Core Scientific (NASDAQ:CORZ) gained on Tuesday in solidarity with CoreWeave (NASDAQ:CRWV) after the latter announced plans to invest up to $6 billion in building an AI data center in Lancaster, Pennsylvania.
Initially sized at 100 megawatts and expandable to 300 MW, the facility will be one of the region’s first large-scale AI centers. CoreWeave’s broader U.S. network consists of 33 data centers.
The company will unveil the project at a CEO roundtable with President Donald Trump during Senator Dave McCormick’s Energy and Innovation Summit at Carnegie Mellon University.
Also Read: Why CoreWeave’s $9 Billion Deal Isn’t About Chips
CoreWeave CEO Michael Intrator said the data center will generate 600 skilled jobs and scale to 175 permanent roles.
CoreWeave will operate the center in partnership with Chirisa Technology Parks and Machine Investment Group. Trump is reportedly looking to unveil a major initiative on Tuesday near Pittsburgh, Pennsylvania, detailing plans for approximately $70 billion in new investments in artificial intelligence and energy infrastructure.
Core Scientific delivers blockchain infrastructure and hosts digital assets, helping cryptocurrency miners improve their efficiency and profits.
CoreWeave provides specialized cloud computing services focusing on high-performance, GPU-accelerated infrastructure tailored for AI and machine learning. The company operates a cloud platform built to handle large-scale, compute-heavy workloads. It is widely recognized for its deep expertise in deploying Nvidia (NASDAQ:NVDA) GPUs.
CoreWeave agreed to acquire Core Scientific in a definitive all-stock merger deal last week. The transaction values Core Scientific at $9 billion, or $20.40 per share.
By acquiring Core Scientific’s high-performance data center infrastructure, CoreWeave will gain control of approximately 1.3 gigawatts of power capacity, with more than 1 GW available for future expansion.
Price Actions: CoreWeave stock is up 4.42% at $14.17 last check on Tuesday. CRWV stock is up 8.13%.
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