CoreWeave’s $9B Deal With Core Scientific Falls Apart

In a dramatic twist to one of the year’s biggest tech deals, CoreWeave’s planned $9 billion all-stock acquisition of Core Scientific has officially fallen through. The bitcoin mining and hosting giant announced that the merger agreement was terminated after failing to secure enough shareholder votes to approve the deal.

Core Scientific’s shares ticked up 1.6% to $21.17 after the news, while CoreWeave’s stock dropped 5.9% to $131.65 — reflecting a mixed investor reaction to the collapsed merger.

CoreWeave, which went public earlier this year, had aimed to acquire Core Scientific to strengthen its data center network and advance its push into artificial intelligence. The two companies already share a commercial partnership focused on AI infrastructure, and the deal was expected to take that collaboration to the next level.

This wasn’t CoreWeave’s first attempt to buy the bitcoin miner. Last year, the AI-focused company made an offer valuing Core Scientific at over $1 billion, but that proposal was rejected for being too low.

Founded as one of North America’s largest operators of high-powered digital infrastructure, Core Scientific hosts extensive bitcoin mining and data services across the continent. However, not all shareholders were on board with the proposed merger. Investment management firm Two Seas Capital openly opposed the deal, calling it “mispriced and poorly structured,” while proxy advisory firms Institutional Shareholder Services and Glass Lewis also urged investors to vote against it.

Following a preliminary count, Core Scientific confirmed that the merger did not receive the required shareholder support. The company will remain publicly traded and continue its independent operations, while CoreWeave has stated it respects the decision and will continue its ongoing business partnership with Core Scientific.

The failure of the deal marks a major setback in CoreWeave’s broader goal to integrate AI-driven infrastructure more deeply into its ecosystem — a reminder that not every big-money merger wins investor confidence.