October 30,2025
In a significant decision impacting the high-stakes artificial intelligence infrastructure sector, shareholders of bitcoin miner Core Scientific have voted to reject a nearly $9 billion all-stock acquisition offer from cloud computing provider CoreWeave.
The proposed deal, which was initially announced in June, would have seen CoreWeave, a leading provider of GPU-powered cloud services for AI workloads, take over Core Scientific. The rejection by Core Scientific's stockholders was confirmed in a regulatory filing this week.
The acquisition would have valued Core Scientific at approximately $8.97 billion. The all-stock nature of the offer meant its ultimate value was subject to market fluctuations in CoreWeave's valuation. CoreWeave is a privately-held company, but its shares are traded on a limited basis on secondary markets.
Despite the rejection of the full acquisition, the two companies have a pre-existing and expanding commercial relationship. Core Scientific has leased out its data center space to CoreWeave for high-performance computing operations under long-term contracts. In a recent development, the companies amended a 12-year agreement to increase its total value to more than $1.6 billion.
This partnership reflects a strategic pivot for some bitcoin mining firms, which are leveraging their specialized data center real estate and power contracts to capitalize on the booming demand for AI computational resources.
The shareholder vote against the merger indicates a belief among investors that Core Scientific's future value as an independent company, particularly through its lucrative hosting deals, may exceed the value offered in the acquisition. Both Core Scientific and CoreWeave have declined to provide further public comment on the terminated deal.
Source: FT
