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Core Scientific Inc. (NASDAQ:CORZ) shares jumped over 25% following renewed reports that CoreWeave Inc. (NASDAQ:CRWV), an AI-focused cloud infrastructure firm, is in advanced talks to acquire the Bitcoin mining and hosting company. The potential deal revives a previously rejected bid, underscoring the increasing convergence between AI infrastructure and digital asset operations.
According to The Wall Street Journal, the companies could finalize a transaction within weeks if discussions progress smoothly. While the terms remain undisclosed, Core Scientific’s current market cap of approximately $3.7 billion implies any offer would likely include a significant premium.
Core Scientific and CoreWeave both declined to comment on the ongoing talks. Last year, CoreWeave proposed a $5.75 per share offer, valuing Core Scientific at just over $1 billion. The offer was rejected, and CORZ stock has since more than doubled, now trading well above the initial bid.
Despite the earlier rejection, the two companies have deepened their business ties. In June 2024, they signed 12-year hosting contracts, securing hundreds of megawatts in capacity for CoreWeave—deals expected to generate billions in revenue for Core Scientific.
The potential acquisition follows CoreWeave’s meteoric rise. Since its IPO in March 2025, CoreWeave stock has surged nearly 350%, fueled by surging investor demand for AI infrastructure providers. A deal with Core Scientific would mark CoreWeave’s first major acquisition as a public company and a strategic move to scale its high-performance computing capabilities.
Core Scientific operates one of North America’s largest digital infrastructure platforms for Bitcoin mining and HPC, making it a valuable target as AI firms seek to expand their compute power. Meanwhile, CoreWeave stock edged 1.5% lower following the news.
