Core Scientific (CORZ) shareholders have rejected a proposed $9 billion stock merger with CoreWeave (CRWV), ending one of the most anticipated deals in the AI data center industry.
CORZ is up 4.5% following the announcement, while CRWV has added slightly to previous losses, now down 5% for the session.
The snap vote followed recommendations from proxy advisors and at least one major CORZ investor to oppose the transaction, which many investors said undervalued the company’s long-term potential and offered no protection against the volatility of CoreWeave’s stock.
The vote prompted Core Scientific to formally terminate the merger agreement, ending CoreWeave’s plan to secure more data center capacity and reduce approximately $10 billion in future leasing costs.
