Major U.S. bitcoin-mining and data-center operator Core Scientific’s all-stock ~$9 billion acquisition by CoreWeave was formally terminated after shareholders rejected the deal. The companies reported that the merger did not receive the required number of votes at the special shareholder meeting, which was called for on October 30, 2025.
In July 2025 Core Weave agreed to acquire Core Scientific in an all-stock transaction worth about $9 billion, where each Core Scientific share would be exchanged for 0.1235 shares of CoreWeave. Many sharedholders has raised objections soon after the bid.
Who are these companies?
Core Scientific is a US-based company that runs large-scale digital infrastructure: high-density data centres and bitcoin-mining operations. It has been pivoting toward hosting AI and high-performance-computing workloads by converting or repurposing some of its mining infrastructure.
CoreWeave is an AI-cloud and data-centre infrastructure provider whose growth is tied to servicing AI labs, hyperscale computing and infrastructure running on GPUs. In September, CoreWeave signed a $14 billion AI infrastructure deal with Meta.
Who opposed the merger?
The biggest objection came from Two Seas Capital, owning ~6 % of Core Scientific, which publicly urged a “No” vote, arguing the fixed share-swap undervalued the company. Proxy-advisory firms, including Institutional Shareholder Services (ISS) and Glass Lewis recommended against the deal, citing undervaluation and governance concerns. Some of the other complaints made note of the fact that the all-stock structure meant Core Scientific shareholders would bear the risk of CoreWeave’s share price drop, with no downside protection.
What happens next?
Now that the vote has failed and the merger is terminated, Core Scientific remains independent and can pursue its strategy of expanding its data-center footprint, converting mining capacity into an AI-hosting business, and securing new contracts. CoreWeave, meanwhile, must reassess its expansion path, without the acquisition, it still needs capacity but might look for alternate deals or partnerships.
After the vote, Core Scientific shares climbed ~5–6% amid relief or renewed independent upside. CoreWeave’s stock on the other hand, dropped ~3–5% as the anticipated acquisition strategy hit a bump.
