Core Scientific terminated its all‑stock merger agreement with CoreWeave, a deal valued at approximately $9 billion, effective 2025‑10‑30.
The termination followed a special meeting of Core Scientific shareholders on 2025‑10‑30 in which the merger proposal failed to receive the required approval. Shareholder opposition cited concerns about undervaluation, the all‑stock structure, and executive compensation packages.
Core Scientific reported Q3 2025 revenue of $81.1 million, down 15% from $95.4 million in Q3 2024. The company posted a net loss of $146.7 million versus a $455.3 million loss in the prior year, and adjusted EBITDA of $(2.4) million compared with $10.1 million in Q3 2024. CoreWeave reported Q1 2025 revenue of $981.6 million, up 420% year‑over‑year, and Q2 2025 revenue of $1.2 billion, up 207% year‑over‑year, with adjusted operating income of $200 million and a net loss of $291 million.
The merger had been structured as an all‑stock transaction, with CoreWeave acquiring Core Scientific’s data‑center assets, high‑density colocation infrastructure, and customer contracts. The termination means CoreWeave will not gain control of these assets, potentially affecting its expansion plans in AI‑related workloads.
CoreWeave CEO Michael Intrator said the company remains committed to its growth strategy and will continue to pursue opportunistic and strategic M&A. Core Scientific will continue as a standalone company, focusing on its high‑density colocation business and bitcoin mining operations.
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