CoreWeave Supported By Nvidia Acquires Crypto Core Scientific Miners

JAKARTA - CoreWeave, a cloud service provider company backed by Nvidia, announced on Monday, July 7, 2025, that it will acquire crypto mining firm Core Scientific in a stock deal worth around $9 billion.

This deal marks CoreWeave's strategic move to expand the capacity of data centers that support artificial intelligence (AI) workload by leveraging Core Scientific's large infrastructure previously used for energy-intensive crypto mining. The value of the offer is 20.40 US dollars per share, providing a premium of nearly 66% of Core Scientific's stock closing price prior to reports of deal talks.

This acquisition will also remove more than $10 billion in future rental expenses that CoreWeave has to pay for its data center rental contract over the next 12 years, thereby increasing the operational efficiency and flexibility of the company's financing.

Through this agreement, CoreWeave will control about 1.3 gigawatts (GW) of electrical power from the Core Scientific data center network across the United States, with a potential expansion of more than 1 GW.

CoreWeave itself was originally an Ethereum miner who turned its focus to AI after the Ethereum update in 2022 reduced mining rewards, and now its revenue is growing rapidly, up more than eight times last year.

Meanwhile, Core Scientific filed for bankruptcy at the end of 2022 due to a drop in bitcoin prices and high energy costs, but came out of bankruptcy in early 2024.

This agreement is expected to be completed in the fourth quarter of 2025, with final prices to be determined at the close of the transaction. This acquisition strengthens the position of CoreWeave in AI infrastructure competition by securing critical electrical resources and data centers to support the GPU's growing workload in the future.