CoreWeave, an AI infrastructure provider and former cryptocurrency miner, has renewed its acquisition bid for Bitcoin mining firm Core Scientific. The Wall Street Journal reported that the takeover offer, previously rejected last year, could be finalized within weeks, though financial terms remain undisclosed. Core Scientific shares surged more than 23% following the news, prompting a temporary trading halt, with the company now valued at approximately $3.6 billion. Previously, CoreWeave had offered $5.75 per share for Core Scientific, valuing it around $1 billion, but Core Scientific declined to deepen their existing partnership instead.
Since rejecting the offer, Core Scientific’s stock price has nearly tripled, supported by strong first-quarter earnings that doubled net income to $580 million. Despite this, its revenue fell short of analyst expectations at $79.5 million, largely attributed to the Bitcoin mining reward halving in April 2024, which decreased block rewards from 6.25 BTC to 3.125 BTC. Core Scientific holds 977 BTC, ranking as the 30th largest corporate Bitcoin holder.
CoreWeave's stock has rallied roughly 300% this year, with a current market capitalization near $78.4 billion. The renewed acquisition talks reflect growing strategic synergy between cryptocurrency mining and AI infrastructure markets, particularly given both companies’ use of Nvidia GPU-powered systems. This potential consolidation may set a precedent in the Bitcoin mining sector as Core Scientific pivots towards cloud services and AI infrastructure, aligned with industry trends. Regulatory reviews and market scrutiny are expected before any formal agreement.