CoreWeave in talks to acquire Core Scientific after $1B buyout bid was rejected last year

CoreWeave is back at the table with fresh interest in acquiring bitcoin miner Core Scientific, according to a new report from The Wall Street Journal. The cloud infrastructure company is reportedly in talks to purchase the bitcoin mining firm, nearly a year after Core Scientific turned down its initial $1.02 billion offer.

The new discussions come as Core Scientific’s stock jumped roughly 8% following the report, lifting its valuation to around $4 billion. Talks are ongoing, and while no deal has been finalized, people familiar with the matter say an agreement could materialize in the coming weeks—barring any setbacks. Neither company has publicly commented.

“CoreWeave is in talks to acquire Core Scientific, according to people familiar with the matter, after the AI company’s unsuccessful attempt to buy the digital-infrastructure firm about a year ago,” The Wall Street Journal reported.

Core Scientific is one of the largest crypto mining firms in the U.S., and its operations consume huge amounts of electricity—something that’s caught the attention of large-scale cloud and AI players like CoreWeave. As demand for AI compute climbs, these companies are hunting for energy-rich infrastructure to fuel their data centers.

As we reported last June, CoreWeave offered to buy Core Scientific for $5.75 per share in cash. Core Scientific rejected the proposal, saying the offer undervalued the company and wasn’t in the best interest of shareholders.

Still, the two didn’t walk away entirely. They went on to sign a series of long-term agreements, including a 12-year contract that gives CoreWeave access to 200 megawatts of infrastructure from Core Scientific to support its high-performance computing needs, Reuters wrote.

Now, with the AI boom in full swing and energy-hungry models demanding massive compute power, CoreWeave’s interest in owning the infrastructure outright seems to be back on the agenda.

Whether Core Scientific is willing to accept a deal this time—especially with a stronger market valuation—remains to be seen.

Founded in 2017 by former Myspace CTO and co-founder Aber Whitcomb, Core Scientific provides advanced blockchain and AI hosting, transaction processing, and application development services. The company’s platform supports large-scale partners globally, ensuring reliable solutions that adapt swiftly to market changes. According to its LinkedIn profile, Core Scientific employs over 100 people.