CoreWeave has re-entered negotiations with a robust new proposal to acquire Core Scientific, as confirmed by a report from The Wall Street Journal. The AI-focused cloud infrastructure provider is reportedly in advanced discussions to purchase the prominent Bitcoin mining and hosting company, having previously seen a $1 billion bid turned down last year.

Core Scientific’s Stock Surges 27% Amid New Acquisition Talks

Core Scientific’s initial offer of $5.75 per share was rejected by the company’s board, which argued that the bid undervalued its potential. Since that time, Core Scientific’s shares have witnessed significant growth, soaring more than 27% to reach $15.67 on Thursday, prompting a temporary trading halt. The company’s market valuation now stands at approximately $3.7 billion, significantly exceeding CoreWeave’s earlier offer.

With negotiations still underway, a deal could potentially close in a matter of weeks if discussions proceed smoothly. However, specific terms of the renewed offer have not yet been made public.

Core Scientific is recognized as one of North America’s leading operators of digital infrastructure networks for Bitcoin mining and data hosting. Recently, the company has attracted attention beyond the cryptocurrency realm, responding to the global demand for data center capacity, particularly driven by the escalating needs of artificial intelligence applications.

Interestingly, Core Scientific and CoreWeave already share a strong collaborative history. Last June, Core Scientific entered into a 12-year contract to host CoreWeave’s AI operations, which involved supplying hundreds of megawatts of capacity. This agreement is anticipated to generate billions in revenue, representing Core Scientific’s transition towards AI infrastructure.

CoreWeave, which went public in March 2025, now boasts a market capitalization of approximately $75 billion and has rapidly expanded its AI infrastructure business. The firm specializes in leasing access to Nvidia GPUs, with major partnerships, including a deal with Microsoft, which accounted for over 60% of CoreWeave’s revenue in 2024, alongside Meta and IBM as key clients.

A successful acquisition of Core Scientific would enable CoreWeave to consolidate its infrastructure, positioning itself as a formidable entity within both Bitcoin mining and AI computational power realms. As the demand for data center resources continues to rise, merging Core Scientific’s extensive capabilities with CoreWeave’s AI expertise could yield strategic advantages.

Carlos Ramírez, an analyst in the sector, remarked on this shift, noting, “Core Scientific is no longer merely a crypto company. Its infrastructure is becoming vital to AI growth, which CoreWeave recognizes.”

While Core Scientific saw its stock price soar following the news, CoreWeave’s shares experienced a minor dip. The market’s reaction to acquisition announcements often reflects apprehensions regarding deal execution, particularly with potential integration and financing challenges on the horizon.

As negotiations unfold, the spotlight remains fixed on the negotiation table as CoreWeave seeks to finalize what could become one of the most significant transactions at the crossroads of cryptocurrency infrastructure and artificial intelligence.

Core Scientific Eyes AI Future Amid Declining Revenue and Renewed CoreWeave Offer

As CoreWeave presents its renewed offer exceeding $1 billion for Core Scientific, the backdrop reveals a mining firm navigating a transformative phase.

In February, Core Scientific diversified its focus, securing a $1.2 billion agreement with CoreWeave to augment data center capacity for high-performance computing (HPC), marking a strategic pivot towards AI infrastructure. This initiative is projected to generate $360 million in colocation revenue by 2026, providing a financial cushion as traditional mining revenue faces retraction.

Despite posting a net profit of $580 million for Q1 2025—a significant increase from $210 million a year prior—Core Scientific’s revenue fell short of market expectations, declining to $79.5 million from $179.3 million in Q1 2024.

This downturn is reflective of diminished mining yields following the April 2024 Bitcoin halving and a strategic shift from self-mining to HPC hosting. Self-mining still contributed $67.2 million, but hosted and colocation mining collectively fell short, generating only $12.4 million.

The entire industry is feeling the financial squeeze; data from CryptoQuant indicates that daily miner revenues fell to $34 million on June 22, marking the lowest level since April, primarily due to declining BTC prices and reduced transaction fees.

Industry analysts have remarked that miners are currently the “most underpaid” they’ve been throughout the year.

On a positive note, sustainability in the sector is making strides; a recent study from Cambridge University revealed that 52.4% of Bitcoin mining operations now utilize sustainable energy sources, a notable increase from 37.6% in 2022.

However, looming uncertainty exists as President Trump’s proposed tax legislation threatens to diminish incentives for solar and renewable energy-powered mining operations, which may lead to escalated energy costs across the sector.

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