Core Scientific (CORZ) shareholders have rejected a proposed $9 billion merger with CoreWeave (CRWV), halting one of the most anticipated deals in the AI data center sector.
CORZ is higher by 4.5% on the news, while CRWV added modestly to earlier losses, now down 5% for the session.
The quick vote followed recommendations by proxy advisers and at least one major CORZ investor to oppose the transaction, which many investors said undervalued the company’s long-term potential and provided no protection against CoreWeaves’ volatile stock.
The vote prompted Core Scientific to formally terminate the merger agreement, ending CoreWeave’s plan to secure more data center capacity and reduce about $10 billion in future lease costs.
