Core Scientific, Inc. terminated its all‑stock merger agreement with CoreWeave, Inc. on October 30, 2025 after shareholders voted against the transaction.
The agreement, announced in July 2025, valued Core Scientific at approximately $20.40 per share and would have issued 0.1235 CoreWeave Class A shares for each Core Scientific share, creating a total equity value of about $9 billion.
Core Scientific reported Q3 2025 revenue of $81.1 million, down from $95.4 million in Q3 2024. Net loss narrowed from $455.3 million to $146.7 million, and adjusted EBITDA fell from $10.1 million to negative $2.4 million. Revenue by segment was $57.4 million from digital‑asset self‑mining, $8.7 million from hosted mining, and $15.0 million from high‑density colocation.
Proxy advisory firms Institutional Shareholder Services and Glass Lewis recommended voting against the deal, and investment manager Two Seas Capital urged rejection, citing mispricing and a poorly structured offer. CoreWeave’s March 2025 IPO and its strategy to verticalize its data‑center footprint were key motivations for the proposed acquisition.
Core Scientific will continue to pursue its high‑density colocation strategy and maintain its commercial partnership with CoreWeave, but the planned integration and potential synergies have been removed.
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