The offer of $ 1 billion last year was not an initial. Now, with the demand for increasing and Bitcoin’s mining margins hardening, Coreweave has returned and has become around the new conversations to acquire Core Scientific.
On June 26, The Wall Street Journal reported That coreweave, the cloud infrastructure supplier of the NVIDIA backed by the Nvidia and that drive customers such as OpenAi and Microsoft, has reopened negotiations to acquire Bitcoin Mine Core Scientific.
The measure occurs almost a year after the Board of Core Scientific dismissed the initial offer of $ 5.75 per action of Coreweave (total of $ 1 billion) as “significantly undervalue” the company. This time, the terms remain not revealed, but the market reaction was immediate: Core Scientific’s shares increased by 28%, which pushed their valuation about $ 4 billion.
People familiar with the matter say that the latest negotiations follow a series of several -year infrastructure agreements between the two companies, including an important contract for 200 energy megawatts to support Coreweave high performance computer services.
Can the second offer stick this time?
The renewed search for Core Scientific’s Coreweave seems to try to ensure the necessary infrastructure to win the AI career.
The AI Cloud supplier, just out of an IPO of $ 1.5 billion and associations with Microsoft and OpenAi, is blocked in a battle for computer power with rivals such as Amazon Web Services and Google Cloud. Unlike those giants, Coreweave does not have massive data centers. That’s where Core Scientific enters.
The scientific nucleus controls something even more valuable than unprocessed computer power: energy infrastructure. The Bitcoin miner facilities, mostly located near cheap and abundant energy sources, are already connected to high density computer science, which makes them ideal for the workloads of AI.
The existing 200 megawatt agreement between the two companies, signed last year, was only the beginning. Being the owner of Core Scientific would directly give Coreweave Control Direct on energy contracts, without going through the capacity of the data center that is the expansion of the AI.
What’s for Core Scientific?
For Core Scientific, the moment could not be more strategic. The company emerged from bankruptcy in early 2024 with a thinner operation and a stronger balance, but half of Bitcoin in April cut mining rewards, squeezing the margins throughout the industry.
While some miners are selling assets or turning to the lodging to bincion, the management of Core Scientific has resisted a larger play. His gain of the first quarter of $ 580 million, largely driven by Bitcoin’s pricing and efficient operations, showed that they are no longer an anguished asset. Now, they are strategic.
Whether the agreement closes or collapses, the return of Coreweave to the negotiation table underlines a broader realignment in the digital infrastructure. The boundary between Bitcoin mining and the calculation of AI is slimming, not because technologies are converging, but because they share the same scarce base: power.
In that sense, the real value of Core Scientific may not be its mining platforms, but the connections of the grid under them.