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.

Earlier this month, CoreWeave became the first cloud provider to deploy a GB300 NVL72 system (pictured). It’s an AI appliance based on the Blackwell Ultra, Nvidia’s newest and most advanced graphics card. The chip can run some workloads 50% faster than the earlier Blackwell B200.