centers for AI clients who pay higher rates.

The financial stakes are massive. CoreWeave’s previous bid last year valued Core Scientific at less than $1 billion.

With Thursday’s rally, Core Scientific now has a market cap close to $5 billion. That’s roughly five times what CoreWeave was willing to pay before.

CoreWeave operates as an AI pure-play, only renting Nvidia AI servers in the cloud. Nvidia is simultaneously a supplier, customer, and 7% shareholder in the company.

Core Scientific’s second-biggest trading day since returning to Nasdaq in early 2024 came on Thursday. The biggest single-day gain happened last June when shares jumped 40% on news of the CoreWeave partnership expansion.

The deal talks come as both companies declined to comment. Core Scientific did not respond to requests, while CoreWeave declined to provide details about the negotiations.

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