Marble – Core Scientific, which operates a data processing plant in Cherokee County, is being acquired for $9 billion by its largest customer, CoreWeave.
The all-stock transaction gives Core Scientific shareholders 0.1235 in newly issued shares of CoreWeave for each share of Core Scientific they hold. The exchange ratio implies a total equity value for Core Scientific of $9 billion, or $20.40 per share, according to reports.
“This acquisition accelerates our strategy to deploy AI and HPC workloads at scale,” CoreWeave CEO Michael Intrator said in a release. The deal enables CoreWeave to “significantly enhance operating efficiency and de-risk our future expansion, solidifying our growth trajectory.”
The Wall Street Journal reported in June that talks were taking place between the companies.
CoreWeave was founded in 2017 and provides large-scale access to graphics processing units, or GPUs, via the cloud. The company leases data center space from Core Scientific and tried to acquire the company in 2024.
Core Scientific is a leader in digital infrastructure for high-performance computing. Initially known primarily as one of the largest bitcoin miners in North America, the company has undergone a strategic pivot toward high-density AI colocation infrastructure.
Core Scientific operates dedicated, purpose-built data centers designed for demanding AI and other HPC workloads, requiring high power and scalability.
Core Scientific successfully emerged from Chapter 11 bankruptcy in early 2024, improving its financial position and positioning for growth. The company aimed to diversify its customer base beyond CoreWeave, actively pursuing large enterprises for AI infrastructure hosting.
Core Scientific operates nine data centers in development and operational stages across states including Alabama, Georgia, Kentucky, North Carolina, North Dakota and Texas. As of March 2025, it operated about 163,000 bitcoin miners, with 156,000 being self-mined and 7,000 hosted for customers.
Core Scientific is actively converting a significant portion of its data centers to support AI-related workloads, indicating a strategic transition away from a sole focus on bitcoin mining.
Extensive construction work is underway at the former American Thread plant at 155 Palmer Lane, Marble, as Core Scientific upgrades from crypto mining to hosting CoreWeave’s NVIDIA graphics processing units for high-performance computing.
The facility has an energized capacity of 104 MW, matching its total available capacity. The plant spans 70 acres and has a 250,000-square-foot building.
The Marble data center is notable as Core Scientific’s first facility.
Core Scientific is working with Marble Community Water System for water and negotiating with the Town of Andrews for wastewater treatment. Town and company officials are expected to complete the wastewater treatment agreement at the Andrews Board of Aldermen’s meeting in July.
The CoreWeave transaction is expected to close in the fourth quarter of 2025, subject to regulatory approval and a shareholder vote. CoreWeave expects the merger will lead to more than $500 million in annualized cost savings by the end of 2027.
The deal will add around 1.3 gigawatts of gross power capacity to CoreWeave’s data-center portfolio, with an additional potential 1 gigawatt of power available for expansion.
Of the current existing capacity, 840 megawatts of power already were leased to CoreWeave, with the rest dedicated to cryptocurrency mining.
In an interview with Barron’s, Intrator said the combined company would be able to raise future financing at a lower cost of capital. He added that having direct control over future data center designs would be “enormously important” and benefit customers.
AI pays off
Coreweave’s financial information (as of June 25):
- Stock symbol: CORZ.
- Stock price: $12.23 (as of 3:35 p.m. Monday).
- Market capitalization: $3.38 billion.
- Trailing 12-month revenue: $411 million.
- Earnings per share: -$5.135.