CoreWeave and Core Scientific are closely linked players in the high-performance computing (HPC) and AI cloud infrastructure space, with a significant recent development being CoreWeave’s planned acquisition of Core Scientific.
Let’s have a look Relationship and Business Focus:
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Core Scientific is a leading provider of digital infrastructure, specializing in high-density colocation services and digital asset mining. It operates multiple purpose-built data centers across several U.S. states (Alabama, Georgia, Kentucky, North Carolina, North Dakota, Texas, Oklahoma) and is pivoting from Bitcoin mining toward supporting AI and HPC workloads through colocation services. It has contracts with CoreWeave to host GPUs and deliver AI-related compute capacity.
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CoreWeave is a cloud infrastructure provider focused on AI workloads, leveraging GPU-accelerated computing. It has been a major customer of Core Scientific, leasing significant data center capacity to run AI cloud services.
Key Recent Development: Acquisition Deal
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On July 7, 2025, CoreWeave announced its intention to acquire Core Scientific in an all-stock deal valued at approximately $9 billion. This deal is expected to close in Q4 2025, subject to regulatory and shareholder approval.
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The acquisition will allow CoreWeave to gain direct control over Core Scientific’s data center infrastructure, including about 1 gigawatt of gross power capacity with an additional gigawatt planned for expansion. This will eliminate CoreWeave’s need to pay rent to Core Scientific on several data center sites, improving operational efficiency and saving an estimated $500 million annually.
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The combined entity will have enhanced scale and capabilities to serve the growing AI and HPC market, with Core Scientific’s 12-year contracts with CoreWeave representing over $10 billion in recurring revenue.
Strategic Shift and Financials
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Core Scientific has been shifting its business model from Bitcoin mining, which has become less profitable, to high-density colocation services tailored for AI workloads. It plans to deliver 250 megawatts of billable capacity to CoreWeave by the end of 2025.
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Despite a revenue decline in early 2025 (Q1 revenue $79.5 million, down from prior year), Core Scientific reported a net income of $580.7 million due to financial restructuring and strategic moves.
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The partnership and upcoming merger reflect a broader industry trend of data center providers focusing on AI infrastructure, where demand for GPU-accelerated computing is rapidly growing.
This acquisition positions CoreWeave to become a major integrated player in the AI infrastructure market by combining Core Scientific’s extensive data center assets with its own AI cloud capabilities.