Compute is the new oil

CoreWeave just paid $9B for a Bitcoin miner. [ANNOUNCEMENT]

They’re buying Core Scientific — yes, the 𝘉𝘪𝘵𝘤𝘰𝘪𝘯 𝘮𝘪𝘯𝘪𝘯𝘨 𝘨𝘪𝘢𝘯𝘵 — in an all-stock deal to supercharge their AI data centre empire.

Over the past few months, the traditional crypto miners are pivoting into AI data centres. And, this is one of the biggest moves to power AI.

The Bankruptcy-to-Billions Playbook

Core Scientific filed for Chapter 11 bankruptcy in December 2022. Eighteen months later, CoreWeave—an AI cloud provider—just bought them for $9B.

What changed? The infrastructure that made Core Scientific a failed Bitcoin miner makes it a perfect AI powerhouse.

The Deal:

• $9B all-stock takeover

• Core Scientific’s 1.3 GW power capacity across 11 U.S. sites is now under CoreWeave’s control

• Another 1+ gigawatts ready for expansion

• $10B in lease savings (over 12 years), $500M in annual cost cuts by 2027