In computing power, especially for artificial intelligence. The stock came public with a whimper in March, before going on to become one of the best performers of the year. Today, it got hit after we announced that it's buying Core Scientific, another data center infrastructure play for $9 billion all stock deal. These two companies are already long standing partners. Core has been paying to lease Core Scientific infrastructure for years, so now they own it outright. Very positive. And hey, given that the stock is up almost 3% from where it came public, they should be using it to pay for acquisition. That's smart. Of course the market didn't love the transaction. Core fell more than 3% today. Core Scientific plunged almost 18%, in part because we've been hearing rumors of this deal for a week and a half. So of course, Scientific shares had already run and the price tag was a little lower than expected. But when it comes to this company, I'm a believer and you know that. But why not go straight to the source with Michael Intrator? He's the co-founder, chairman and CEO of Core. We've to get a better sense of what's happening here. Welcome back to Mad Money.
So, Michael, once again, we have to explain to people that this was actually quite a good deal for you, in part because of your long standing relationship. Maybe you can tell us about the Core Scientific deal. I know you wanted him even last year for a much lower price. It was worth it even at these prices.
Yeah. So one of the things to understand is that the two companies have been working together for an extremely long time. Our first contract with Core Scientific dates back to 2018, where we used them for hosting resources on GPU compute for cryptocurrency mining. And so we really know the team over there. They really know us. There's a lot of synergy between them. The two entities and there's a lot of positive goodness to be extracted from just the interaction of these two entities. Over the years, we've kind of built and expanded our relationship. As our company has evolved, they have evolved with us. They have built up infrastructure that is capable of supporting the type of compute that drives our business forward. The accelerated compute, the HPC. And, you know, we continue to work with them really closely. And it became an opportunity to kind of bring them under the same tent to work with us and to build a larger company that's capable of building and extending the offerings that Core brings to the most demanding AI clients in the world. And we took advantage of that, and we moved forward in a really great deal with them that I think will be very accretive to both parties.
Yeah. So we've got a pretty big footprint with them already. I think we're about 850MW worth of infrastructure already contracted with them. They've got additional capacity within their fleet. Some of it is going to be able to be repurposed to extend our continual build of infrastructure. Some of it probably will be more crypto focused over time.
We intend to disgorge the company of the crypto only assets, assets that we don't really feel like can be efficiently or economically converted into HPC management.
Yeah. So with enough time and money, I think everything could be. It's just a question of which assets are located in jurisdictions and have access to infrastructure that make it most productive for us.
Now it was worth it. Obviously, the deal last year would have been something if you could have been able to get it for $5.75 in cash, though the way this deal is worked, the way I look at it, this actually builds your equity up. People have to understand the way you do your accounting and how this makes you even better in terms of less leverage.
Yeah. So you're absolutely right. It does incrementally bring down our leverage, which is great. And you know, it really does allow for an opportunity for us to expand our footprint and to ensure that we're in a position to provide best in class infrastructure to our clients.
Right now, one thing people have to recognize is that you kind of I don't say you leaked it, but you kind of made it pretty clear business is dynamite right now.
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Intrator, M. (2025, July 8). CoreWeave CEO Mike Intrator goes one-on-one with Jim Cramer [Interview transcript]. CNBC Television. CEOInterviews.AI. https://ceointerviews.ai/interview/384927/
MLA
Michael Intrator. "CoreWeave CEO Mike Intrator goes one-on-one with Jim Cramer." CNBC Television, 8 Jul. 2025. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/384927/.
BibTeX
@misc{intrator2025_384927,
author = {Michael Intrator},
title = {CoreWeave CEO Mike Intrator goes one-on-one with Jim Cramer},
howpublished = {Interview transcript, CNBC Television. CEOInterviews.AI},
year = {2025},
month = {jul},
url = {https://ceointerviews.ai/interview/384927/},
note = {Speaker-attributed transcript with timestamps}
}
