M&A · Tech · Finance Services
CoreWeave, Inc. to acquire Core Scientific, Inc.
Announced Jul 7, 2025 · Terminated Oct 30, 2025
Deal value$9.00B
Premium66.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$20.40 per share
Transaction
- Acquirer
- CoreWeave, Inc. (CRWV)
- Target
- Core Scientific, Inc. (CORZ)
- Buyer type
- Strategic
- Offer price per share
- $20.40
- Enterprise value
- —
- Status
- Terminated Oct 30, 2025
Deal protections
- Break fee (target pays)
- $270M · 3.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- —
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Moelis, PJT Partners
- Moelis fee
- $2.0M
- PJT Partners fee
- $10.0M
Sector context · Tech
- Comparable deals
- 62 in the prior 24 months
- Premium
- 66.0% vs. 37.0% sector median
- EV / Adj. EBITDA
- Sector median 16.7x
- Break fee
- 3.0% vs. 3.0% sector median
Timeline
- AnnouncedJul 7, 2025
- Proxy filedSep 26, 2025
- Definitive proxySep 26, 2025
- Shareholder voteOct 30, 2025
- TerminatedOct 30, 2025
Valuation · fairness opinions
Discounted cash flowMoelis$12.09$22.94
Trading comparablesMoelis$14.66$20.74
Trading comparablesMoelis$18.85$27.73
Discounted cash flowPJT Partners$13.17$18.47
52-week trading rangePJT Partners$6.20$18.63
Analyst price targetsPJT Partners$15.00$20.00
Offer $20.40
Implied value per Core Scientific, Inc. share by analysis, from Moelis and PJT Partners.