Core Scientific’s (Nasdaq: CORZ) bid to merge with AI neocloud CoreWeave (Nasdaq: CRWV) was shot down Thursday by shareholders following a protracted social media campaign from investors.
Once the largest Bitcoin miner by hashrate, Core Scientific’s board reached a deal with CoreWeave valuing the company at some $9 billion in June 2025. However, the deal was only provisional and had to be met with approval by Core Scientific shareholders in Q4 2025.
Major stake holders Two Capital and Institutional Shareholders Services (ISS) lobbied peer investors to cast a “No” vote in the months leading up to the vote due to the unfavorable economics of the deal. Meanwhile, AI-focused hedge fund Situational Awareness loaded up on Core Scientific shares, seemingly to take advantage of the deal falling through.
The Austin, Texas-based company announced Thursday that shareholders did not approve its proposed merger with CoreWeave during a special meeting held on October 30, 2025. The company stated that it did not receive the requisite number of votes needed to move forward with the transaction.
The final voting results will be disclosed in an upcoming Form 8-K filing with the SEC.
Core Scientific’s share price fell 3% on the news.
