Core Scientific Rejects $9B CoreWeave AI Deal, Stock Rallies

Core Scientific shareholders rejected CoreWeave’s $9 billion all-stock acquisition offer, with key investors led by Two Seas Capital deeming the 0.1235 share exchange underpriced and proxy advisors flagging lack of downside protection. After the vote, Core Scientific’s stock rallied nearly 6%, while CoreWeave fell over 6%, reflecting investor skepticism over valuation. Emerging from bankruptcy in January 2024, Core Scientific now trades at a $6.6 billion market cap and retains over 260 MW of long-term power contracts and self-managed Bitcoin mining sites—assets in high demand for AI infrastructure. Despite the failed merger, both firms remain bound by a 12-year power purchase agreement, ensuring continued collaboration on AI infrastructure. Analysts at TipRanks maintain a “strong buy” on Core Scientific, citing its low-cost power, operational moat and scalable data-center infrastructure. In response, CoreWeave acquired Marimo, an open-source Jupyter Notebook rival, to expand from GPU cloud services into AI application development. This strategic pivot underscores a broader shift from crypto mining towards AI infrastructure, likely intensifying demand for GPU capacity across crypto and AI sectors. Traders should watch Core Scientific’s independent path and CoreWeave’s aggressive expansion as potential drivers for future market moves.