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CoreWeave set to acquire crypto miner Core Scientific
CoreWeave, a company known for powering AI with big data centers, just announced it's buying crypto mining giant Core Scientific in an all-stock deal worth about $9 billion.
That's $20.40 per share—66% higher than Core Scientific's stock was trading before the news dropped.
The deal is expected to wrap up by the end of this year.
Deal shows how much AI and old-school crypto tech overlap
CoreWeave isn't really after the crypto—it wants Core Scientific's massive network of energy-hungry data centers to supercharge its own AI operations.
By snapping up this infrastructure, CoreWeave is doubling down on making its AI systems faster and more powerful, showing just how much AI and old-school crypto tech are starting to overlap.