CoreWeave in talks to acquire Core Scientific: Report
Core Scientific is surging, up 27% in afternoon trading after The Wall Street Journal reported that CoreWeave is in talks to acquire it.
A deal for Core Scientific, which provides infrastructure for AI and cryptocurrency mining, could be finalized "in the coming weeks," the Journal reported. It also said details about a potential deal remain unclear.
CoreWeave tried to buy Core Scientific last year for $5.75 a share, but Core Scientific rejected the offer as too low. The stock has soared since then and was trading in the $12 range until the most recent report vaulted the stock above $15.
CoreWeave, meanwhile, pulled off one of the first major IPOs of the current AI boom, going public in March of this year. The stock has surged nearly 300% since its IPO. In case you’re wondering what CoreWeave actually does, we’ve got you covered.
The Journal reports that the two companies have worked together for years and announced a series of contracts where Core Scientific would get billions of dollars worth of business from CoreWeave.
