CoreWeave has struck a $9bn deal to acquire its rival Core Scientific, in a transaction set to eliminate $10bn of expensive lease costs for the artificial intelligence data centre operator.
CoreWeave announced on Monday that it was acquiring Core Scientific in an all-stock transaction, capitalising on a rally in its share price to seal a deal that will hand the latter company a stake of less than 10 per cent in the overall business.
The New Jersey-based group said the deal valued its competitor’s shares at about $9bn, significantly higher than a previous takeover attempt last year that Core Scientific then rebuffed as “significantly” undervaluing its shares.
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