Nvidia-backed cloud-computing company CoreWeave is in advanced negotiations to acquire data-centre operator and bitcoin miner Core Scientific, according to people familiar with the matter cited by the Wall Street Journal. The report sent Core Scientific’s shares up as much as 33 per cent on Thursday, lifting the company’s market value to almost $5 billion. CoreWeave’s stock was little changed. The talks revive an unsolicited bid CoreWeave lodged in June 2024 at $5.75 a share, or about $1.02 billion, which Core Scientific’s board rejected as too low. Since then the two companies have deepened their commercial ties, signing 12-year hosting contracts under which Core Scientific will supply at least 200 megawatts of power—an arrangement analysts say has since expanded to roughly 590 MW and could generate more than $10 billion in revenue. People briefed on the discussions said a deal could be struck within weeks, though details of price and structure have not been finalised. Acquiring Core Scientific would give CoreWeave physical control of critical data-centre capacity as demand for energy-intensive artificial-intelligence computing soars. Both firms declined to comment on the negotiations.