CoreWeave, the Nvidia-backed cloud-infrastructure firm, has agreed to acquire data-center operator and former bitcoin miner Core Scientific in an all-stock transaction valued at roughly $9 billion. Core Scientific shareholders will receive 0.1235 CoreWeave shares for each of their own, implying a consideration of about $20.40 a share—66% above Core Scientific’s closing price before talks became public on 25 June. By taking control of Core Scientific’s 1.3 gigawatts of contracted power across 11 U.S. sites—with rights to add a further 1 GW—CoreWeave aims to secure scarce energy and real-estate capacity for artificial-intelligence and high-performance-computing workloads. The buyer expects the deal to wipe out more than $10 billion in future lease obligations and generate roughly $500 million of annual cost savings by 2027. The announcement sent Core Scientific shares down about 17% and CoreWeave shares roughly 3% as investors weighed the all-stock structure. The companies plan to complete the merger in the fourth quarter of 2025, subject to shareholder and regulatory approvals. Goldman Sachs is advising CoreWeave, while Moelis & Co. and PJT Partners are advising Core Scientific.