CoreWeave founders Brian Venturo, at left in sweatshirt, and Mike Intrator slap five after ringing the opening bell at Nasdaq headquarters in New York on March 28, 2025.
Artificial intelligence hyperscaler CoreWeave said Monday it will acquire Core Scientific , a leading data center infrastructure provider, in an all-stock deal valued at approximately $9 billion.
Coreweave stock fell about 4% on Monday while Core Scientific stock plummeted about 20%. Shares of both companies rallied at the end of June after the Wall Street Journal reported that talks were underway for an acquisition.
The deal strengthens CoreWeave's position in the AI arms race by bringing critical infrastructure in-house.
CoreWeave CEO Michael Intrator said the move will eliminate $10 billion in future lease obligations and significantly enhance operating efficiency.
The transaction is expected to close in the fourth quarter of 2025, pending regulatory and shareholder approval.