CoreWeave will buy crypto miner Core Scientific in an all-stock deal valued at about $9 billion, it said on Monday, as AI infrastructure firms race to secure the energy and data center capacity needed to power surging demand.

Core Scientific shareholders will receive 0.1235 newly issued shares of CoreWeave for each share of Core Scientific they hold. The exchange ratio implies a total equity value for Core Scientific of $9.0 billion or $20.40 per share.

Earlier this month, CoreWeave became the first cloud provider to deploy a GB300 NVL72 system (pictured). It’s an AI appliance based on the Blackwell Ultra, Nvidia’s newest and most advanced graphics card. The chip can run some workloads 50% faster than the earlier Blackwell B200.