Core Scientific terminates $9B merger agreement with CoreWeave

What's the deal? Core Scientific (Nasdaq: CORZ) has terminated its merger agreement with CoreWeave, effective 30 October 2025. Core Scientific stockholders did not cast the votes needed to approve the transaction at a special meeting, and the company then terminated the agreement in line with its terms. The all-stock deal, announced in July 2025, was valued at approximately $9 billion and implied about $20.40 per Core Scientific share based on CoreWeave's five-day average trading price at signing.

What was on the table? Under the agreement, CoreWeave, the AI-focused cloud provider, would have acquired Core Scientific in exchange for 0.1235 CoreWeave Class A shares per Core Scientific share, gaining around 1.3 GW of gross power across Core Scientific's national data-centre footprint, with more than 1 GW of potential expansion capacity. Core Scientific had said the combination would let the enlarged group avoid more than $10 billion in future lease costs and target around $500 million in annual run-rate savings by 2027.

Where things stand: Core Scientific said it will remain a publicly traded company and that its common stock continues to trade on Nasdaq under the ticker CORZ. It continues to operate its portfolio of data centres serving high-density colocation and digital asset mining customers, and retains the credit facilities secured earlier in 2026.

Read more: Core Scientific · Reuters · CNBC

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