- The merger gives CoreWeave access to 11 large data centres owned by Core Scientific across the United States.
- The deal is part of CoreWeave’s broader effort to strengthen its infrastructure for high-performance AI workloads.
What happened: CoreWeave targets data centre expansion through $9bn deal
CoreWeave, a specialized cloud infrastructure company focused on AI and machine learning, has signed an agreement to acquire Core Scientific in a $9 billion cash and stock transaction. Core Scientific, previously one of the largest publicly traded cryptocurrency mining companies in the US, currently operates 11 large-scale data centers. These facilities, many of which are located in energy-rich states like Texas, were originally designed for energy-intensive mining tasks but are now positioned to support AI workloads.
The agreement allows CoreWeave to expand its physical data centre footprint significantly and rapidly. Core Scientific filed for bankruptcy in 2022 amid crypto market volatility but emerged in 2023 after restructuring. The acquisition is expected to close by the end of the year, pending regulatory approval. Once finalized, the deal will give CoreWeave access to over 700 megawatts of infrastructure capacity across the US.
Also read: Core Scientific to host CoreWeave’s AI servers in $1.6B deal
Also read: OpenAI secures $12B deal with CoreWeave
Why it’s important
This acquisition marks a strategic shift from blockchain to AI, illustrating how high-performance infrastructure originally designed for cryptocurrency can now serve AI training and inference tasks. With growing demand for compute resources to support large-scale AI models, including those developed by OpenAI, Anthropic and others, control over efficient data centre capacity is becoming a key competitive advantage. CoreWeave, which already raised $1.1 billion in May and secured a $7.5 billion debt financing deal in June, is positioning itself to compete with hyperscale providers like AWS and Microsoft Azure in the specialized AI hosting space.
This move also reflects a broader industry trend. Crypto-native companies are reconfiguring or selling off high-power facilities as AI becomes the dominant driver of compute growth. As reported by Bloomberg, the AI infrastructure race has escalated as model sizes and costs surge. The CoreWeave–Core Scientific deal is a clear sign that strategic realignment around AI is not only gaining momentum, but also reshaping capital deployment in cloud infrastructure markets.
