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CoreWeave to Acquire Core Scientific in $9 Billion AI Infrastructure Deal

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CoreWeave announced on Monday it will acquire bitcoin miner Core Scientific in an all-stock deal valued at approximately $9 billion, as AI infrastructure companies intensify efforts to secure energy and data center capacity to meet surging demand. The deal reflects a broader trend where crypto firms—once focused on digital assets—are becoming essential to powering artificial intelligence workloads.

Core Scientific shareholders will receive 0.1235 CoreWeave shares for each of their shares, valuing the company at $20.40 per share—a 66% premium from the stock’s last closing price before deal talks emerged in late June. Despite this, Core Scientific shares dropped 22% in early trading Monday, while CoreWeave shares slid 4.5%.

The acquisition is expected to close in Q4 2025, with the final price set at that time. CoreWeave CEO Michael Intrator said the deal will “accelerate our strategy to deploy AI and HPC workloads at scale” and eliminate over $10 billion in future lease liabilities over 12 years.

A Strategic Pivot from Crypto to AI

Bitcoin miners, known for their energy-intensive operations, are increasingly being courted by AI companies. CoreWeave will gain control of Core Scientific’s 1.3 gigawatts (GW) of contracted power—critical capacity in the tight market for AI data center expansion.

Analyst Gautam Chhugani of Bernstein noted that the deal “sets the bar” for other crypto miners considering an AI pivot, with power supply emerging as a key bottleneck for the AI industry.

Founded in 2017 as an Ethereum miner, CoreWeave pivoted toward AI following Ethereum’s “Merge” upgrade in 2022, which rendered mining unprofitable. Since then, its revenue has surged, growing over eightfold in 2024, according to its IPO prospectus. The company now has a market valuation of about $79 billion.

A Turnaround Story for Core Scientific

Core Scientific filed for bankruptcy in late 2022, hit hard by plummeting bitcoin prices and soaring energy costs. It emerged in early 2024 with a renewed strategy, signing 12-year agreements with CoreWeave to lease out data center capacity—including one deal for 200 MW of infrastructure for AI computing.

The merger marks a dramatic turnaround and a strategic shift for Core Scientific, from mining crypto to becoming a foundational pillar of AI infrastructure.

Goldman Sachs advised CoreWeave on the transaction, while Moelis & Co and PJT Partners advised Core Scientific.

Qualcomm to Acquire Alphawave for $2.4 Billion to Boost AI Data Center Expansion

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U.S. chipmaker Qualcomm announced on Monday that it will acquire British semiconductor firm Alphawave for approximately $2.4 billion, signaling Qualcomm’s strategic push into the rapidly growing AI data center market. Alphawave’s shares surged over 22% following the announcement.

Alphawave specializes in high-speed semiconductor technologies for data centers, an area that complements Qualcomm’s existing portfolio and helps diversify its reliance beyond the smartphone sector. Qualcomm, a leading supplier of chips for major smartphone brands including Apple and Xiaomi, is increasingly focusing on data centers and personal computers, partly due to Apple’s shift toward in-house processors for iPhones.

Alphawave shareholders will receive 183 pence per share, representing a nearly 96% premium over the company’s closing price on March 31, just before Qualcomm revealed its interest. Qualcomm’s shares rose about 4% on the news.

The deal includes two alternative all-share offers following extensions by the UK takeover panel, but Alphawave’s board plans to recommend the cash offer as fair and reasonable.

Jefferies analysts expect no significant regulatory hurdles, citing Alphawave’s recent exit from its Chinese joint venture, WiseWave.

Qualcomm President and CEO Cristiano Amon emphasized that Alphawave’s advanced connectivity and compute technologies will enhance Qualcomm’s power-efficient CPU and neural processing units.

The acquisition is slated to close in the first quarter of 2026. Notably, SoftBank-owned Arm had considered acquiring Alphawave but ultimately chose not to proceed.