Major Scientific shareholders on Thursday voted against an all-stock takeover bid by partner and competitor CoreWeave that was valued at $9 billion at the time.
They did so after a no-vote proposal from their largest shareholder, Sina Tousi of Two Seas Capital, a firm that focuses on post-bankruptcy companies. Core Scientific came out of bankruptcy in January 2024.
Core Scientific, which started as a cryptocurrency miner and still is, shares this early history with AI data center provider CoreWeave, which also started as a miner.
But CoreWeave, with investor and partner Nvidia, has now moved into serving AI workloads. Since its IPO, its stock has soared from a $14 billion market cap to $66 billion today (about $140 per share) as investors see it as a way to get in on the AI action. It spends those shares on acquisitions.
CoreWeave had already signed a 12-year, $10 billion contract with Core Scientific to use its facilities for artificial intelligence services, even as it reached a deal announced in July to buy the company outright. The offer was a premium to Core Scientific’s stock price at the time.
But investor Toussi believes Core Scientific can turn into another CoreWeave in its own right. “Since the transaction was announced in July, investments in AI infrastructure have accelerated, driving Core Scientific’s bond stock valuations to ever greater heights,” he wrote. in the opposition letter. “Why would anyone vote for a transaction worth just $16.40 per share?”
So investors rejected the deal and CoreWeave walked. Core Scientific’s stock rose on the news, and the company now trades at a market capitalization of $6.6 billion.
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Investors rejecting buyout offers in favor of bigger deals is another sign that we’re in — or at least headed for — an AI bubble.
Meanwhile, CoreWeave is still shopping. He came back on Thursday got Marimoa competitor to the open source Jupyter Notebook, for an undisclosed amount. PitchBook estimates that Marimo has raised about $5 million.
Python notebooks are programming tools that combine code, rich media, and explanatory text into a single, shareable file. They are often used for interactive data analysis as well as AI application development, helping CoreWeave as it tries to move up the stack from hosting to building AI applications.
