Overview
- The merger agreement was terminated after the Oct. 30 special meeting failed to secure the requisite shareholder approval.
- The offer valued Core Scientific at about $20.40 per share via a fixed 0.1235 CoreWeave share for each Core Scientific share.
- Major holders Two Seas Capital and Gullane Capital, along with proxy advisers ISS and Glass Lewis, urged votes against the transaction on valuation and structure.
- Shares moved after the vote, with CoreWeave down roughly 4%–6% and Core Scientific up several percent as markets priced an independent path for the miner-turned-AI infra company.
- CoreWeave said it will maintain the commercial relationship, leaving roughly $10 billion in future obligations in place, as Macquarie and Jefferies turned more positive on Core Scientific’s 1.5 GW capacity and prospects to add new AI colocation tenants.