CoreWeave to acquire Core Scientific (CORZ) in an all-stock transaction implying a total equity value of $9 bln, expected to close in the fourth quarter of 2025
- Under the terms of the merger agreement, Core Scientific (CORZ) stockholders will receive 0.1235 newly issued shares of CoreWeave Class A common stock for each share of Core Scientific common stock based on a fixed exchange ratio.
- Following CoreWeave's successful IPO in March 2025, this acquisition will help CoreWeave verticalize its data center footprint to future-proof revenue growth and enhance profitability.
- Through this acquisition, CoreWeave will own approximately 1.3 GW of gross power across Core Scientific's national data center footprint1 with an incremental 1 GW+ of potential gross power available for expansion.
- As of July 3, 2025, the agreed-upon exchange ratio implies a total equity value of approximately $9.0 billion.
- This is calculated on a fully diluted basis and based on CoreWeave's 5-day VWAP. This represents a $20.40 per share value based on the closing price of CoreWeave Class A common stock as of July 3, 2025, and a premium of approximately 66% to the unaffected Core Scientific closing share price of $12.30 on June 25, 2025.
- The final value will be determined at the time of transaction close.
- Upon close, CoreWeave expects Core Scientific's stockholders' ownership of the combined company will be less than 10%.
