Core Scientific (CORZ) shareholders rejected a proposed $9 billion all-stock merger with CoreWeave (CRWV), halting one of the most anticipated deals in the AI data center sector.
CORZ rose 4.5% on the news, while CRWV added modestly to earlier losses, now down 5% on the session.
The snap vote followed recommendations from proxy advisers 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 CoreWeave’s volatile stock.
The vote led 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.
