Core Scientific Shares Fall 15% After $9B CoreWeave Buyout Deal

July 7 - Core Scientific CORZ shares plunged about 15% Monday after CoreWeave CRWV agreed to acquire the bitcoin miner in an all?stock deal valued at about $9 billion.

Under the merger terms, Core Scientific shareholders will receive 0.1235 CoreWeave Class A shares for each CORZ share, equating to $20.40 per share based on CoreWeave's July 3 closing price. The offer represents a 66% premium to CORZ's late?June unaffected price of $12.30.

The transaction brings Core Scientific's 1.2 GW U.S. data?centre network into CoreWeave's AI?compute business and cancels a prior $10 billion hosting pact. Closing, expected in Q4 2025 pending regulatory approvals and shareholder votes, will leave Core Scientific holders with under 10% of the combined company.

CoreWeave, which operates high?performance Nvidia clusters for clients such as OpenAI and Microsoft, has been expanding capacity by securing low?cost power. Core Scientific, emerged from Chapter 11 reorganization in late 2023, holds roughly 977 BTC on its balance sheet, valued at about $105 million.

CEO Michael Intrator said the deal verticalizes ownership of critical infrastructure, boosting efficiency and de?risking future growth. The combined group will aim to accelerate expansion in AI compute and digital?asset mining.