Core Scientific investors expected to resist CoreWeave’s merger bid

Core Scientific shareholders are reportedly pushing back against CoreWeave’s terms in its proposed acquisition of the company. They argued that the $9 billion deal undervalues the company and would leave them short-changed.

The Financial Times reported Tuesday, citing people familiar with the matter, that some of the shareholders want to vote against the acquisition unless there are future changes in the terms. The report revealed that the shareholders’ vote for the deal has not been scheduled but is expected to take place this fall.

CORZ aims to maximize shareholder value

Former Attorney General of Louisiana Charles Foti and the law firm of Khan Swick & Foti also opened investigations last month into the acquisition. The law firm said it wanted to determine whether the proposed 0.1235 shares of CoreWeave stock to be issued to CORZ  shareholders were adequate or undervalued the company.

According to CoreWeave’s $9 billion acquisition valuation, the deal represented $20.40 per share value based on the company’s stock closing price as of July 3, 2025. The company estimated that the deal would result in shareholders’ ownership being less than 10%.

The FT report didn’t specify which terms the shareholders sought to amend. According to the GPU cloud firm, some financial impacts of the acquisition include removing over $10 billion of cumulative future lease payments for existing contractual sites. The firm also seeks to add another $500 of estimated annual rate cost savings by the end of 2027.

Core Scientific CEO Adam Sullivan believes the agreement will help the firm advance its AI infrastructure for companies while maximizing shareholder value. The company also said the acquisition will help CoreWeave establish its data center network to ensure long-term revenue growth and boost profitability.

“Verticalizing the ownership of Core Scientific’s high-performance data center infrastructure enables CoreWeave to significantly enhance operating efficiency and de-risk our future expansion, solidifying our growth trajectory.”

–Michael Intrator, CEO and Co-founder of CoreWeave.

CoreWeave had previously offered to acquire Core Scientific in 2024, but the bid was rejected for being too low. The company’s proposed $5.75 per share valued the Bitcoin miner at just $1 billion. Core Scientific later proposed a $1.225 billion agreement to enhance infrastructure support for its Nvidia chips and also deepen its existing relationship with CoreWeave.

CORZ acknowledged that it aims to provide 70 megawatts of infrastructure in the Bitcoin company’s facilities in Austin, Texas, in the second half of 2025. The cloud computing provider would fund the necessary capital investments worth around $3.5 billion over its 12-year term.

Core Scientific advances its crypto mining capacity

Core Scientific reported $580 million in growth in the first quarter of the year. The firm’s revenue dropped slightly to $79.5 million, attributed to the April 2024 quadrennial halving, which reduced BTC’s mining rewards to 3.125 BTC from 6.25 BTC. 

Core Scientific’s Q1 revenue came from $67.2 million in self-mining revenue, $3.8 million in hosted mining revenue, and $8.6 million in HPC hosting. The firm estimates an annualized colocation revenue of roughly $360 million entering 2026.

Sullivan said the company intends to transform and expand its crypto mining capacity and earning power. The company also hopes to deliver 250 MW of mining capacity to the Bitcoin company by the end of this year.

At the time of publication, Core Scientific holds 977 BTC and ranks 38th among companies holding Bitcoin. The company’s stock price is also exchanging hands at $13.65, an 8% increase in the last 24 hours.

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