AI-sector deal gives CoreWeave control over Core Scientific’s data centers, bolstering its support of compute-intensive workloads.
CoreWeave, a cloud infrastructure provider focused on AI workloads, announced its acquisition of Core Scientific, a data center operator specializing in high-performance computing and digital asset infrastructure. The transaction, valued at $9 billion, is structured entirely in stock. Here is a snapshot of each company:
CoreWeave
Founded: 2017
Headquarters: Livingston, New Jersey
Employees: ~880
Services: GPU and CPU compute, storage, networking, virtual and bare metal servers
Focus: Generative AI, model training, rendering, data optimization
Infrastructure: Operates data centers across the U.S. and Europe
Strategy: Vertical integration of infrastructure stack to reduce lease overhead and improve financing flexibility
Competitors: Amazon Web Services (AWS); Microsoft Azure; Google Cloud Platform; NVIDIA; Oracle Cloud; Dell Technologies; Vast.ai; Vertiv.
Core Scientific
Founded: 2017
Headquarters: Dover, Delaware
Employees: ~325
Market Cap (as of July 2025): $4.23 billion
Revenue (TTM as of March 2025): $411 million
Segments: Digital asset self-mining, hosted mining, HPC hosting
Infrastructure: ~1.3 GW of gross power capacity, with over 1 GW available for expansion
Q1 2025 Net Income: $580.7 million (largely due to non-cash mark-to-market adjustment)
Competitors: Riot Platforms; Marathon Digital Holdings; HIVE Blockchain Technologies; Applied Digital; Crusoe Energy Systems.
Strategic Rationale
The acquisition gives CoreWeave direct control over Core Scientific’s national data center footprint, enhancing its ability to support compute-intensive workloads. The companies have a longstanding partnership, which may facilitate integration. CoreWeave aims to leverage Core Scientific’s capabilities in power procurement, construction, and site management.
Antitrust Considerations
No agency challenges have been reported, but both the Federal Trade Commission and the Department of Justice are watching vertical mergers related to AI infrastructure. The transaction consolidates infrastructure assets essential for AI and high-performance computing (HPC) workloads. Although CoreWeave does not qualify as a hyperscaler, its rapid growth and strategy of vertical integration may draw scrutiny given the increasing concentration in AI infrastructure markets.
Enforcers may want to know whether the acquisition limits access to GPU-based hosting for competitors or customers, whether CoreWeave’s control of power-intensive data centers creates barriers to entry for smaller AI firms, and whether the deal affects pricing or availability of compute resources in markets where Core Scientific was previously a neutral host. Again, there are no indications that the deal is being investigated, but these are generally the types of issues explored in such mergers.
This acquisition has been added to the Mogin Law Artificial Intelligence Deal Table, an ongoing tracker of significant mergers in the AI industry.
Edited by Tom Hagy for Mogin Law LLP.
