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CoreWeave made another acquisition offer for the Bitcoin mining company Core Scientific.
CoreWeave is negotiating the acquisition of the Bitcoin mining company Core Scientific, according to the Wall Street Journal. Previously, in June 2024, CoreWeave had offered to buy for 1 billion USD but was rejected due to a low valuation. The details of the new proposal have not been disclosed. Following the news, CORZ shares rose by more than 28%, raising the company's valuation to approximately 3.6 billion USD.
Core Scientific went public through a SPAC valued at 4.3 billion USD in 2022 but filed for bankruptcy by the end of that year due to a drop in Bitcoin prices. The company restructured and went public again on Nasdaq. In 2024, revenue reached 502 million USD but incurred a loss of 265 million USD, primarily due to warrant adjustments. However, in the recent first quarter, Core Scientific reported a profit of 580 million USD.
CoreWeave raised 1.5 billion USD through an IPO in March and achieved revenue of 1.9 billion USD, partnering with IBM, Meta, Microsoft, and OpenAI. The two companies also signed a contract to provide 200 MW of computing infrastructure.