CoreWeave buys Core Scientific in $9 billion stock deal
Cloud infrastructure provider CoreWeave announced Monday its acquisition of Core Scientific, a data center infrastructure company, in a $9 billion all-stock transaction. This move marks one of the largest consolidation efforts in the AI infrastructure space, as demand for compute power continues to skyrocket.
With this acquisition, CoreWeave gains access to over one gigawatt of data center capacity—an energy footprint capable of powering more than 850,000 homes. The company plans to repurpose this capacity to support AI training and inference workloads, a growing sector driven by the rise of generative AI models.
Core Scientific, initially known for its Bitcoin mining operations, has already begun transitioning its focus from crypto mining to supporting AI workloads. Its GPU-rich infrastructure aligns closely with CoreWeave’s mission to provide high-performance compute solutions for AI companies.
The deal highlights the increasing competition among cloud providers to secure the physical infrastructure needed to meet the exploding compute demands of AI applications. Just last week, Bloomberg reported that OpenAI expanded its partnership with Oracle, signing a deal to rent an additional 4.5 gigawatts of data center capacity. That agreement builds on the companies’ existing Stargate initiative, reflecting the scale and urgency with which AI developers are securing compute resources.
CoreWeave’s acquisition signals a broader industry shift: companies once focused on blockchain and cryptocurrency infrastructure are now pivoting toward the AI gold rush, where the demand for scalable, GPU-accelerated data centers shows no sign of slowing.
As AI models grow larger and more complex, the battle for data center capacity is intensifying, reshaping both the cloud infrastructure market and the future of AI development.
