CoreWeave Negotiates Purchase of Core Scientific Amid Market Increase

Mexico City, Mexico — CoreWeave is negotiating to acquire Core Scientific, according to a report from the Wall Street Journal on June 26. The discussions come after Core Scientific previously rejected a proposal from CoreWeave last year.

Shares of Core Scientific surged by approximately 8% following the news, pushing its market valuation close to $4 billion. Crypto miners like Core Scientific rely on substantial energy to support their operations, prompting interest from larger firms and AI companies seeking to secure energy supplies for their operations.

According to the report, if negotiations proceed without delays, a deal could be finalized in the next few weeks. Specific terms of the discussions have not been disclosed. Core Scientific did not respond to a request for comment from Reuters, while CoreWeave also declined to comment.

In June 2022, CoreWeave had offered to acquire all outstanding shares of Core Scientific for $1.02 billion, or $5.75 per share. Core Scientific argued at that time that the offer undervalued the company and was not in the best interest of its shareholders.

The companies entered into multiple 12-year agreements, which included a contract for Core Scientific to supply CoreWeave with approximately 200 MW of infrastructure to support its high-performance computing services.