All articles tagged with #core scientific
CoreWeave terminated its $9 billion all-stock merger with Core Scientific after shareholders rejected the deal, leading to a decline in CoreWeave's stock. The deal's rejection reflects ongoing investor caution despite the growing AI cloud market, with CoreWeave continuing to operate its data centers and serve major clients like OpenAI and Microsoft.
Core Scientific announced that it did not receive enough votes from stockholders to approve its merger with CoreWeave, as disclosed in a recent special meeting. The company focuses on digital infrastructure and digital asset mining, with plans to expand into high-density colocation services and AI workloads.
CoreWeave's CEO stated that the company does not need Core Scientific if its acquisition offer is rejected, indicating confidence in its independent operations and strategic direction.
CoreWeave's $5 billion bid to acquire Core Scientific faces resistance from major shareholders due to valuation concerns, risking a deal collapse that could impact the AI infrastructure sector, despite CoreWeave's rapid growth and strategic partnerships with Meta and Nvidia.
CoreWeave's bid to acquire Core Scientific faces significant opposition, highlighting challenges in the tech and crypto infrastructure sectors.
CoreWeave's stock, which surged after its IPO, was downgraded by analysts following its announcement to acquire data-center partner Core Scientific, a move that shifts its valuation and operational model, leading to market skepticism and a potential stock decline.
CoreWeave is acquiring Core Scientific in a $9 billion all-stock deal to expand its AI cloud infrastructure capabilities, reduce future lease obligations, and potentially divest its cryptocurrency mining business, with the transaction expected to close in late 2025 pending approvals.
Jim Cramer recommends buying PNC, sees potential in GE Vernova over Energy Fuels for nuclear, prefers Bitcoin and Ethereum ETFs over Core Scientific, supports MasTec as an infrastructure play, and advises waiting another quarter before investing in Workday.
CoreWeave Inc. has made an all-cash offer of about $1 billion to acquire Bitcoin miner Core Scientific Inc., aiming to expand its AI data center capacity. The offer represents a 55% premium to Core Scientific’s recent average stock price, causing shares to surge. The companies have also signed 12-year contracts for Core Scientific to provide 200 megawatts of infrastructure to host CoreWeave’s operations, highlighting the growing demand for energy infrastructure and data center management amid the AI boom.
Core Scientific's shares surged by up to 40% in pre-market trading following a 200 MW AI deal with CoreWeave and a reported $1 billion buyout offer from the cloud computing firm. The offer represents a 55% premium to Core Scientific's three-month average share price. CoreWeave also committed $300 million in capital investments for AI services, with potential for further expansion. This development follows a trend of increased mergers and acquisitions in the bitcoin mining sector.
Bitcoin miner Core Scientific is diversifying into AI, signing a 12-year deal with cloud provider CoreWeave to provide infrastructure for AI workloads, expected to generate over $3.5 billion in revenue. This move comes as demand for AI infrastructure surges and bitcoin mining profitability declines. Core Scientific, which emerged from bankruptcy in January, aims to retrofit its facilities to support high-performance computing, leveraging its access to large amounts of power. Other miners like Bit Digital, Hive, and Hut 8 are also expanding into AI to boost revenue.
As the bitcoin halving approaches, mining companies like Core Scientific are preparing for potential opportunities by seeking out discounted mining hardware from marginally profitable miners. The halving, expected to reduce mining rewards to 3.125 bitcoin per block, is driving a demand for modernized, efficient mining hardware. Core Scientific plans to capitalize on this by refreshing its machines post-halving and remains optimistic about weathering the event to continue its growth.
Core Scientific, a major bitcoin miner, has received approval for its Chapter 11 reorganization plans and expects to re-list its shares on Nasdaq by the end of the month. The company will pay off its existing debt in full, and existing shareholders will receive about 60% of the new company's equity. Core Scientific, which filed for bankruptcy in December 2022, is emerging stronger as the price of bitcoin has risen to $43,000. The company anticipates significant growth, with plans to operate 182,000 mining rigs this year and nearly 1.1 million by 2027, expecting annual revenue to reach nearly $1 billion by that time.
Bankrupt bitcoin miner Core Scientific has announced plans to purchase 27,000 bitcoin mining servers from Bitmain for $77 million. The deal, which includes cash and common stock, is part of Core Scientific's bankruptcy plan. The company hopes to emerge from bankruptcy as early as this month. The acquisition would potentially add 4.1 exahashes to Core Scientific's hash rate, strengthening its contribution to the Bitcoin Network.
Celsius Network and Core Scientific have reached a proposed settlement in their ongoing legal battle, with Celsius agreeing to purchase a $45 million Bitcoin mining data center from Core Scientific for $14 million in cash. The deal is subject to court approval. The conflict between the two firms began when Core Scientific accused Celsius of non-payment, while Celsius claimed that Core Scientific had not fulfilled their contractual obligations. Both companies had separately filed for bankruptcy protection. The Texas-based data center, capable of supplying 215 megawatts to BTC rigs, will likely be acquired by Celsius' mining arm if the settlement is approved. The litigation is separate from the criminal charges against former Celsius CEO Alex Mashinsky and former chief revenue officer Roni Cohen-Pavon.