Core Scientific's shares surged as much as 40% in pre-market trading after cloud computing firm CoreWeave signed a 200 MW AI deal, and offered to buy the mining company, implying a 55% premium based on three-month average weighted share price.
Core Scientific emerged from bankruptcy recently, becoming one of the victims of a harsh crypto winter, but now could be valued at just over $1 billion in the potential buyout by CoreWeave.
CoreWeave signed a 12-year deal with Core Scientific for AI hosting services, committing $300 million in capital investments with room for expansion.
The mining sector is seeing increased merger and acquisition activity, with Riot Platforms making a hostile offer to acquire Bitfarms, while CoreWeave secured $1.1 billion in funding in May from investors like Coatue Management and Magnetar Capital.
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