Core Scientific shareholders are reportedly opposed to the terms CoreWeave has proposed for its acquisition of the company, arguing that the $9 billion deal does not reflect the company’s true value and puts them at a disadvantage.
The Financial Times reported on Tuesday, citing people familiar with the matter, that some shareholders plan to vote against the deal unless its terms are renegotiated in the future. The report said a shareholder vote on the matter has not yet been scheduled but is expected to take place in the autumn.
Former Louisiana Attorney General Charles Foti and law firm Khan Swick & Foti also launched an investigation into the deal last month. The law firm wants to determine whether CoreWeave’s proposed 0.1235 shares for CORZ shareholders is adequate or undervalued.
The CoreWeave acquisition valuation is $20.40 per share, based on the closing price of the company’s shares on July 3, 2025. The company estimates that the transaction will result in shareholders owning less than 10% of the company.
The FT report does not specify the specific terms that shareholders want changed. According to the GPU-based cloud computing company, some of the financial impacts of the deal include the cancellation of more than $10 billion in future lease payments under existing contracts. The company is also expected to save another $500 million a year in lease costs by the end of 2027.
Core Scientific CEO Adam Sullivan believes the deal will help the company develop AI infrastructure for businesses while maximizing shareholder value. The company also claims the acquisition will help CoreWeave build a data center network that will drive long-term revenue growth and improved profitability.
“Verticalizing the ownership of Core Scientific’s high-performance data center infrastructure allows CoreWeave to significantly improve operational efficiency and de-risk our future expansion, strengthening our growth trajectory.”
– Michael Intrator , CEO and co-founder of CoreWeave.
CoreWeave previously attempted to acquire Core Scientific in 2024, but the offer was rejected because the price was not high enough. The proposed price of $5.75 per share valued the Bitcoin miner at just $1 billion. Core Scientific later proposed a $1.225 billion deal to improve the infrastructure support for its Nvidia chips and to deepen its existing ties with CoreWeave.
CORZ confirmed that it plans to provide 70 megawatts of infrastructure at the bitcoin company’s Austin, Texas, facilities in the second half of 2025. The cloud computing provider will finance the necessary capital expenditure of about $3.5 billion over a 12-year period.
Core Scientific reported a $580 million gain in the first quarter of the year. The company’s revenue fell slightly to $79.5 million due to the halving that occurred in April 2024, which reduced the reward for mining BTC from 6.25 BTC to 3.125 BTC.
Core Scientific’s first-quarter revenue was $67.2 million from self-hosted mining, $3.8 million from hosted mining, and $8.6 million from HPC hosting. The company estimates annual hosted computing revenue to be approximately $360 million by early 2026.
Sullivan said the company plans to transform and expand its cryptocurrency mining capacity and increase profits. The company also hopes to provide 250 megawatts of mining capacity to a Bitcoin company by the end of this year.
At the time of publication, Core Scientific holds 977 BTC, ranking 38th among companies holding Bitcoin. The company’s stock price is $13.65, up 8% in the last 24 hours.
Source: cryptonews.net
Your email address will not be published. Required fields are marked *