Core Perspective - Two Seas Capital LP, a significant shareholder of Core Scientific, expressed gratitude to shareholders for their engagement and support in rejecting the proposed sale to CoreWeave, emphasizing the value of Core Scientific and optimism for its future [2][3]. Company Strategy - The management team of Core Scientific is encouraged to focus on expanding the power pipeline, securing additional contracts, and developing next-generation data centers, highlighting the company's role as a pioneer in AI infrastructure [3][4]. - Core Scientific's CEO, Adam Sullivan, outlined value creation initiatives that bolstered confidence in the executive management team's capability to leverage the company's assets and competitive advantages [4]. Investment Management - Two Seas Capital, founded in 2020, specializes in event-driven investing with a focus on special situations, managing over $2 billion in assets, and is recognized for its thorough due diligence and ability to identify actionable investment opportunities [4].

Core Scientific Investor Update Call Summary Company Overview - **Company**: Core Scientific (NasdaqGS:CORZ) - **Date**: October 30, 2025 - **Industry**: AI infrastructure and high-performance computing data centers Key Points Merger with CoreWeave - Shareholders voted against the proposed merger with CoreWeave, leading to the termination of the deal [5][8] - The decision reflects broader market dynamics and valuation changes over the past four months [8] - Core Scientific's management emphasized the industrial logic behind the merger, highlighting potential financial synergies [7] Company Performance and Strategy - Core Scientific is positioned as a foundational player in the AI revolution, focusing on building critical infrastructure for future technologies [6] - The company has a strong development team and strategically located sites, enabling significant build-outs [9] - Core Scientific is on track to deliver 250 billable megawatts by year-end 2025 and a total of 590 megawatts by early 2027 [11][22] Power Pipeline and Capacity - The company has a total organic pipeline of approximately 2.3 gigawatts of gross capacity, with 1.5 gigawatts on a billable capacity basis [13] - A conservative approach is taken in presenting the pipeline, focusing on realistic execution rather than inflated metrics [14] - Core Scientific aims to deliver an additional 350 megawatts by the end of 2026, with 280 megawatts dedicated to the CoreWeave contract [22] Financial Outlook - Core Scientific has the potential to raise up to $4 billion in capital against the CoreWeave contract, which is expected to fund multiple non-dilutive equity investments [28] - The company is targeting a long-term leverage ratio of approximately five times stabilized adjusted EBITDA [29] - Recent market conditions have led to strong demand for data center capacity, with over $10 billion raised in debt and equity linked capital across the industry [25][26] Customer Engagement and Future Contracts - Core Scientific plans to diversify its customer base beyond CoreWeave, with expectations to sign at least one new customer and power contract before the next earnings call [29] - The company is actively engaging with potential customers and has been able to continue discussions during the merger process [36][75] Market Dynamics and Competitive Position - The demand for AI infrastructure is described as insatiable, with hyperscalers seeking gigawatts of capacity [84] - Core Scientific's competitive advantage lies in its strong operational team and the ability to deliver high-density data center capacity [10][87] - The company is adapting to market changes, including exploring non-NVIDIA GPU options for data centers [49] Challenges and Risks - Short-term challenges include permitting delays, weather impacts, and design modifications [11] - The company acknowledges the complexities of building high-density data centers and the operational maturity required [10] - Supply chain constraints and labor availability are identified as potential bottlenecks in the construction process [109] Conclusion - Core Scientific is optimistic about its future, focusing on executing its growth strategy and capitalizing on market opportunities [29][30] - The management team expresses confidence in the company's ability to deliver significant long-term value for shareholders [29]

About this content About Sean Mason Sean Mason is a Senior Journalist at Proactive, having researched and written about Canadian and US equities for 20 years. Sean graduated from the University of Toronto with a BA in history and economics and has also passed the Canadian Securities Course. He previously worked at Investors Digest of Canada, Stockhouse, and SmallCapPower.com. Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and action ...

Core Scientific, Inc. (NASDAQ:CORZ) is one of the AI Stocks Analysts are Tracking Closely. On October 28, H.C. Wainwright upgraded the stock from “Neutral” to Buy and set a price target of $25.00. The rating upgrade follows recommendations from proxy advisory firms ISS and Glass Lewis, both of which have issued “against” votes for the proposed acquisition of Core Scientific by CoreWeave (CRWV) scheduled for October 30. The firm highlighted Core Scientific’s proven competencies, including its ability to d ...

Core Scientific and CoreWeave Acquisition Update - Core Scientific's stock rose over 6% to $22.08 following the rejection of CoreWeave's acquisition offer at a special shareholder meeting [1] - CoreWeave's stock fell over 5% to $132.67 after the acquisition deal was terminated [1] - The acquisition, initially announced in July, was valued at approximately $9 billion and aimed to expand CoreWeave's AI computing infrastructure [1] Shareholder Reactions and Strategic Implications - Major shareholders, including Two Seas Capital, opposed the acquisition, and influential voting advisory firms Glass Lewis and ISS recommended shareholders reject the deal [2] - Glass Lewis noted that while the acquisition had strategic merit, Core Scientific might have greater upside potential as an independent company if it capitalizes on growing computing demand [2] - Market sentiment had anticipated the deal's failure, as evidenced by the negative deal spread observed in the months following the announcement [2] CoreWeave's Response and Future Strategy - CoreWeave's CEO, Michael Intrator, stated that the company would not increase its acquisition bid and respects the decision of Core Scientific's shareholders [2] - Intrator emphasized that CoreWeave's strategic direction remains unchanged, focusing on creating long-term value through strategic acquisitions and prudent investments [2]

Glass Lewis在本月早些时候发布的报告中指出，此次收购在战略层面上对Core Scientific股东"具有一定 合理性"，因双方的结合可将数据中心业务与CoreWeave的AI云计算基础设施整合。但报告同时强调， 在AI投资热潮推动下，Core Scientific作为独立公司可能"拥有更大的上行潜力"，前提是公司能够充分抓 住不断增长的算力需求。ISS亦给出相似结论，建议股东拒绝该交易。 智通财经APP获悉，周四，美国数据中心运营商Core Scientific(CORZ.US)股价走高，截至发稿，该股涨 超6%，报22.08美元。CoreWeave(CRWV.US)跌超5%，报132.67美元。消息面上，Core Scientific股东在 特别股东大会上否决了人工智能基础设施公司CoreWeave提出的收购要约，结束了一场持续数月的收购 拉锯战。投票结果显示，该交易未能获得所需支持票数，Core Scientific宣布终止合并协议，并将继续 作为一家独立的上市公司运营。 这项交易最初于今年7月公布，CoreWeave曾计划以约90亿美元收购Core Scientific，作为其AI算力基础 ...

Financial Highlights - The company has colocation contracts that deliver compelling economics and strong margins[5] - The company's 12-year contracts with CoreWeave provide over $10 Billion in total contract value and approximately $850 Million in average annual run rate revenue[5] - CoreWeave is funding up to $1.5 Million per MW (or approximately $750 Million) of data center build out costs, credited against hosting payments[11] - Core Scientific is responsible for funding $104 Million of capex for the 70 MW expansion[11] Infrastructure and Power Capacity - The company has approximately 1.4 GW of existing gross power capacity, enabling approximately 1 GW of client-billable power across 9 U S sites[6] - The company has approximately 2.3 GW in existing and future gross power allocations from utility partners[9] - The company has approximately 1.5 GW in existing and future billable power available for colocation contracts[9] - The company is progressing approximately 1 GW of incremental capacity through targeted paid load studies[10] - Total potential expansion opportunities in aggregate are approximately 3.3 GW of gross power and approximately 2.2 GW of billable power[10] CoreWeave Contract Details - The CoreWeave infrastructure requires approximately 590 MW of infrastructure (~800 MW gross)[11] - The anticipated profit margin for the CoreWeave contracts is 75% to 80%[11] - Approximately 120+ MW are energized across Denton & Marble sites[16]

Core Scientific will remain public after it failed to secure the votes necessary to approve the $9 billion all-stock merger. ...

Core Scientific and CoreWeave Acquisition - Core Scientific shareholders are expected to vote on CoreWeave's proposed all-stock acquisition, originally valued at $9 billion, but CoreWeave's stock has declined since the announcement [1][2] - Jefferies analyst Jonathan Petersen predicts that shareholders will reject the offer, as Core Scientific's stock is trading at an 18% premium to the implied offer [2] - Some large shareholders are opposing the deal, seeking a higher premium, but CoreWeave has stated it will not raise its offer [3] Stock Performance - CoreWeave's stock fell 3.3% to $135.25, while Core Scientific's stock dipped 1.7% to $20.42 in early trading [3] - CoreWeave's stock has advanced 140% in 2025, while Core Scientific's stock is up 43% [3] Future Prospects - If the acquisition fails, CoreWeave may renegotiate, but it still needs capacity for GPUs, and Core Scientific could seek new tenants for its remaining capacity [4] - Both companies are part of a growing trend of artificial intelligence "neoclouds" that build data centers for AI workloads [4] CoreWeave's Market Position - CoreWeave has a strong customer base, including OpenAI, Microsoft, and Meta Platforms, and operates 33 data centers in the U.S. and Europe [5] - The company has preferred access to Nvidia's graphic processing units, optimizing its cloud offerings for AI tasks [5] - Analysts express concerns about customer concentration and high debt despite the projected AI market opportunity [5] Technical Ratings - CoreWeave stock has a Composite Rating of 68 out of a best possible 99, indicating its strengths based on fundamental and technical metrics [6] - The stock holds an Accumulation/Distribution Rating of B-plus, reflecting price and volume changes over the past 13 weeks [7] - CoreWeave, originally a cryptocurrency miner, has transitioned into cloud computing services [7]

Core Acquisition Overview - CoreWeave has made a $9 billion all-stock bid for Core Scientific, which has led to a nearly 18% drop in Core Scientific's shares following the announcement [1] - The shareholder vote on the acquisition is scheduled for October 30, with increasing opposition from various stakeholders [2] CoreWeave's Position - CoreWeave CEO Michael Intrator has stated that the acquisition is viewed as optional, emphasizing that the price will not increase despite shareholder pushback [2][3] - Intrator described Core Scientific as "a nice to have, not a need to have," indicating CoreWeave's willingness to abandon the deal if rejected by shareholders [3][5] Shareholder Opposition - Institutional Shareholder Services and Glass Lewis have both recommended that Core Scientific shareholders reject the acquisition, citing concerns over the offer's value [5] - Two Seas Capital, a significant investor in Core Scientific, has also urged a vote against the acquisition, labeling it "underwhelming" based on the company's recent trading performance [5] Strategic Considerations - CoreWeave has countered criticisms from shareholder advisory firms, arguing that their focus on short-term stock performance overlooks the strategic risks Core Scientific may face if it remains independent [4]