CoreWeave Inc. said it has signed a definitive agreement to acquire data-center operator and bitcoin miner Core Scientific Inc. in an all-stock transaction valued at roughly $9 billion. The deal will give Core Scientific shareholders 0.1235 newly issued CoreWeave shares for each share they own, valuing the target at about $20.40 a share—66 percent above its closing price before negotiations became public on 25 June. By folding in Core Scientific, CoreWeave gains control of 1.3 gigawatts of contracted power capacity across 11 U.S. sites and options for a further 1 GW, while eliminating more than $10 billion in future lease payments. Chief Executive Officer Michael Intrator said the acquisition will accelerate the company’s ability to deploy artificial-intelligence and high-performance-computing workloads at scale. The transaction, advised by Goldman Sachs for CoreWeave and Moelis and PJT Partners for Core Scientific, is slated to close in the fourth quarter of 2025 pending regulatory and shareholder approvals. The agreement revives a courtship that began in June 2024, when Core Scientific rejected a $5.75-a-share cash offer as too low. Shares of Core Scientific fell about 17 percent and CoreWeave slipped roughly 4 percent after the latest announcement, reflecting investors’ mixed reactions to the all-stock structure and the dilution it entails. Analysts say the move underscores intensifying competition among AI infrastructure providers for energy-rich data-center assets. Less than two weeks after unveiling the merger, CoreWeave announced plans to issue $1.5 billion of senior unsecured notes due 2031. Proceeds will be used to refinance existing debt and support general corporate purposes, signaling the company’s intent to bolster its balance sheet as it absorbs Core Scientific and presses ahead with rapid expansion.