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