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Luke Kawa

CoreWeave sinks after announcing $9 billion deal to buy Core Scientific

Shares of recently IPO’d retail darling CoreWeave are slumping in premarket trading after the company announced plans to buy crypto miner (and business partner) Core Scientific in an all-stock deal worth about $9 billion at current prices.

CoreWeave will issue stock to pull off the transaction, which values Core Scientific at about $20.40 per share based on current prices. However, per the press release, “The final value will be determined at the time of transaction close,” which is expected to be in the fourth quarter.

CoreWeave’s stock is selling off, and Core Scientific shares are moving further away from that $20.40 level. That implies some skepticism from traders that the AI darling will maintain its eye-watering valuation after the IPO lockup, which has kept many of its shares outstanding effectively frozen, expires.

The Wall Street Journal reported that this transaction was in the offing in late June.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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