Core Scientific’s Largest Shareholder Opposes CoreWeave Acquisition

Two Seas Capital LP, Core Scientific's largest shareholder with a 6.3% stake, has publicly rejected the proposed $9 billion acquisition by CoreWeave. The New York-based firm labeled the all-stock deal as economically risky and undervaluing the Bitcoin mining and HPC infrastructure provider.

The $14 billion transaction, announced July 7, 2025, faces mounting opposition due to its uncollared structure and exposure to CoreWeave's share volatility. Two Seas, despite holding positions in both companies, argues the terms disproportionately benefit the acquirer.

Core Scientific's future prospects as an AI infrastructure play remain central to the dispute. Two Seas emphasized the company's strategic position amid growing demand for high-performance computing, suggesting current shareholders WOULD benefit more from standalone growth than the proposed merger.