CoreWeave Buys Bitcoin Giant Core Scientific to Supercharge AI Data Centers
The merger, expected to close in Q4 2024, gives CoreWeave access to over 1.2 GW of power capacity.

Cloud infrastructure leader CoreWeave has announced a definitive agreement to acquire Core Scientific, one of North America’s largest Bitcoin miners, in a $1.6 billion all-stock deal. The acquisition marks a strategic fusion of AI cloud computing and high-density data infrastructure, as CoreWeave aims to repurpose Core Scientific’s expansive facilities to meet surging AI workloads.
The merger, expected to close in Q4 2024, gives CoreWeave access to over 1.2 GW of power capacity across Core Scientific’s data centers in Texas, North Dakota, Georgia, Kentucky, and North Carolina. These sites—originally built for energy-intensive crypto mining—will be adapted to run advanced GPUs for AI and HPC (high-performance computing) workloads.
“This acquisition accelerates our strategy to deploy AI and HPC workloads at scale. Verticalizing the ownership of Core Scientific’s high-performance data centre infrastructure enables CoreWeave to significantly enhance operating efficiency and de-risk our future expansion, solidifying our growth trajectory," Michael Intrator, CoreWeave's Chief Executive Officer, said.
Core Scientific, which emerged from bankruptcy in 2023, has seen renewed momentum amid Bitcoin’s recovery. For CoreWeave, the deal secures valuable real estate and power access—two of the most critical components for AI infrastructure.
The deal is set to eliminate more than $10 billion in lease obligations for CoreWeave and is projected to deliver $500 million in annual cost savings by 2027. Once finalised in late 2025, Core Scientific shareholders will own under 10% of the merged entity.
Last week, CoreWeave announced the world’s first deployment of NVIDIA’s GB200 NVL72, a groundbreaking AI supercomputing platform designed to handle the next generation of large-scale, AI workloads.
The announcement places CoreWeave at the forefront of accelerated computing and positions it as a critical player in powering frontier AI.
Comments ()