Shares of Core Scientific continued advancing Friday on reports that AI hyperscaler CoreWeave is in talks to acquire the bitcoin miner. Core Scientific stock vaulted 33% Thursday after the Wall Street Journal reported the potential deal.
CoreWeave, which provides cloud infrastructure for artificial intelligence, is making another attempt to purchase Core Scientific, unnamed sources told the WSJ. A transaction could be finalized in the coming weeks, barring any snags in discussions. However, exact details were unavailable.
Core Scientific owns and operates a swath of bitcoin mining rigs and infrastructure for hosting services in North America. The Dover, Del.-based company has a market capitalization near $4.9 billion after its jump on Thursday.
CoreWeave attempted to purchase Core Scientific last year at $5.75 per share, which valued the company upward of $1 billion. Core Scientific rejected that offer, viewing the proposal as too low and opting to focus on existing partnerships with CoreWeave.
The two companies have collaborated on a number of projects. Last June, the pair announced a series of 12-year contracts for Core Scientific to deliver hundreds of megawatts of processing power to host CoreWeave's operations.
Analyst Views
Jefferies analyst Jonathan Petersen said the combination "makes strategic sense," according to a Friday research note reported by The Fly. The deal would allow CoreWeave to vertically integrate its infrastructure and reduce operating expenses. CoreWeave would also be able to use the Core Scientific platform to grow its data center development pipeline.
Jefferies believes the deal could value Core Scientific between $16 and $23 per share. The firm has a 16 price target on CORZ stock with a buy rating. Jefferies has a 180 price target on CoreWeave, with a buy rating as well.
Cantor Fitzgerald analyst Brett Knoblauch reportedly views Core Scientific as a bit more valuable. Knoblauch in a Friday note said the acquisition makes sense from a pure return on investment perspective for CoreWeave. But he expects a deal would put Core Scientific north of 30 per share when accounting for the value of data center infrastructure.
Meanwhile, JPMorgan continues to recommend rival bitcoin miner Riot Platforms, The Fly reported. The firm in a Friday research note said that CoreWeave's potential acquisition of Core Scientific could serve as a "mark-to-market" measure on the value of high-performance computing infrastructure near major metro areas.
JPMorgan noted that Riot owns more computing power than Core Scientific in major metros in Texas, like Austin and Dallas, but still trades at a meaningful discount compared to CORZ and peers. Riot offers the most attractive relative value of any miner in JPMorgan's coverage, the firm wrote.
Stock Action
Core Scientific stock pared its Friday surge to 1.8%, adding to its 33% gain on Thursday. CORZ stock is up 18.5% this year.
Shares have rebounded from their April low of 6.20 and are closing in on their record high of 18.63 from November.
CoreWeave rose 1.2% Friday, erasing its slight decline on Thursday. CRWV stock peaked at 187 on June 20, after going public at 40 per share in March.
CoreWeave has soared more than 342% so far this year.
Riot Platforms ticked up Friday, after surging 5.1% Thursday. RIOT stock is up 3.3% in 2025.
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