Core Scientific Rejects CoreWeave’s $1B Acquisition Offer

UPDATE: Core Scientific (NASDAQ: CORZ) said on Thursday that it rejected CoreWeave (NASDAQ: CRWV)’s unsolicited acquisition offer as the proposed $5.75 per share “significantly undervalues” the company.

UPDATE: Bloomberg reported on Tuesday that CoreWeave has offered to acquire Core Scientific for $5.75 per share. CORZ jumped 30% on Tuesday to $6.34 after the market opened.

Bitcoin mining and data center hosting provider Core Scientific is set to modify its existing infrastructure to host 200 megawatts (MW) for Nvidia-backed AI cloud computing startup CoreWeave.

The Nasdaq-listed bitcoin mining firm said on Monday that it has signed a series of 12-year agreements with CoreWeave, which was recently valued at nearly $20 billion and is reportedly eyeing an IPO in 2025.