Davis Polk advised CoreWeave on USD 9 billion acquisition of Core Scientific
Davis Polk & Wardwell LLP advised CoreWeave, a leading cloud platform provider for accelerated computing and AI infrastructure, on its all-stock acquisition of Core Scientific, a premier digital infrastructure company, in a transaction valued at approximately USD 9 billion.
Under the terms of the agreement, Core Scientific stockholders will receive 0.1235 newly issued shares of CoreWeave Class A common stock for each share of Core Scientific common stock, based on a fixed exchange ratio. The deal is expected to close in Q4 2025, subject to regulatory and shareholder approvals.
The acquisition will enable CoreWeave to own approximately 1.3 gigawatts of gross power across Core Scientific’s national data center footprint, with further expansion potential of an additional 1 gigawatt or more.
The Davis Polk team was led by Michael Gilson (Partner) and Tierney O’Rourke (Partner), with support from Karen Yang (Associate) on corporate matters. Michael Kaplan (Partner) advised on capital markets aspects; Veronica M. Wissel (Partner) and Hao (Leo) Hu (Associate) advised on executive compensation; Corey M. Goodman (Partner) advised on tax matters; Pritesh P. Shah (Partner) on intellectual property; Brian D. Hirsch (Partner) on real estate; and Arthur J. Burke (Partner) on antitrust and competition law. Team members are based in Northern California and New York.
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