AI infrastructure firm CoreWeave ( CRWV ) has agreed to buy bitcoin (BTC) miner Core Scientific ( CORZ ) in an all-stock deal valuing CORZ at approximately $20.40 per share, based on recent closing prices.

The offer price is near the middle of investment bank Jefferies’ prior estimated takeout range of $16–$23/share. The deal is expected to close in Q4 2025.

Core Scientific ( CORZ ) shares were 22% lower, trading around $14 at publication time, while fellow bitcoin miners and possible high performance computing plays like HUT 8 ( HUT ) and Cleanspark ( CLSK ) were down more than 7%. Another similarly-situated miner, IREN (IREN), however, was higher by 3%.

Coreweave ( CRWV ) shares were lower by 3.3%.

Jefferies analysts previously noted that CoreWeave's ( CRWV ) strong post-IPO share performance put it in a favorable position to pursue large-scale M&A. The bank sees the move as a strategic effort to vertically integrate CoreWeave’s infrastructure and reduce reliance on long-term leases and third-party developers.

CoreWeave ( CRWV ) is well-positioned to use its relatively low cost of equity to replace long-term lease obligations and take direct control of data center assets, analysts Jonathan Petersen and Jan Aygul wrote.

The deal underscores the accelerating trend of consolidation in the AI infrastructure and high-performance computing (HPC) space, as vertically integrated providers seek scale and control.

For CoreWeave ( CRWV ), the move positions it as not just a supplier of compute, but a full-stack infrastructure operator, an increasingly critical posture as demand from AI firms and cloud-native enterprises continues to surge.

Acquiring Core Scientific's ( CORZ ) data center capacity and platform allows CoreWeave ( CRWV ) to expand owned infrastructure and better control future capacity expansion, the analysts said.

Core Scientific ( CORZ ) has also been seeking new leases with hyperscalers, and the analysts suggested that CoreWeave ( CRWV ) may be aiming to secure that space before new deals are finalized.

Jefferies has a buy rating on Core Scientific ( CORZ ) shares with an $18 price target.

Read more: CoreWeave ( CRWV ) to Acquire Core Scientific in $9B All-Stock Deal