AI infrastructure company CoreWeave (coll) Has agreed to buy Bitcoin
Miners’ core science (CORZ) Based on the recent closing price, an all-stock is worth approximately $20.40 per share.
Quotation prices are close to investment bank Jefferies’s previously estimated takeaway range of $16-23 per share. this trade It is expected to close in 2025 in the fourth quarter.
Core Science shares fell by 22%, trading around $14 at publication time, while Bitcoin miners and possible high-performance computing playbacks such as Hut 8 (cabin) and CleanSpark (clsk) Falling more than 7%. Another similar miner Iren (iren)However, it is higher than 3%.
CoreWeave shares fell by 3.3%.
Jefferies analysts previously pointed out that Coreweave’s strong IPO share performance puts it in a favorable position to pursue large-scale mergers and acquisitions. The bank sees the move as a strategic effort to vertically integrate Coreweave’s infrastructure and reduce reliance on long-term leasing and third-party developers.
CoreWeave is well-positioned to take advantage of its relatively low equity cost to replace long-term lease obligations and directly control data center assets, writes analysts Jonathan Petersen and Jan Aygul.
The deal highlights the accelerated trend of mergers in AI infrastructure and high-performance computing (HPC) Space, as vertically integrated providers seek scale and control.
For CoreWeave, the move positioned it as not only a supplier of computing, but also a full-stack infrastructure operator as an increasingly important position, as demand for AI companies and cloud-native enterprises continues to surge.
Analysts say the capability and platform to acquire Core Scientific’s data centers allows CoreWeave to scale the infrastructure it has and better control over future capabilities expansion.
Core Science has also been looking for new leases with HyperScalers, and analysts suggest Coreweave might be to secure the space before finalizing a new deal.
Jefferies has a buy rating of $18 for Core Science stocks.
Read more: CoreWeave gains core science with $9B all-stock trading
