In a groundbreaking move for the AI and data infrastructure sector, CoreWeave, a leading AI cloud provider, has acquired Core Scientific, a former Bitcoin mining giant, in an all-stock deal valued at $9 billion. This acquisition, announced on July 7, 2025, marks a significant pivot from cryptocurrency mining to powering AI infrastructure, reflecting the surging demand for high-performance computing resources.
The deal grants CoreWeave control over 1.3 gigawatts (GW) of data center power capacity across Core Scientific's national footprint, with potential for an additional 1 GW in future expansions. This massive power boost is set to supercharge CoreWeave's ability to support AI model training and deployment for major clients like OpenAI, which recently signed a $12 billion cloud-computing contract with the company.
Core Scientific, once a heavyweight in Bitcoin mining, has faced financial challenges in recent years, making this acquisition a strategic lifeline. By transitioning its infrastructure to serve AI workloads, the company aligns with the growing trend of repurposing GPU-rich crypto facilities for enterprise computing, offering speed and scale to tech giants.
For CoreWeave, this acquisition eliminates the need to pay rent on several data center sites previously leased from Core Scientific, a longtime partner. Industry analysts see this as a power play to secure energy and space amid fierce competition in the AI infrastructure market, positioning CoreWeave as a dominant force.
The deal, reported by multiple sources including Reuters and TechCrunch, underscores the rapid convergence of AI and data center industries. As AI applications continue to expand, such acquisitions highlight the critical need for robust, scalable infrastructure to meet global demand.
While the transaction is finalized, both companies are expected to face operational challenges, including integrating systems and managing the risks of repurposing crypto mining facilities for enterprise use. Nevertheless, this $9 billion deal signals a transformative era for AI-driven innovation.
Andrew Lee
