Core Scientific (CORZ) shareholders have voted against the proposed $9 billion all-stock merger with CoreWeave (CRWV), effectively ending this highly anticipated consolidation in the AI data center landscape.
Following the announcement, Core Scientific’s stock rose approximately 4.5%, reflecting investor approval of the decision to maintain its independence. In contrast, CoreWeave shares experienced a slight recovery but remain down about 5% for the trading session.
The shareholder vote occurred swiftly after proxy advisors and a significant Core Scientific stakeholder recommended opposing the transaction. Critics of the deal argued that the offer undervalued Core Scientific’s future growth prospects and failed to provide sufficient safeguards against the volatility of CoreWeave’s stock price.
As a result of the shareholder rejection, Core Scientific officially terminated the merger agreement. This development halts CoreWeave’s objective to expand its data center capacity while aiming to cut nearly $10 billion in future leasing expenses.
The abandoned merger had drawn considerable attention due to both companies’ roles in supporting the burgeoning AI infrastructure space. Core Scientific, initially known for its Bitcoin mining operations, has increasingly pivoted toward providing AI-focused data center services. CoreWeave, meanwhile, specializes in delivering cloud solutions tailored to artificial intelligence workloads.
With the merger now off the table, both companies will continue to operate independently as they pursue their respective strategic goals in the evolving AI and data center markets.
