CoreWeave Returns With New $1B+ Bid for Core Scientific After Rejection

CoreWeave is back at the negotiating table with a renewed push to acquire Core Scientific, according to a report from The Wall Street Journal.

The AI-focused cloud infrastructure firm is reportedly in advanced talks to buy the Bitcoin mining and hosting giant, after a previous $1 billion bid was rejected last year.

The earlier offer, made at $5.75 per share, was turned down by Core Scientific’s board, which said the proposal undervalued the company. Since then, Core Scientific’s stock has surged.

It jumped more than 27% to $15.67 on Thursday after the report surfaced, briefly triggering a trading halt. The company is now valued at around $3.7 billion, more than double CoreWeave’s earlier bid.

*COREWEAVE IN TALKS TO BUY CORE SCIENTIFIC: WSJ

Blocks are always moving in the #Bitcoin mining industry. $MNRS

Learn more about $MNRS: https://t.co/kCpi8yOYF1 pic.twitter.com/sy9DG1f8dR

Talks are ongoing, and the deal could close within weeks if negotiations continue without major setbacks. So far, the exact terms of the new offer have not been disclosed.

Core Scientific operates one of the largest digital infrastructure networks for Bitcoin mining and data hosting in North America.

In recent months, it has attracted attention beyond crypto, thanks to the global demand for data center capacity driven by artificial intelligence workloads.

The two companies already have a deep relationship. In June last year, Core Scientific signed a series of 12-year contracts to host CoreWeave’s AI operations, supplying hundreds of megawatts of capacity.

The agreement is expected to bring in billions in revenue over time and represents Core Scientific’s broader shift toward AI infrastructure.

CoreWeave, which went public in March and now holds a market cap of roughly $75 billion, has rapidly scaled its AI infrastructure business.

The company rents out access to Nvidia GPUs, often through partnerships with big tech firms. Microsoft alone accounted for over 60% of CoreWeave’s revenue in 2024, with Meta and IBM also among its clients.

A successful acquisition would bring Core Scientific’s infrastructure under CoreWeave’s control, forming a major player in both Bitcoin mining and AI compute power.

As demand continues to stretch global data center resources, the combination of Core Scientific’s scale and CoreWeave’s AI expertise could prove strategically valuable.

Carlos Ramírez, an analyst following the sector, noted the shift. “Core Scientific is no longer just a crypto company,” he said. “Its infrastructure is becoming key to AI growth, and CoreWeave knows it.”

While Core Scientific’s shares rallied on the news, CoreWeave’s stock slipped slightly. Market reactions to takeovers often reflect concern over deal execution, especially when integration or financing challenges loom.

For now, all eyes remain on the negotiation table as CoreWeave looks to seal what could become one of the largest deals at the intersection of crypto infrastructure and artificial intelligence.

As CoreWeave returns with a renewed $1 billion-plus offer for Core Scientific, the backdrop tells a story of a mining firm in transition.

Back in February, the Bitcoin mining firm secured a $1.2 billion agreement with CoreWeave to boost data center capacity for high-performance computing (HPC), signaling a pivot toward AI infrastructure.

The move is expected to drive $360 million in colocation revenue by 2026, offering a buffer as traditional mining revenue comes under pressure.

In Q1 2025, Core Scientific posted a net profit of $580 million, up from $210 million a year earlier. But revenue fell short of expectations, dropping to $79.5 million, down from $179.3 million in Q1 2024.

@Core_Scientific reported a first-quarter net profit of $580 million for 2025, a sharp increase from $210 million a year earlier.#Bitcoin #Mininghttps://t.co/a2zHWUsRcs

The slump reflects weaker mining yields after the April 2024 Bitcoin halving and a strategic shift from self-mining to HPC hosting.

Self-mining still brought in $67.2 million, but hosted and colocation mining lagged, contributing just $12.4 million combined.

Industry-wide, miners are feeling the squeeze. According to CryptoQuant, daily miner revenues dropped to $34 million on June 22, the lowest since April, due to falling BTC prices and lower transaction fees.

Bitcoin miners just saw their worst payday in a year.

Daily revenue slipped to $34 million in June, the lowest since April.

Falling fees and Bitcoin’s price drop are crushing margins. pic.twitter.com/TXdN06CU1F

Analysts say miners are now the “most underpaid” they’ve been all year.

Meanwhile, sustainability is improving. A Cambridge University study shows that 52.4% of Bitcoin mining now runs on sustainable energy, up from 37.6% in 2022.

But uncertainty looms as President Trump’s proposed tax bill threatens to slash incentives for solar and renewable-powered miners, potentially raising energy costs across the sector.

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