Core Scientific’s Crucial CoreWeave Acquisition Stumbles: A $9 Billion Deal Denied

The crypto industry closely watched a significant merger attempt recently. Core Scientific, a leading Bitcoin miner, faced a pivotal moment. Its proposed acquisition by AI infrastructure giant CoreWeave unexpectedly fell through. Shareholders cast their votes, ultimately rejecting the substantial $9 billion deal. This outcome sends ripples across both the cryptocurrency and artificial intelligence sectors.

Core Scientific Shareholders Reject CoreWeave Acquisition

On Thursday, Core Scientific failed to secure the necessary shareholder approval. This rejection halted a planned merger with AI infrastructure company CoreWeave. The preliminary vote results will become official soon. Core Scientific will disclose these findings in a Securities and Exchange Commission (SEC) filing on Friday. This development marks a significant turn for the companies involved.

The proposed deal valued CoreWeave at an impressive $9 billion. Core Scientific shareholders would have received 0.1235 shares of CoreWeave Class A common stock for each Core Scientific share they owned. However, this exchange will now not proceed. Following the news of the shareholder vote, Core Scientific shares immediately dropped. The stock fell by over 5% on Thursday. Crypto News Insights sought comment from the company, but received no response before publication.

The Stakes of the CoreWeave Acquisition

This particular merger has been under investor scrutiny for over a year. The CoreWeave acquisition generated considerable interest. It also significantly influenced the share prices of both companies. Moreover, it underscored a rapidly growing trend. The deal highlighted increasing ties between the Bitcoin mining industry and the artificial intelligence sector. Many observers see this convergence as a crucial future direction for both technologies. For instance, other Bitcoin miners have also explored AI expansion. CleanSpark, another major miner, recently announced its own AI initiatives. This demonstrates the broader industry shift.

Shareholder Resistance and Valuation Concerns for Core Scientific

Shareholders voiced significant opposition to the proposed deal. This resistance proved decisive in the recent shareholder vote. CoreWeave initially renewed talks to acquire Core Scientific in June. This news sent Core Scientific’s share price soaring by over 23% in a single trading session. Yet, Core Scientific had previously rejected a CoreWeave buyout offer in June 2024. That earlier offer valued the company at about $1 billion, or $5.75 per share. Core Scientific deemed it to “significantly” undervalue the company at the time.

Since resuming negotiations with CoreWeave, the miner’s stock experienced a dramatic surge. Its value more than tripled from an April 2025 low of $6.20. It rose to approximately $20.90 at the time of writing. This substantial increase likely fueled shareholder discontent with the later acquisition terms. Investors perceived the deal as less favorable given the company’s improved market position.

Market Reactions to the Core Scientific Decision

Some Core Scientific shareholders signaled opposition early on. This occurred after the deal was finalized in July. Two Seas Capital, the company’s largest active shareholder, publicly cited disagreements. They specifically questioned the deal’s valuation. “The proposed sale materially undervalues the company,” Two Seas Capital wrote in August. They further stated it “unnecessarily exposes its shareholders to substantial economic risk.” These concerns clearly resonated with a majority of shareholders. The market reacted swiftly to the failed merger. Core Scientific’s stock dropped, reflecting investor disappointment. Meanwhile, shares of CoreWeave also took a different path. They fell from about $163 to a low of approximately $100 by the end of July. This highlights the volatile nature of such high-profile M&A announcements.

The Future of Bitcoin Mining and AI Infrastructure Integration

The failed CoreWeave acquisition raises important questions. What does this mean for the future of both companies? Furthermore, what are the broader implications for the crypto and AI industries? The growing synergy between Bitcoin miner operations and AI infrastructure remains undeniable. Many companies are actively exploring how to leverage their energy-intensive computing resources. They aim to serve both cryptocurrency mining and AI data processing needs. This trend will likely continue, regardless of this specific deal’s outcome.

The decision by Core Scientific shareholders underscores a critical point. Valuation remains paramount in major corporate transactions. Shareholders expect fair value, especially for companies with significant growth potential. The market will continue to watch Core Scientific. Its strategic direction without CoreWeave’s direct integration becomes crucial. Similarly, CoreWeave will likely pursue other avenues for expansion. The intersection of high-performance computing, energy, and advanced technology will drive future innovations. This failed merger is merely one chapter in a much larger story of industry evolution.