What a $9 billion takeover battle says about the next frontier in the AI arms race

"In the span of less than two years, Core Scientific went from a bankrupt crypto mining company to a $9 billion acquisition target. How? By reinventing itself as an upstart player in the artificial intelligence-driven data center craze. Only now, one of the company's largest shareholders is urging other investors to vote down the deal - arguing that $9 billion isn't nearly enough. While a takeover battle between little-known data center firms might seem like"

"How? By reinventing itself as an upstart player in the artificial intelligence-driven data center craze. Only now, one of the company's largest shareholders is urging other investors to vote down the deal - arguing that $9 billion isn't nearly enough. While a takeover battle between little-known data center firms might seem like an industry footnote, it speaks volumes about the vast infrastructure arms race taking place behind the AI boom. Data centers provide the computing"

Core Scientific transformed from a bankrupt crypto-mining operator into an AI-driven data-center company and attracted acquisition interest. CoreWeave, a roughly $60 billion public data-center company, agreed in July to merge with Core Scientific in an all-stock transaction valuing Core Scientific at roughly $9 billion. A major shareholder later urged investors to reject the merger, arguing the price is too low. Data centers supply the computing and storage for AI and require city-sized electricity loads. Rising power demands have exceeded grid capacity in many areas, making companies with secured low-cost power and contractual rights especially valuable.

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