Core Scientific Stock Stalls After Rally on Reported CoreWeave Acquisition Talks

Shares of Core Scientific (CORZ) were down slightly Friday after soaring 33% yesterday 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.”

The Journal report Thursday sent Core Scientific’s stock soaring and back into positive territory for the year, closing yesterday at $16.36. Shares are up another 5% less than an hour before the opening bell.

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 were up nearly 3% in recent trading and have quadrupled since their initial public offering in March.

UPDATE—This article has been updated with the latest share price information.