The $ 1 billion offer last year was a non-starter. Now, with the request for AI’s request and the Bitcoin extraction margins tightening, Coreweave has returned and would be in new talks to acquire Core Scientific.
On June 26, the Wall Street Journal reported that Coreweave, the cloud infrastructure provider supported by Nvidia and fueled customers like Openai and Microsoft, reopened negotiations to acquire Bitcoin Miner Core Scientific.
This decision comes almost a year after the Board of Directors of Core Scientific rejected the initial offer of $ 5.75 per share of Coreweave ($ 1 billion in total) as “considerably undervaluating” the company. This time, the terms remain unknown, but the market reaction was immediate: Core Scientific shares jumped 28%, pushing its valuation nearly $ 4 billion.
People familiar with the issue say that the latest negotiations are following a series of multi -year infrastructure offers between the two companies, including a major contract for 200 megawatts of electricity to support the high performance IT services in Corewave.
Can the second offer stick this time?
Corewave’s renewed Corewave Pursuit seems to consist in securing the necessary infrastructure to win the AI race.
The AI cloud supplier, fresh out of an IPO of $ 1.5 billion and partnerships with Microsoft and Openai, is locked in a battle for computing power with competitors like Amazon Web Services and Google Cloud. Unlike these giants, Coreweave does not have networks of massive data centers. This is where Core Scientific comes into play.
Core Scientific controls something more precious than gross computing power: energy infrastructure. The installations of the Bitcoin minor, mainly located near abundant food sources, are already wired for high density computing, which makes them ideal for IA workloads.
The 200 -megawatt agreement between the two companies, signed last year, was only the start. Having core scientific purely and simple would give Coreweave a direct control over electricity contracts, bypassing the rush towards the expansion of the AI.
What is there for Core Scientific?
For Core Scientific, the moment could not be more strategic. The company emerged from bankruptcy at the beginning of 2024 with a lighter operation and a stronger balance sheet, but the reduction of half of Bitcoin in April reduced mining awards, pressing margins in industry.
While some minors sell assets or rotate for the accommodation of AI in the spot, the management of Core Scientific was held for a more important game. Their profit in the first quarter of $ 580 million, largely pulled by the bitcoin prices and effective operations, has proven that they are no longer an active in distress. Now they are strategic.
Whether the agreement ends or collapses, the return of Coreweave to the negotiation table highlights a broader realignment of the digital infrastructure. The border between Bitcoin exploitation and the calculation of AI is clarified, not because technologies converge, but because they share the same rare foundation: power.
In this light, the real value of Core Scientific may not be its mining platforms, but the grid connections below.
