Don’t panic! 🚀 A massive deal is brewing in the depths of the tech universe. Cloud and AI infrastructure firm CoreWeave (CRWV) has announced its plan to acquire crypto-mining data center operator Core Scientific (CORZ) for a whopping $9 billion in stock. Yes, you read that right – $9 billion! 💸
But what does it all mean? 🤔 Well, for starters, each Core Scientific share will be swapped for 0.1235 CoreWeave shares, valuing Core Scientific stock at $20.40. That’s a 66% premium to its price late last month. Not bad, if you ask me. 🤑
The transaction is expected to close by the end of the year, pending regulatory and shareholder approvals. Because, you know, there are always hoops to jump through in these kinds of deals. 🏋️♀️
CoreWeave claims that this move will eliminate more than $10 billion in future lease expenses over the next 12 years. That’s a lot of space credits! 🚀 It also gives the firm ownership of about 1.3 gigawatts of gross power capacity across Core Scientific’s data centers. That’s enough energy to power a small planet! 🌟
But, as with all things in life, there’s a catch. 🤔 CoreWeave shares have dropped 4% pre-market, while Core Scientific shares are down around 14.7% to $15.48. Ouch! 😬
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2025-07-07 16:30