Sou Hu Cai Jing·2025-07-08 00:14Core Viewpoint - CoreWeave announced an all-stock acquisition of Core Scientific, valuing the latter at approximately $9 billion based on a share exchange ratio of 0.1235 shares of CoreWeave A-class stock for each share of Core Scientific [2][3] Acquisition Details - The acquisition is expected to close in Q4 2025, pending regulatory and shareholder approvals [3] - CoreWeave's stock price is currently $159.7, with a market capitalization of $76.65 billion, while Core Scientific's stock has dropped 17.61%, resulting in a market cap of $4.4 billion [3] Company Background - CoreWeave, founded in 2017, initially focused on Ethereum mining infrastructure and has since pivoted to artificial intelligence, becoming a prominent player in the sector [4] - The company has established partnerships with major firms like NVIDIA, OpenAI, and Microsoft, providing cloud solutions for compute-intensive applications [4][5] Financial Performance - In Q1 2025, CoreWeave reported revenues of $982 million, a 420% increase from $189 million in the same period last year [8][9] - Operating expenses surged to $1.01 billion, up 487% year-over-year, leading to a net loss of $314.64 million, compared to a loss of $129.25 million in Q1 2024 [9][11] Strategic Implications - The acquisition is expected to enhance CoreWeave's operational efficiency and reduce future expansion risks by vertically integrating data center ownership [7][11] - CoreWeave anticipates significant cost savings, including the elimination of over $10 billion in future lease obligations over the next 12 years [11][12] - The company aims to achieve $500 million in annual operating cost savings by the end of 2027 through streamlined operations [12]