Core Scientific Shares Skyrocket on Renewed Deal Talks with AI Powerhouse
Core Scientific shares surged 35% on Thursday following reports that AI cloud firm CoreWeave is once again considering acquiring the Bitcoin miner.
The sharp move briefly paused trading but resumed with momentum, marking one of Core Scientific’s busiest days on the market since its return to Nasdaq in early 2024 after exiting bankruptcy.
This potential acquisition isn’t coming out of nowhere. The two companies have been deeply intertwined since mid-2023, when they inked a $10.2 billion deal for Core Scientific to provide 590 megawatts of AI-ready infrastructure over 12 years. That long-term agreement followed CoreWeave’s earlier failed buyout attempt in 2024, when it offered $5.75 per share—a price tag the miner deemed far too low at the time.
Since then, Core Scientific’s transformation has been dramatic. Once solely focused on crypto mining, the firm has pivoted toward AI infrastructure, riding the wave of surging demand for data center capacity. That pivot has paid off: its market cap has grown nearly fivefold, and its profile has shifted from a distressed miner to a key AI infrastructure provider.
Talks between the two companies have reportedly resumed, with a deal potentially just weeks away. If completed, CoreWeave would move from partner to full owner, deepening its control over the infrastructure powering its compute-heavy operations.
Core Scientific’s strategic pivot isn’t unique. A growing number of crypto miners are racing to repurpose facilities for AI clients, but not all data centers are created equal—retrofits often fall short of meeting AI’s heavy power and performance demands. Core Scientific, however, has secured its seat early through forward-looking infrastructure commitments.
Interestingly, while Core Scientific’s stock surged, CoreWeave’s edged slightly lower—perhaps a sign of market hesitance about acquisition costs. Still, with data center space and energy becoming scarce commodities, controlling reliable infrastructure may be worth the price. For Core Scientific, the shift to AI may not just be a survival move—it could be the company’s most profitable chapter yet.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
