CoreWeave to Acquire Core Scientific in $9B All-Stock Deal Amid Shareholder Concerns

CoreWeave (CRWV) has agreed to acquire bitcoin miner Core Scientific (CORZ) in an all-stock transaction valued at $20.40 per share, representing an implied enterprise value of roughly $9 billion and a ~16x FY2026 estimated EBITDA multiple. While the acquisition offers strategic benefits, including cutting over $10 billion in lease liabilities and generating over $500 million in projected annual cost savings by 2027, investor response has been tepid.

Core Scientific shares dropped 18% to around $14.75 following the announcement, while CoreWeave declined 5%. Analysts view the move as opportunistic, capitalizing on CRWV’s 295% post-IPO rally. Investment bank KBW labeled the deal as a strategic win for CoreWeave but highlighted potential friction from Core Scientific shareholders due to the unchanged asset base from CRWV’s previous failed bid and the absence of a cash component.

Under the deal terms, Core Scientific shareholders will receive 0.1235 CoreWeave shares per share. The merger, expected to close in Q4 2025, still requires approval from Core Scientific shareholders. Analysts from both KBW and Bernstein noted investor disappointment, particularly regarding the all-stock structure and lower-than-expected valuation. Still, no competing offers are anticipated, making the deal likely to move forward.

KBW maintains an “outperform” rating on Core Scientific with a $19 target, while Bernstein has a $17 price objective, despite the post-deal dip. The proposed acquisition positions CoreWeave to expand its infrastructure footprint while integrating one of the largest bitcoin miners, reflecting the ongoing convergence of AI compute providers and blockchain infrastructure operators.