Core Scientific stockholders 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. The deal represents a value of $20.40 a share based on CoreWeave’s closing price of $165.20 on July 3.

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.

The acquisition highlights how artificial intelligence companies are moving beyond traditional data centers and looking to repurpose the energy-intensive sites and power contracts bitcoin miners built during the crypto boom.