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Investing.com -- Shares of Core Scientific Inc (NASDAQ:CORZ) surged over 25% after reports that CoreWeave Inc (NASDAQ:CRWV), a provider of artificial intelligence cloud infrastructure, is once again in advanced talks to acquire the bitcoin mining and hosting company. The development revives a previously rejected bid and highlights growing consolidation between the AI and digital infrastructure sectors.
According to a report by The Wall Street Journal, the two firms could finalize a transaction in the coming weeks, provided negotiations proceed smoothly. While specific terms of the potential deal remain unclear, Core Scientific’s current market valuation of approximately $3.7 billion suggests the offer would likely carry a substantial premium.
Core Scientific declined to comment to Investing.com on the matter. CoreWeave has yet to respond to a request for commentary.
CoreWeave had previously offered $5.75 per share last year, valuing Core Scientific at just over $1 billion. The bid was rejected by Core Scientific as too low, and its shares have since more than doubled, now trading well above the prior offer.
Despite turning down the takeover, the companies have developed a close operational relationship. In June 2024, Core Scientific signed a series of 12-year contracts to supply hundreds of megawatts in hosting capacity to CoreWeave, expected to generate billions of dollars in revenue for the company.
The potential acquisition comes amid a sharp rise in CoreWeave’s valuation. Since its public listing in March 2025, CoreWeave’s stock has climbed nearly 350%, reflecting outsized investor interest in AI-related infrastructure plays.
Core Scientific, meanwhile, owns and operates one of the largest fleets of digital infrastructure for bitcoin mining and high performance computing in North America. Its position makes it a potentially strategic asset for CoreWeave as the AI firm scales its technical capacity.
A deal, if finalized, would represent CoreWeave’s second acquisition attempt in two years and its first major move since going public. In turn, Coreweave stock is down 1.5%.