According to Foresight News, Bloomberg reported, citing people familiar with the matter, that cloud computing provider CoreWeave has proposed to acquire Bitcoin miner Core Scientific at $5.75 per share, for a total price of about $1 billion. CoreWeave's offer is 55% higher than Core Scientific's volume-weighted average price for the three months ended May 31. CoreWeave raised $8.6 billion last month, including a $1.1 billion preferred stock transaction that valued the startup at $19.1 billion. The company also raised an additional $7.5 billion in debt financing, and its investors include Coatue Management, Altimeter Capital and Fidelity Management & Research Co.
Foresight News previously reported that Core Scientific announced on Monday evening that it had signed a 12-year contract with AI supercomputing company CoreWeave. The contract is expected to generate an average annual revenue of approximately $290 million for Core Scientific, with total cumulative revenue exceeding $3.5 billion over the 12-year period.