CoreWeave (CRWV) announced its commitment to acquire artificial intelligence (AI) miner Core Scientific (CORZ) in an all-stock deal originally agreed on July 7. In an open letter, CoreWeave called the offer “best and final” and said it will not be changed. The company said the merger represents the most secure and value-enhancing path forward, combining immediate premium value with significant long-term upside.
CoreWeave argued that if Core Scientific were to continue independently, it would face significant capital expenditure and execution risks. The company urged shareholders to vote “FOR” the deal at the October 30 special meeting, emphasizing that the transaction removes major risks and provides the best chance for sustainable growth and shareholder value creation.
The company also addressed and rejected claims by Two Seas Capital, a hedge fund that opposed the deal, calling their arguments misleading and based on misinformation. CoreWeave stated that Two Seas’ claims overlook the significant operational, financial and execution risks that Core Scientific would face on its own, while also misrepresenting the strategic value of the proposed merger. It further said Two Seas’ narrative ignores the strong market validation reflected in Core Scientific’s stock performance and the significant premium offered by CoreWeave.
CoreWeave shares fell 1.5% in premarket trading to $140, while Core Scientific shares fell 3% to $19.
