CoreWeave resumes discussions to acquire Core Scientific
US-based AI cloud computing provider CoreWeave has resumed negotiations to acquire Core Scientific, Reuters reported, quoting a source familiar with the development.
The move comes after the bitcoin mining and hosting provider turned down CoreWeave’s previous proposal in 2024, stating that the offer undervalued the company.
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The resumption of talks was first reported by The Wall Street Journal, which resulted in a 33% increase in Core Scientific’s share price. A conclusion to the discussions could be reached in the coming weeks, although specific terms of the potential deal remain undisclosed.
However, Core Scientific did not respond to a request for comment from Reuters. CoreWeave also declined to respond to queries.
Core Scientific, valued at approximately $5bn as of 27 June 2025 market close, specialises in owning and operating advanced digital infrastructure for bitcoin mining and hosting services.
The company operates purpose-built facilities and provides digital asset mining infrastructure, software solutions, and services to third-party clients.
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By GlobalDataIn 2024, CoreWeave made an unsolicited non-binding offer to acquire all of Core Scientific’s outstanding shares for $1.02bn, or $5.75 per share in cash. Core Scientific declined the offer, stating it did not reflect the company’s value or align with shareholder interests.
Despite the rejection, the two companies entered a series of 12-year agreements, including a contract for Core Scientific to supply approximately 200MW of infrastructure to support CoreWeave’s high-performance computing services.
CoreWeave supplies enterprises and AI labs with cloud solutions for enhanced computing capabilities. Among its clients is Microsoft, which accounted for 62% of CoreWeave’s revenue in 2024.
In March 2025, CoreWeave secured an $11.9bn agreement to provide AI infrastructure to OpenAI. The deal is intended to enhance OpenAI’s compute capacity for training and deploying sophisticated AI models worldwide.
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