CoreWeave 鲸吞 Core ScientificEPS 或增 5%，麦格理维持中性评级
CoreWeave plans to acquire Core Scientific for $9 billion, with an expected increase in earnings per share (EPS) of approximately 5% after the transaction is completed. This acquisition will significantly expand CoreWeave's data center footprint, increasing total power generation capacity to about 1.3 gigawatts. The transaction is expected to be completed in the fourth quarter of 2025, subject to regulatory approval and shareholder consent. Macquarie maintains a neutral rating on CoreWeave, believing that this acquisition will reduce capital costs and potentially bring additional benefits
According to the latest research report from Macquarie, CoreWeave (CRWV.US) plans to acquire Core Scientific (CORZ.US) for $9 billion. This acquisition will significantly expand CoreWeave's data center layout. Analysts Paul Golding and Mani LeSatte from Macquarie estimate that upon completion of the transaction, it is expected to drive the company's earnings per share (EPS) growth by approximately 5%.
According to the investment report, this acquisition will increase CoreWeave's total power generation capacity in the U.S. data center network to about 1.3 gigawatts. The specific components include: 840 megawatts of power generation capacity corresponding to Core Scientific's existing high-performance computing (HPC) contracts, approximately 500 megawatts of power generation capacity originally used for cryptocurrency mining, and over 1 gigawatt of potential expansion space. The transaction is expected to be completed in the fourth quarter of 2025, pending regulatory approval and Core Scientific shareholder consent.
In terms of financial impact, CoreWeave stated that the transaction will immediately eliminate over $10 billion in lease expenses for existing contract sites over the next 12 years. Through operational focus optimization, it is expected to achieve annual operational cost savings of $500 million by the end of 2027. Based on current adjusted net income forecasts for CoreWeave in 2028 and the diluted equity structure, Macquarie estimates that a net savings of $500 million after tax (at a tax rate of 21%) could support an EPS enhancement effect of about 5%, not accounting for potential additional benefits from capacity reuse or asset divestitures.
It is worth noting that Core Scientific's existing cryptocurrency mining capacity has the potential for transformation, which can either shift to the high-performance computing (HPC) field or undergo asset divestiture. Macquarie pointed out that this acquisition is expected to lower capital costs through diversified financing channels and alleviate market concerns about CoreWeave's debt situation.
Currently, Macquarie maintains a "Neutral" rating on CoreWeave with a target price of $65, while giving Core Scientific an "Outperform" rating with a target price of $15. If this acquisition proceeds smoothly, it may open up new opportunities for both parties in terms of data center resource integration and financial optimization
