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Core Scientific Signs $3.5B Deal with CoreWeave, Receives $5.75/Share Acquisition Offer

Jun 4, 2024, 12:54 PM

Core Scientific, a Bitcoin mining company, has signed a 12-year, $3.5 billion partnership deal with Nvidia-backed cloud AI company CoreWeave. As part of the agreement, Core Scientific will provide 200 megawatts (MW) of data center space for high-powered computing operations and modify existing facilities for a launch in 2025. Core Scientific currently operates about 750MW of data centers used for Bitcoin mining, with an additional 500MW of expansion space. Additionally, CoreWeave has offered to acquire Core Scientific for $5.75 per share, an 18% premium to the previous day's closing price. The deal involves infrastructure for AI use cases and is seen as transformative for $CORZ.