In March, the AI data center company CoreWeave went public, and its share price quadrupled amid the broader artificial intelligence boom. But AI wasn’t always the company’s focus. It started in 2016 as a specialist in crypto mining—a term for using computers to process transactions and secure a cryptocurrency’s network. Amid crypto’s volatile ups and downs, CoreWeave shifted its business to AI in 2019.
Now, CoreWeave has helped another crypto mining operation fully pivot. On Monday, the company announced its plans to acquire Core Scientific, a publicly traded Bitcoin miner. The acquisition, which CoreWeave said is expected to close in the fourth quarter, was an all-stock deal for about $9 billion.
