CoreWeave will acquire Core Scientific for $9 billion, doubling its data center capacity as a GPU-as-a-Service provider. The deal is set to complete by late 2025. The demand for computing power for AI exceeds current supply, facilitating rapid growth for companies like CoreWeave. Core Scientific, formerly a bitcoin miner, has about 1.3 gigawatts of power capacity. The acquisition values Core Scientific at $20.40 per share, marking a 66 percent premium. CoreWeave's CEO views the deal as crucial for accelerating strategic deployment of AI and HPC workloads.
CoreWeave is acquiring Core Scientific for $9 billion, doubling its AI data center capacity to strengthen its GPU-as-a-Service position. The completion is expected by end of 2025.
The acquisition values Core Scientific at $20.40 per share, representing a premium of 66 percent over its previous share price. Core Scientific shareholders will own less than 10 percent of the combined company.
CoreWeave CEO Michael Intrator sees the acquisition as a means to rapidly deploy AI and HPC workloads, vital for intensive AI applications.
CoreWeave's collaboration with Core Scientific has led to 12-year contracts for infrastructure support, furthering its strategy in high-powered computing and AI.
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