Core Scientific Stock Extends Gains on Reported CoreWeave Acquisition Talks

Shares of Core Scientific (CORZ) climbed close to 2% Friday after soaring 33% Thursday as The Wall Street Journal reported that CoreWeave (CRWV) once again is looking to acquire the company.

Last year, AI hyperscaler CoreWeave tried to buy Core Scientific for $5.75 per share, or more than $1 billion at the time, but was rejected by the Austin, Texas-based firm, which says it is “one of the largest owners and operators of high-powered digital infrastructure for bitcoin mining and hosting services in North America.”

With this week’s gains, Core Scientific’s stock is back in positive territory for the year, at $16.65 as of Friday’s close.

CoreWeave and Core Scientific did not immediately respond to Investopedia requests for comments.

CoreWeave, Core Scientific Already Have Business Relationship

Last year, Core Scientific inked several deals to provide CoreWeave with billions of dollars’ worth of high performance computing (HPC) infrastructure. CoreWeave rents out access to Nvidia (NVDA) graphics processing units (GPUs) to companies like Microsoft (MSFT) use to run the models behind their AI products.

CoreWeave shares added about 1% Friday and have quadrupled from their initial public offering price in March.

This article has been updated since it was first published to reflect more recent share price information.