Core Scientific shareholders have rejected CoreWeave's $9 billion all-stock merger offer, leading to the termination of the agreement. The deal's collapse means Core Scientific will remain an independent, publicly traded entity. CoreWeave's initial attempt to acquire Core Scientific last year for $1 billion was also turned down.
Core Scientific is a major player in digital infrastructure for Bitcoin mining and colocation services. The shareholders' rejection stemmed from concerns that the all-stock offer undervalued the company, especially given the volatility of CoreWeave's stock. Investment firms like Two Seas Capital and proxy advisors recommended voting against the deal.
Following the vote, Core Scientific's shares increased, while CoreWeave's shares declined. CoreWeave will continue its commercial partnership with Core Scientific. Core Scientific intends to expand its high-performance computing hosting business and capitalise on its digital infrastructure.
