US-based AI cloud computing provider CoreWeave has resumed negotiations to acquire Core Scientific, Reuters reported, quoting a source familiar with the development.
The move comes after the bitcoin mining and hosting provider turned down CoreWeave’s previous proposal in 2024, stating that the offer undervalued the company.
The resumption of talks was first reported by The Wall Street Journal, which resulted in a 33% increase in Core Scientific’s share price. A conclusion to the discussions could be reached in the coming weeks, although specific terms of the potential deal remain undisclosed.
However, Core Scientific did not respond to a request for comment from Reuters. CoreWeave also declined to respond to queries.
Core Scientific, valued at approximately $5bn as of 27 June 2025 market close, specialises in owning and operating advanced digital infrastructure for bitcoin mining and hosting services.
The company operates purpose-built facilities and provides digital asset mining infrastructure, software solutions, and services to third-party clients.
In 2024, CoreWeave made an unsolicited non-binding offer to acquire all of Core Scientific’s outstanding shares for $1.02bn, or $5.75 per share in cash. Core Scientific declined the offer, stating it did not reflect the company’s value or align with shareholder interests.
Despite the rejection, the two companies entered a series of 12-year agreements, including a contract for Core Scientific to supply approximately 200MW of infrastructure to support CoreWeave’s high-performance computing services.
CoreWeave supplies enterprises and AI labs with cloud solutions for enhanced computing capabilities. Among its clients is Microsoft, which accounted for 62% of CoreWeave’s revenue in 2024.
In March 2025, CoreWeave secured an $11.9bn agreement to provide AI infrastructure to OpenAI. The deal is intended to enhance OpenAI’s compute capacity for training and deploying sophisticated AI models worldwide.
