CoreWeave is looking to acquire Bitcoin miner Core Scientific, according to the Wall Street Journal, which cited anonymous sources. The deal could close within a matter of weeks.
CoreWeave (ticker CRWV) has made at least one previous attempt to acquire Core Scientific (ticker CORZ). In June 2024, the firm offered approximately $1 billion, or $5.75 per share in cash, to purchase Core Scientific, which was rejected for significantly undervaluing the company.
The terms of CoreWeave’s latest bid remain undisclosed. CORZ, which spiked over 28% in Thursday’s session following WSJ’s report, has a market valuation of around $3.6 billion, according to The Block’s data.
Core Scientific went public in January 2022 via a $4.3 billion SPAC merger. The firm filed for Chapter 11 bankruptcy protection in December 2022 following Bitcoin’s price crash and emerged from its restructuring last year with a relisting on Nasdaq.
In 2024, Core Scientific reported $502.4 million in revenue and total net losses of $265.5 million, largely driven by a non-cash warrant adjustment. However, the miner recently posted first-quarter profit of $580 million.
CoreWeave raised $1.5 billion via an initial public offering in March. CORW is up nearly 25% on the news. The firm garnered $1.9 billion in 2024 revenues and has inked deals with tech giants including IBM, Meta, Microsoft, and OpenAI.
The two companies signed a series of multi-year contracts, including an agreement under which Core Scientific would provide CoreWeave with about 200 MW of infrastructure to power its high-performance computing services.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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