Core Scientific Shareholders Reject $9 Bln Deal with CoreWeave. In a stunning vote of confidence in its independent future, Core Scientific, Inc. shareholders overwhelmingly rejected the proposed $9 billion all‐stock acquisition by CoreWeave, Inc. (NASDAQ: CRWV), officially terminating the merger agreement. The tie‐up, originally struck in July, was designed to combine Core Scientific’s substantial U.S. data‐center infrastructure with CoreWeave’s AI-cloud platform. At the time of announcement, the deal implied a price of about $20.40 per Core Scientific share.

Why Shareholders Said “No”

Several influential stakeholders expressed reservations from the outset. One of the loudest critics was Two Seas Capital, which holds roughly 6.3 % of Core Scientific. The firm argued the merger undervalued Core Scientific’s growth potential and unfairly exposed its shareholders to fluctuations in CoreWeave’s share price, thanks to the all-stock, “uncollared” deal structure.

Proxy adviser Institutional Shareholder Services (ISS) also urged shareholders to vote against the deal, citing Core Scientific’s strong standalone trajectory and the risks of locking into a fixed exchange ratio linked to CoreWeave’s volatile stock. In short, many investors felt the offer didn’t reflect what Core Scientific could become on its own, especially amid surging demand for AI‐driven high-performance computing infrastructure.

Core Scientific Shareholders Reject $9 Bln Deal with CoreWeave

Under the agreement, each Core Scientific share would have been converted into 0.1235 CoreWeave shares. While that ratio represented a premium when the deal was announced, the absence of a collar or guaranteed minimum exposed holders if CoreWeave’s price fell

CoreWeave’s motivation was clear: the merger would have given it access to approximately 1.3 gigawatts of gross power capacity across Core Scientific’s data-center footprint, significantly accelerating its infrastructure build-out for generative AI workloads. According to the companies, the deal could have eliminated about $10 billion in future leasing obligations.

Core Scientific Shareholders Reject $9 Bln Deal with CoreWeave: Market Reaction & Implications

Following the vote, Core Scientific’s stock slipped modestly while CoreWeave’s declined more sharply, reflecting concern about the deal’s collapse. For Core Scientific, the shareholder decision signals a determination to chart its own course rather than being absorbed. Analysts like Jefferies had in fact predicted rejection, pointing to Core Scientific’s trading at a premium relative to the implied deal price. For CoreWeave, this outcome is a setback in its aggressive growth strategy. The company’s hope to rapidly scale its footprint via acquisition has hit a roadblock, and it must now reassess how it will secure data-center capacity in a highly competitive AI infrastructure market.

Core Scientific Shareholders Reject $9 Bln Deal with CoreWeave: What Comes Next?

Core Scientific’s management now faces the task of translating its independent potential into tangible growth. With key supporters believing the company is undervalued, the focus will shift to securing hosting contracts, leveraging its low-cost power assets, and scaling high-performance computing offerings. Two Seas Capital explicitly stated it prefers Core Scientific stands alone rather than accept a sub‐par offer. Meanwhile, CoreWeave said it respects the shareholders’ decision and signaled its intention to continue a commercial partnership with Core Scientific, even though the acquisition won’t happen as planned.

Broader Context: AI & Infrastructure Race

This episode underscores how intense the battle for AI hardware infrastructure has become. Companies like CoreWeave are trying to harness vast fleets of GPUs and data-center real estate to serve hyperscale AI customers. At the same time, infrastructure owners like Core Scientific, with major power and hosting assets, are positioned to be winners, whether independently or as targets. But as this deal shows, getting the price and structure right is critical.

Final Word

Core Scientific’s shareholders essentially said: we believe our future is brighter if we stay independent. With mounting investor confidence and ample runway in AI data-center demand, the board now has a clear mandate and responsibility to deliver. For CoreWeave, the ambition remains unchanged, but its path forward may now lean more on organic growth or alternate deals rather than this headline‐making acquisition. Core Scientific Shareholders Reject $9 Bln Deal with CoreWeave. What impact will it have? Share your thoughts with us in the comments section below.