Two National Guard members shot near White House
LIVINGSTON, N.J. - CoreWeave, Inc. (NASDAQ:CRWV) announced Thursday that its proposed acquisition of Core Scientific has been terminated after failing to secure the necessary stockholder approval. The AI cloud infrastructure provider, which boasts a substantial $72.55 billion market capitalization, has seen its stock price surge 249.83% over the past year.
According to preliminary results from Core Scientific's Special Meeting of Stockholders, the proposal to adopt the Agreement and Plan of Merger did not receive sufficient votes, leading to the termination of the all-stock transaction.
"We respect the views of Core Scientific stockholders and look forward to continuing our commercial partnership," said Michael Intrator, Co-founder, Chairman, and Chief Executive Officer of CoreWeave.
Despite the failed acquisition, Intrator emphasized that CoreWeave's strategy remains unchanged, stating the company will "continue to execute with discipline against our roadmap to create long-term shareholder value, including through opportunistic and strategic M&A."
Both companies will maintain their existing commercial relationship while pursuing their individual growth strategies, according to the press release statement.
CoreWeave, which describes itself as "The Essential Cloud for AI," completed its public listing on Nasdaq under the ticker CRWV in March 2025. The company provides cloud infrastructure services focused on AI and machine learning workloads.
The final voting results from Core Scientific's Special Meeting will be reported in a Form 8-K filing with the U.S. Securities and Exchange Commission. CoreWeave is scheduled to release its next earnings report on November 10, which may provide further clarity on the company's standalone growth strategy.
In other recent news, CoreWeave, Inc. announced a definitive agreement to acquire Marimo Inc., an open-source Python development environment creator for AI workloads. This acquisition aims to integrate Marimo's technology into CoreWeave's cloud platform to enhance AI application development and deployment. In another development, CoreWeave's stockholders rejected a merger agreement with Core Scientific, Inc. during a special meeting, as the proposal did not receive the necessary votes for approval. Additionally, CoreWeave revealed plans to expand into the U.S. federal market through a new initiative called CoreWeave Federal, which will deliver AI cloud services to government agencies and defense partners. To support this expansion, the company will pursue FedRAMP and other authorizations to meet government cybersecurity standards. Furthermore, CoreWeave appointed Jon Jones as its first Chief Revenue Officer. Jones brings extensive experience from his previous role as Global Head of Startups and Venture Capital at Amazon, where he will lead the global revenue organization at CoreWeave. These recent developments highlight CoreWeave's strategic moves in the AI and cloud services sector.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.