TLDR
- CoreWeave stock drops over 40% since July, reducing $9B Core Scientific acquisition value
- Core Scientific shareholders demand better terms due to shrinking deal value
- All-stock exchange ratio fixed at 0.1235 CRWV shares per CORZ share
- Core Scientific trades above implied takeout price, suggesting deal revision expected
- Power capacity critical for AI infrastructure makes deal still valuable for both companies
CoreWeave stock has crashed more than 40% from its July highs. This decline is creating major problems for the company’s planned Core Scientific acquisition.

The AI cloud provider agreed to buy Core Scientific in an all-stock transaction originally worth around $9 billion. The deal structure fixed the exchange ratio at 0.1235 CoreWeave shares for each Core Scientific share.
When CoreWeave stock was soaring, this looked like a smart deal. But the stock collapse has dramatically reduced the transaction’s value for Core Scientific shareholders.
Deal Terms Under Pressure
Core Scientific investors are now pushing for improved terms. They refuse to accept a discount created by CoreWeave’s falling share price.
The market is pricing in deal changes. Core Scientific stock trades above the current implied takeout value. This premium suggests investors expect CoreWeave to sweeten the offer.
CoreWeave’s technical indicators show “Strong Sell” signals despite being up 157% year-to-date. The stock’s average daily volume hits 21.4 million shares.
Strategic Value Remains Strong
CoreWeave wants Core Scientific’s 1.3 gigawatts of power capacity without adding debt. The acquisition would provide owned infrastructure and reduce lease costs.
Management estimates hundreds of millions in annual savings from the consolidation. These cost cuts would improve margins on each new server rack.
Core Scientific benefits from a well-funded customer and faster conversion from bitcoin mining to AI hosting. This pivot has driven valuations higher across the data center sector.
Renegotiation Options Available
Several paths exist to fix the deal structure. A higher exchange ratio would restore headline value without requiring cash. A collar mechanism could protect against future CoreWeave stock volatility.
Adding a partial cash component would reduce market risk for Core Scientific holders. However, this would force CoreWeave to balance cash burn against securing critical power capacity.
Market Dynamics at Play
Power infrastructure has become the key bottleneck in AI development. CoreWeave rents Nvidia-powered computing capacity to customers.
Owning Core Scientific’s facilities would shorten delivery times and cut operating costs. The deal provides strategic advantages beyond the current stock price issues.
Both companies may need each other too much to walk away. CoreWeave requires power capacity for growth. Core Scientific needs funding for its mining-to-AI conversion.
CoreWeave’s disappointing Q2 results and insider sales have added pressure. The company maintains a $50.34 billion market cap despite recent weakness.
Core Scientific shareholders see peers getting premium valuations for AI infrastructure investments. They want fair compensation for their strategic assets.
The stock’s current trading pattern suggests deal revision talks are likely. Watch for announcements about modified exchange ratios or protective mechanisms.