Core Scientific shareholders on Thursday voted down an all-stock acquisition offer from partner and competitor CoreWeave that was valued at the time at $9 billion.

They did so following a vote-no recommendation from their largest shareholder, Sina Toussi of Two Seas Capital, a firm that focuses on post-bankruptcy companies. Core Scientific emerged from its bankruptcy in January 2024.

Core Scientific, which began as a crypto miner and still is one, shares that early history with AI data center provider CoreWeave, which also started as a miner.

But CoreWeave, with investor and partner Nvidia , has now transitioned to serving AI workloads. From its IPO until now, its stock has soared from a $14 billion market cap to $66 billion today (about $140 per share) as investors view it as a

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