Overview
- CoreWeave said the merger agreement was terminated after a Thursday vote in which Core Scientific did not receive the required shareholder approval.
- The proposal valued Core Scientific at about $20.40 per share via a 0.1235 CoreWeave‑share exchange with no collar, a structure critics said exposed holders to CoreWeave’s price swings.
- Major holders Two Seas Capital and Gullane Capital opposed the deal, and proxy advisers ISS and Glass Lewis recommended voting against it; CoreWeave had repeatedly said it would not raise its bid.
- Following the result, CoreWeave shares fell roughly 5% as Core Scientific rose about 5–6%, reflecting support for Core Scientific’s independent path.
- The failed tie‑up would have delivered vertical integration and reduced roughly $10 billion in future leasing costs for CoreWeave; both companies said their commercial partnership continues, and this marks CoreWeave’s second unsuccessful attempt to buy Core Scientific since 2024.