Shares of bitcoin (BTC) miner Core Scientific (CORZ) were down 15% in pre-market on Thursday after reports that Microsoft (MSFT) has pulled back from some agreements with soon to listed cloud computing firm CoreWeave.
Last month, Core Scientific said it was planning a $1.2 billion data center expansion with CoreWeave. This week, CoreWeave filed for an intital public offering, hoping to raise $4 billion at a $35 billion valuation.
According to an FT article, CoreWeave, which supplies artificial intelligence (AI) computing power to Microsoft, was facing delivery issues and missed deadlines, causing the tech giant to reduce its commitments, though it remains a major partner.
Microsoft represents 62% of CoreWeave’s revenue and has pledged over $10 billion in spending on its services by 2030. CoreWeave has rapidly grown, generating $1.9 billion in revenue in 2024 but posting significant losses.
It relies heavily on Nvidia’s (NVDA) AI chips and has raised $14.5 billion in debt and equi
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