Core Scientific Declines $1 Billion Buyout Offer From CoreWeave
CoreWeave Inc., a privately held cloud computing provider, has proposed to acquire Bitcoin miner Core Scientific Inc. for $5.75 per share, according to a source familiar with the matter reported by Bloomberg.
- Last Monday, the companies announced they signed a series of 12-year contracts, under which Core Scientific will provide approximately 200 megawatts of infrastructure to host CoreWeave’s operations.
"Under the terms of the agreements, Core Scientific will deliver approximately 200 megawatts (“MW”) of infrastructure to host CoreWeave’s high-performance compute (“HPC”) operations. Core Scientific will modify multiple existing, owned sites to host CoreWeave’s NVIDIA GPUs. The site modifications are expected to commence early in the second half of 2024 and achieve operational status in the first half of 2025," was stated in the press release.
- The hosting agreement is one of the largest for the bitcoin miner. The contracts with CoreWeave are expected to generate $3.5 billion in revenue, positioning the company as a significant infrastructure provider. Estimated average annual revenue from the contracts is expected to be approximately $290 million.
