NEW YORK / LONDON (IT BOLTWISE) – CoreWeave’s planned takeover of Core Scientific is causing unrest among shareholders. Its largest shareholder, Two Seas Capital, is urging investors to vote against the deal because it undervalues the company. The outcome of the vote on October 30 remains uncertain.
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CoreWeave’s proposed acquisition of Core Scientific is under significant pressure as Core Scientific’s largest shareholder, Two Seas Capital, is calling on investors to vote against the deal. The vote is scheduled for October 30, and uncertainty is growing over CoreWeave’s 1.3GW data center acquisition. Two Seas Capital argues that the acquisition, announced in July 2025, undervalues Core Scientific at a time when demand for AI infrastructure is booming.
Since the merger was announced, shares of other companies in the same industry, such as Applied Digital, Cipher Mining and TeraWulf, have tripled or even quadrupled in value. In contrast, Core Scientific’s share price is up just 9% while CoreWeave’s is down 15%, dragging down the implied value of the deal. Two Seas Capital believes that Core Scientific has far better options than the current arrangement.
Two Seas Capital founder and chief investment officer Sina Toussi emphasizes that by rejecting the deal on the GOLD proxy vote, Core Scientific shareholders could gain greater benefit from one of the best assets in the AI space. CoreWeave recently named Jon Jones, a former Amazon executive, as its first chief revenue officer to drive growth in the AI cloud infrastructure space.
Wall Street analysts have a moderate buy rating on CoreWeave’s stock, based on 14 buys, 11 holds and two sells in the last three months. The average price target for CoreWeave stock is $152.60 per share, implying an upside potential of 17.51%. The coming weeks will be crucial to see whether shareholders follow Two Seas Capital’s advice and reject the deal or whether the takeover proceeds as planned.
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