Core Scientific(US:CORZ) Huan Qiu Wang Zi Xun·2025-07-08 03:17Core Viewpoint - CoreWeave has signed a final agreement to acquire Core Scientific for approximately $9 billion in an all-stock transaction, indicating a significant strategic move in the AI cloud services sector [1][3]. Group 1: Transaction Details - The acquisition price of $20.40 per share represents a 66% premium over Core Scientific's closing price on June 25 [3]. - Core Scientific shareholders will receive 0.1235 shares of CoreWeave's newly issued Class A common stock, resulting in a post-merger ownership stake of less than 10% for them [3]. - The transaction is subject to regulatory approval and shareholder consent, with an expected completion date in Q4 2025 [3]. Group 2: Strategic Implications - The acquisition aims to "verticalize" CoreWeave's data center layout by integrating Core Scientific's 13 data centers, which have a total power capacity of 1.3 gigawatts, equivalent to that of a nuclear reactor, thereby reducing the cost per unit of computing power [3]. - CoreWeave recently received the first delivery of NVIDIA's GB300 NVL72 systems, and this acquisition will enable the company to control the complete supply chain from chips to data centers [3]. Group 3: Market Valuation Concerns - The $9 billion acquisition price marks an 800% increase from Core Scientific's previous valuation of $1 billion last year, raising concerns among some analysts about a potential bubble in the market [4].