Core Scientific Soars on AI Deal and Buyout Offer

Bitcoin miner Core Scientific has seen its shares soar after cloud computing company CoreWeave offered to buy the miner for $5.75 per share in an all-cash deal. This offer represents a 55% premium to Core Scientific's three-month average weighted share price.

In addition to the buyout offer, CoreWeave has also signed a 12-year deal with Core Scientific to host AI-related services, with a capital investment of $300 million.

This comes after a period of consolidation in the mining sector, with other major miners making merger and acquisition offers. CoreWeave's offer values Core Scientific at just over $1 billion. Both companies have confirmed the offer and the AI deal, with CoreWeave adding that it plans to expand its capacity with Core Scientific.