CoreWeave (NASDAQ: CRWV) announced Monday it will acquire data center provider Core Scientific (NASDAQ: CORZ) in an all-stock transaction valued at approximately $9.0 billion.

Under the merger agreement, Core Scientific stockholders will receive 0.1235 newly issued shares of CoreWeave Class A common stock for each Core Scientific share they own. The transaction represents a premium of approximately 66% to Core Scientific's closing price of $12.30 on June 25, 2025.

The acquisition will give CoreWeave ownership of approximately 1.3 gigawatts of gross power across Core Scientific's national data center footprint, with an additional 1 gigawatt of potential expansion capacity. Core Scientific operates ten facilities across seven states including Alabama, Georgia, Kentucky, North Carolina, North Dakota, Oklahoma and Texas.

"This acquisition accelerates our strategy to deploy AI and HPC workloads at scale," said Michael Intrator, CoreWeave's CEO and co-founder. "Verticalizing the ownership of Core Scientific's high-performance data center infrastructure enables CoreWeave to significantly enhance operating efficiency and de-risk our future expansion."

CoreWeave expects the deal to eliminate over $10 billion in cumulative future lease overhead across existing contractual sites over the next 12 years. The company projects $500 million in estimated annual run rate cost savings by the end of 2027.

The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approval and Core Scientific stockholder approval. Upon completion, Core Scientific stockholders will own less than 10% of the combined company.

Goldman Sachs is serving as financial advisor to CoreWeave, while Moelis & Company and PJT Partners are advising Core Scientific.