Core Scientific (CORZ) shareholders have rejected a proposed $9 billion all-stock merger with CoreWeave (CRWV), bringing one of the most anticipated deals in the AI data center sector to a halt.
CORZ is 4.5% higher on this news, while CRWV has added modestly to earlier losses, now down 5% for the session.
The quick polling followed recommendations from proxy advisors, as well as at least one large CoreWave investor, opposing the transaction, which many investors said undervalued the company’s long-term potential and offered no protection against CoreWave’s volatile stock.
The vote prompted Core Scientific to formally terminate the merger agreement, ending CoreWave’s plans to secure more data center capacity and reduce approximately $10 billion in future leasing costs.