Home / Core Scientific Updates: CoreWeave Deal & Earnings Report

Core Scientific Updates: CoreWeave Deal & Earnings Report

By: Jasmin Espinas
July 7, 2025

Advertising Disclosure

The content featured in this article may include sponsored placements or affiliate partnerships. These do not reflect the views or recommendations of Financial Daily Update.

We do not guarantee the accuracy or reliability of information presented by third-party contributors or advertisers. You are encouraged to verify all product claims and service terms directly with the provider.

Some of the links on this page may lead to financial partners. If you take action through those links—such as applying for a loan or signing up for a service—we may earn compensation.

That said, all editorial content is written independently and without bias, in line with our mission to provide transparent and informative financial reporting.

Core Scientific (NASDAQ: CORZ) ranks among the largest publicly traded Bitcoin miners in North America.

With a focus on infrastructure-heavy mining operations, it has built out significant power capacity across multiple U.S. locations.

This update covers two developments: Core Scientific’s all-stock hosting agreement with AI cloud provider CoreWeave and its fiscal Q1 2025 earnings report.

Together, these signals a pivot toward diversified revenue and stronger cash flow, both of which could shift investors’ views of the company’s long-term stability.

Core Scientific to Be Acquired by CoreWeave in a $9 Billion All-Stock Deal

On July 7, 2025, CoreWeave announced a definitive agreement to acquire Core Scientific through an all-stock deal.

Today is an exciting day for CoreWeave! We just announced an agreement to acquire @Core_Scientific, solidifying our position as the leading AI Cloud Platform—purpose-built to deliver unmatched performance and expertise for the AI era. 🚀 https://t.co/cRvGO0L1Jl #PoweringAI pic.twitter.com/svFjoH1MEr

— CoreWeave (@CoreWeave) July 7, 2025

In this agreement, each Core Scientific share will convert into 0.1235 shares of CoreWeave Class A common stock.

Additionally, the deal would give CoreWeave control of roughly 1.3 gigawatts of gross power through Core Scientific’s facilities, with over 1 gigawatt of additional expansion capacity.

CoreWeave aims to strengthen its long-term cost structure by replacing leased sites with owned infrastructure and accessing lower-cost capital through broader financing options.

It also gains direct access to power procurement rights and site development capabilities that support its scale-intensive model.

Furthermore, the acquisition remains subject to shareholder and regulatory approvals and is expected to close in Q4 2025. Both companies’ boards have approved the transaction.

As of July 3, the fixed exchange ratio pegs the deal’s equity value at approximately $9 billion.

Core Scientific Q1 FY2025 Earnings: Net Income Soars Despite Operating Loss

On May 7, 2025, Core Scientific released its financial results for the first quarter of fiscal year 2025.

Core Scientific has announced its First Quarter 2025 Results!

– On track to deliver 250MW of billable capacity to CoreWeave by the end of this year and anticipate entering 2026 with annualized colocation revenue of approximately $360 million.
– First tranche of 8MW of billable… pic.twitter.com/cHt5xSA74Y

— Core Scientific (@Core_Scientific) May 7, 2025

The company reported net income of $580.7 million, a sharp increase from $210.7 million during the same period last year. This surge came from a one-time, non-cash gain of $621.5 million.

This gain, however, came alongside weaker operating performance.

Moreover, revenue dropped to $79.5 million, down from $179.3 million in Q1 2024.

Core Scientific also posted an operating loss of $42.6 million, reversing an operating income of $55.2 million from the prior-year quarter.

Meanwhile, adjusted EBITDA was negative $6.1 million, compared to a positive $88 million a year earlier.

Conclusion

Core Scientific is repositioning through consolidation and infrastructure control, signaling an effort to move beyond volatility and recalibrate for scale.

Recent steps point to a longer-term strategy, but the current financial strain leaves room for scrutiny.

To stay updated on Core Scientific and other business finance developments, subscribe to Financial Daily Update today.