CoreWeave will buy crypto miner Core Scientific in an all-stock deal valued at about $9 billion, it said on Monday, as AI infrastructure firms race to secure the energy and data center capacity needed to power surging demand.

The $9 billion deal is a play on AI power needs, but one analyst thinks the purchase price undervalues Core Scientific’s business and potential.

The deal values Core Scientific shares at $20.40, a 66% premium to its price late last month, with each Core Scientific share being swapped for 0.1235 CoreWeave shares.