CoreWeave Nearing Acquisition of Core Scientific? CORZ Stock Could Be Worth Over $30

Core Scientific (NASDAQ: CORZ) is back in the spotlight following reports that CoreWeave (CRWV) is in advanced talks to acquire the company. Analysts at Cantor Fitzgerald estimate that the acquisition could value CORZ shares at over $30, citing operational profitability, infrastructure value, and long-term capital savings for CoreWeave as key catalysts for the deal.

Background: From Strategic Partnership to Takeover Intentions

In mid-2024, CORZ entered into a 12-year agreement with CoreWeave to provide 200MW of AI IT infrastructure. The deal was valued at over $3.5 billion in total, translating to approximately $290 million in annual revenue. Shortly after the contract was signed, CRWV submitted an unsolicited acquisition offer at $5.75 per share, valuing CORZ at around $1 billion in cash.

While the initial offer was non-binding, CRWV has since exercised its full contractual options, indicating a deepening relationship and hinting at broader strategic ambitions.

How Is CORZ Being Valued at $30+?

According to Cantor Fitzgerald, CORZ’s fair value can be assessed through two complementary lenses:

1. Lease-Based Valuation Model:
Assuming a 15x multiple on CORZ’s fully energized profits—considered a conservative figure relative to data center peers—the company could be valued at approximately $10.2 billion in enterprise value, or $9.9 billion in equity value. That equates to around $24 per share.

2. Infrastructure-Based Valuation Model:
Based on an industry-standard cost of $10 million per MW for building data centers, CORZ’s infrastructure alone could be worth $5.7 billion. However, CORZ covers roughly $1.5 million per MW in capital expenditures, which lowers the net capex value to around $4.8 billion—or $11.70 per share—when fully developed.

When both models are combined, and given the potential for share-based payment in the transaction, a share price of over $30 appears justified, especially when considering future savings and strategic value.

Why This Deal Makes Sense for CoreWeave

The financial rationale behind the deal is clear. Over the next 12 years, CRWV is set to pay $15–16 billion to CORZ in combined capex and lease payments. If CoreWeave were to purchase CORZ outright, it would save an estimated $5 billion by acquiring direct ownership of the infrastructure rather than renting it.

Put differently: buying CORZ at $24 per share enables CRWV to eliminate billions in future obligations while locking in long-term control over critical AI infrastructure. If the transaction is financed via stock instead of cash, the final price could climb even higher, further supporting the $30+ valuation scenario.

Analyst Commentary: Strategic and Financial Logic

Cantor Fitzgerald analyst Deepak Mathivanan emphasized that the acquisition “makes sense from a pure ROI perspective.” The longer CRWV remains dependent on CORZ’s infrastructure, the more value it will need to pay over time. Acquiring the entire company now could be a highly accretive move.

Moreover, if CRWV proceeds with full deployment across all of CORZ’s facilities, the overall valuation ceiling would increase, enhancing the economic case for a higher acquisition price.

Competitive and Sector Implications

Beyond the financials, the acquisition would reshape the power dynamics within the AI infrastructure ecosystem. While hyperscalers like AWS, Google Cloud, and Microsoft Azure dominate the public cloud space, owning physical infrastructure outright is a key differentiator that could boost CRWV’s long-term competitiveness.

The AI boom continues to drive surging demand for high-performance compute environments. In that context, owning CORZ’s data centers could give CoreWeave a durable strategic advantage—both in terms of cost structure and service capabilities.

Final Thoughts: Will the Deal Go Through?

As of now, the acquisition talks remain in an “advanced” phase, according to the Wall Street Journal, though final terms are yet to be disclosed. The market will likely watch closely for further announcements regarding structure, timing, and regulatory clearance.

For investors, CORZ presents a high-upside, event-driven opportunity, while CRWV stands to gain strategic control and massive savings. The big question now is whether both parties will align on valuation and execute before competitors—or regulators—intervene.

If the deal closes near the projected $24–30 per share range, Core Scientific shareholders could see significant upside, and CoreWeave would gain a powerful edge in one of the fastest-growing sectors in tech.