Core Scientific shares surge 33% on report of buyout talks with CoreWeave
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Core Scientific shares jumped 33% after a report that CoreWeave is in talks to acquire the bitcoin miner.
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cryptocurrency
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June 26, 2025
08:34 PM
CNBC
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Core Scientific had its second-biggest day on the market since returning to the Nasdaq in early 2024
The rally came after The Wall Street Journal reported that the company is in talks to be acquired by CoreWeave
The deal, which could be finalized in weeks, s a previously rejected bid from CoreWeave that valued the company at less than a quarter of its current market cap
In this articleCRWVCORZQ your favorite stocksCREATE FREE ACCOUNTPiotr Swiat | Lightrocket | Getty ImagesCore Scientific s surged 35% on Thursday ing a report from The Wall Street Journal that artificial intelligence infrastructure vendor CoreWeave is in talks to acquire the bitcoin mining and hosting vider
The company's stock was briefly halted after the report, and then ceeded to have its second-sharpest rally since Core Scientific returned to the Nasdaq in January 2024 after completing a reorganization
Its biggest one-day gain came last June, when the s popped 40% on news that the company would significantly expand its AI with CoreWeave
The Journal reported, citing people familiar with the matter, that a transaction could be finalized in the coming weeks, barring any last-minute snags
The deal would deepen a long-running partnership that includes billions of dollars in contracted commitments
With Thursday's jump, Core Scientific has a market cap of close to $5 billion
That's five times the valuation implied by CoreWeave's previously rejected takeover bid last year
CoreWeave s fell 1% on Thursday
The relationship between the two companies has become key to Core Scientific's turnaround story
Since exiting bankruptcy in January of last year, Core Scientific has pivoted aggressively into AI infrastructure, converting a significant portion of its mining capacity to host high-performance compute workloads
Its 12-year partnership with CoreWeave is now expected to generate $10. 2 billion in revenue commitments, with 590 megawatts of infrastructure slated for dery by early 2026
The move from a distressed bitcoin miner into a player in the AI boom mirrors a shift across the broader mining sector as firms race to retrofit data centers for more lucrative AI clients
Still, analysts warn that supporting AI workloads often requires entirely new builds, not just repurposed hardware
Core Scientific did not immediately respond to CNBC's request for
A CoreWeave spokesperson declined to
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