Artificial intelligence hyperscaler CoreWeave said Monday it will acquire Core Scientific, a leading data center infrastructure provider. It is an all-stock deal valued at approximately $9 billion. The deal strengthens CoreWeave's position in the AI arms race by bringing critical infrastructure in-house.

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.

Three Big Law firms are behind the latest massive artificial intelligence deal: CoreWeave Inc.'s $9 billion plan to buy data center operator Core Scientific Inc.