CoreWeave has resumed negotiations with the intent of acquiring Core Scientific, as reported by The Wall Street Journal.
The AI-centric cloud infrastructure company is said to be in advanced discussions to acquire the Bitcoin mining and hosting powerhouse after a previous offer of $1 billion was rejected last year.
Core Scientific’s Shares Surge 27% Amid Renewed Acquisition Interest
The initial bid, which valued Core Scientific at $5.75 per share, was dismissed by the company’s board, which asserted that the offer did not appropriately reflect its worth. Since that time, Core Scientific’s stock has experienced a notable uptick.
On Thursday, following the news, Core Scientific saw its shares rise over 27% to $15.67, leading to a brief trading halt. The company is now valued at approximately $3.7 billion, more than double CoreWeave’s earlier proposal.
*COREWEAVE IN TALKS TO BUY CORE SCIENTIFIC: WSJ
Blocks are always moving in the #Bitcoin mining industry. $MNRS
Learn more about $MNRS: https://t.co/kCpi8yOYF1 pic.twitter.com/sy9DG1f8dR
— Grayscale (@Grayscale) June 26, 2025
Negotiations are ongoing, and if talks proceed smoothly, a deal could be finalized within weeks. However, specific details of the new offer remain undisclosed.
Core Scientific is recognized as one of North America’s largest digital infrastructure networks dedicated to Bitcoin mining and data hosting.
In recent months, the company has garnered attention beyond the realm of cryptocurrency, prompted by the global demand for data center capacity driven by artificial intelligence applications.
The two companies share a robust history, with Core Scientific previously signing a series of 12-year contracts in June of last year to host CoreWeave’s AI operations, providing hundreds of megawatts of capacity.
This partnership is projected to generate billions in revenue over time and signifies Core Scientific’s strategic shift towards AI infrastructure.
CoreWeave, which went public in March and currently boasts a market capitalization of approximately $75 billion, has rapidly expanded its AI infrastructure services.
The firm offers access to Nvidia GPUs, often collaborating with major tech companies. Microsoft accounted for more than 60% of CoreWeave’s revenue in 2024, with Meta and IBM also included in its client roster.
A successful acquisition would consolidate Core Scientific’s infrastructure with CoreWeave’s capabilities, creating a formidable entity in both the Bitcoin mining and AI compute sectors.
As global demand exerts pressure on data center resources, the combination of Core Scientific’s extensive infrastructure and CoreWeave’s expertise in AI could be strategically advantageous.
Carlos Ramírez, an industry analyst, highlighted this transition, stating, “Core Scientific is no longer just a crypto company. Its infrastructure is becoming key to AI growth, and CoreWeave knows it.”
While Core Scientific’s shares rallied on the acquisition news, CoreWeave’s stock experienced a slight decline. Market reactions to acquisition announcements frequently mirror concerns about deal implementation, particularly regarding integration and financing challenges.
Attention remains focused on the negotiation developments, as CoreWeave aims to cement what could emerge as a significant transaction at the convergence of cryptocurrency infrastructure and artificial intelligence.
Core Scientific Seeks AI-Focused Future Amid Revenue Pressures
With CoreWeave’s renewed offer exceeding $1 billion for Core Scientific, the backdrop reveals a mining company undergoing transformation.
In February, Core Scientific secured a $1.2 billion arrangement with CoreWeave aimed at enhancing data center capacity for high-performance computing, marking a pivot towards AI infrastructure.
This shift is anticipated to yield $360 million in colocation revenue by 2026, providing a cushion amid declining traditional mining revenues.
In the first quarter of 2025, Core Scientific reported a net profit of $580 million, a significant rise from $210 million the previous year. However, revenues fell short of expectations, decreasing to $79.5 million from $179.3 million in Q1 2024.
@Core_Scientific reported a first-quarter net profit of $580 million for 2025, a sharp increase from $210 million a year earlier.#Bitcoin #Mininghttps://t.co/a2zHWUsRcs
— Finance Newso.com (@Finance Newso) May 8, 2025
This downturn is attributed to diminished mining yields following the April 2024 Bitcoin halving and a strategic move away from self-mining towards HPC hosting.
Self-mining generated $67.2 million, but hosted and colocation mining lagged behind, contributing only $12.4 million collectively.
The broader mining sector is also feeling pressure. As reported by CryptoQuant, daily miner revenues declined to $34 million on June 22, the lowest since April, driven by decreasing Bitcoin prices and lower transaction fees.
Bitcoin miners just saw their worst payday in a year.
Daily revenue slipped to $34 million in June, the lowest since April.
Falling fees and Bitcoin’s price drop are crushing margins. pic.twitter.com/TXdN06CU1F
— CryptoQuant.com (@cryptoquant_com) June 26, 2025
Analysts indicate that miners are currently “the most underpaid” they have been all year.
Meanwhile, sustainability efforts are on the rise. A study from Cambridge University reveals that 52.4% of Bitcoin mining now utilizes sustainable energy, an increase from 37.6% in 2022.
However, uncertainties persist, particularly with a proposed tax bill from President Trump that threatens to eliminate incentives for solar and renewable-powered miners, potentially inflating energy costs across the industry.
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