Bitcoin mining and data infrastructure company Core Scientific has rejected a proposed 9 billion acquisition by AI cloud provider CoreWeave. The decision came during a shareholder meeting on Thursday after weeks of opposition from investors questioning the deals valuation and structure.
Core Scientific confirmed that it did not receive the majority approval required to proceed. The merger agreement has been terminated with immediate effect, and final voting results will be disclosed in a filing with the U.S. Securities and Exchange Commission SEC on Friday.
The proposed deal, announced in July 2025, would have seen each Core Scientific share exchanged for 0.1235 CoreWeave Class A shares. CoreWeave, listed on Nasdaq, expected the acquisition to create a vertically integrated powerhouse in AI data infrastructure.
