---
title: "CoreWeave's stock has halved since Core Scientific shareholders refused its $9 billion bid"
description: "A year after voting down the $9 billion all-stock sale, Core Scientific's holders hold a refused bid worth about $7.90 a share against a $14.42 stock. The standalone bet's first public test arrives on November 5."
publisher: "The Inference"
section: "Data Center"
published: 2026-10-30T15:38:29.557Z
modified: 2026-10-30T15:38:29.557Z
canonical: https://theinference.org/article/coreweave-s-stock-has-halved-since-core-scientific-shareholders-refused-its-9-billion-bid
language: en
keywords: "Core Scientific, CoreWeave, Mergers And Acquisitions, Data Centers, Stocks"
---

# CoreWeave's stock has halved since Core Scientific shareholders refused its $9 billion bid

> A year after voting down the $9 billion all-stock sale, Core Scientific's holders hold a refused bid worth about $7.90 a share against a $14.42 stock. The standalone bet's first public test arrives on November 5.

A year ago today, [Core Scientific](https://theinference.org/markets/companies/core-scientific)'s stockholders [voted down CoreWeave's $9 billion all-stock takeover](https://theinference.org/article/core-scientific-refused-a-9-billion-buyout-then-lost-1-5-billion-in-two-quarters), and the company [terminated the merger agreement the same day](https://www.sec.gov/Archives/edgar/data/1839341/000114036125040020/ef20058085_8k.htm) [1]. The currency they were offered has halved since: [CoreWeave](https://theinference.org/markets/companies/coreweave), the AI cloud operator that leases Core Scientific's data centers, closed at $63.93 on October 28, against about $131 on the day of the vote [2][3]. The filing records the count: 20.8 million shares for the merger, 203.5 million against [1].

## The refused paper is now worth about $7.90 a share

[The terms, announced on July 7, 2025](https://startupfortune.com/core-scientific-shareholders-reject-coreweaves-nine-billion-dollar-bid-again/), paid 0.1235 CoreWeave Class A shares for each Core Scientific share [3]. At CoreWeave's October 28 close, that ratio was worth about $7.90 per Core Scientific share [2]. Core Scientific closed at $14.42 on October 29 [5]. Holders turned down a bid now worth roughly 55% of their stock's price [5].

Two Seas Capital, Core Scientific's largest active shareholder, had called the all-stock structure inadequate because it left investors exposed to CoreWeave's shares with no price floor if the stock fell before closing; Institutional Shareholder Services, the proxy adviser, recommended a no vote [3]. The market pre-voted the same way, selling Core Scientific roughly 30% after the announcement [3].

October supplied the proof. CoreWeave fell 15.5% on October 14 as [yields on its 2031 and 2032 notes approached 15%](https://theinference.org/article/ai-debt-now-has-two-prices-15-for-coreweave-6-25-for-iron-mountain) [4]. [Goldman Sachs](https://theinference.org/markets/companies/goldman-sachs), which kept its Buy rating in a note last Wednesday, estimates CoreWeave needs $20 billion to $23 billion of new debt just to serve its existing backlog [4]. Bringing all of its secured power online would take up to $38 billion more [4].

*Chart: **CoreWeave, the currency in the rejected bid, has halved since the vote** Line chart of CoreWeave's share price falling from about $131 on October 30, 2025, to $63.93 on October 28, 2026, with a low of $61.82 on October 21, 2026.*

*CoreWeave, the currency in the rejected bid, has halved since the vote [3][4][2]*

## What the no vote kept is a levered landlord

Independence carries a balance sheet. Core Scientific [ended June with $4.3 billion of long-term debt](https://kalkine.com.au/news/technology/why-did-core-scientific-corz-post-a-12-billion-net-loss-on-warrants-while-signing-amd-capacity) against $1.8 billion of cash [6]. The stockholders' deficit stood at $2.4 billion, and second-quarter capital spending ran $797.5 million against $164.2 million of revenue [6].

*Chart: **Capex has outrun Core Scientific's revenue in every quarter since it walked away from the bid** Column chart of Core Scientific's quarterly capital spending against revenue from Q2 2024 to Q2 2026, with capex rising from near zero to $796 million while revenue stays below $170 million.*

*Quarterly capital spending against revenue, in billions of US dollars. Source: Core Scientific quarterly figures from its SEC filings, retrieved 30 October 2026. The series starts at Q2 2024, after a break in the reported capex figures. [8]*

The commercial case stands. A [15-year partnership with AMD](https://theinference.org/article/amd-backs-the-rent-on-core-scientific-s-529-megawatts-of-15-year-ai-leases-on-terms-never-filed), the chipmaker, covers about 530 megawatts across five sites [6]. The company counts more than $14 billion of potential base contracted revenue, and billing capacity had reached 437 megawatts by mid-July [6]. MFN Partners, a Boston investment adviser, [filed a 7.6% passive stake on October 28](https://www.bullished.co/mfn-partners-reports-7-6-passive-stake-in-core-scientific-nearly-a-third-in-options-f1de73c4/), nearly a third of it in options [7].

*Chart: **Core Scientific's debt has quadrupled since it turned down CoreWeave's paper** Line chart of Core Scientific's quarterly debt rising from about $1.1 billion in late 2024 to $4.3 billion by June 2026.*

*Core Scientific's debt has quadrupled since it turned down CoreWeave's paper [8][6]*

## November 5 is the vote's second round

Core Scientific [reports third-quarter results before the market opens on November 5](https://tradersunion.com/news/stocks/show/4020166-core-scientific-slides-3-9percent-today/) [5][6]. The report answers one question: whether the construction behind the [AMD](https://theinference.org/markets/companies/amd) contract gets financed in a market where CoreWeave's own unsecured debt already yields more than 15% [2]. The demand side has not changed. CoreWeave wanted this landlord twice: it first offered $1 billion in cash in June 2024, a bid Core Scientific rejected before the two struck a 200-megawatt hosting deal the same week [3].

The no vote has been proven right about the currency. At October's closes, the refused ratio was worth about $7.90 a share [2], against a Core Scientific stock that traded at $14.42 [5]. An all-stock bid made at the top of the market hands the seller the buyer's risk without a floor under it. Core Scientific's holders declined that trade a year ago, and the year has paid them for it.

Whether they were also right about the business now depends on lenders rather than CoreWeave, and the November 5 report is where that answer starts.

## Takeaway

Shareholders who refused CoreWeave's all-stock bid a year ago hold a stock worth nearly double the paper they turned down; whether the standalone bet pays off now turns on financing, and the November 5 report is the first test.

## Sources

1. [SEC EDGAR, Core Scientific, Inc. Form 8-K, items 5.07 and 9.01, filed 31 October 2025](https://www.sec.gov/Archives/edgar/data/1839341/000114036125040020/ef20058085_8k.htm)
2. [The Motley Fool via Yahoo Finance, Stock Market Today, Oct. 28: CoreWeave Surges on Denmark AI Capacity Going Live, 28 October 2026](https://finance.yahoo.com/markets/stocks/articles/stock-market-today-oct-28-213502593.html)
3. [Startup Fortune, Core Scientific shareholders reject CoreWeave's nine billion dollar bid again, 30 October 2025](https://startupfortune.com/core-scientific-shareholders-reject-coreweaves-nine-billion-dollar-bid-again/)
4. [Yahoo Finance, Goldman keeps CoreWeave at Buy, sizes new debt need at $20 billion to $38 billion, 29 October 2026](https://finance.yahoo.com/markets/stocks/articles/goldman-keeps-coreweave-buy-sizes-145726178.html)
5. [Traders Union, Core Scientific slides 3.9% today, 30 October 2026](https://tradersunion.com/news/stocks/show/4020166-core-scientific-slides-3-9percent-today/)
6. [Kalkine, Why did Core Scientific (CORZ) post a $1.2 billion net loss on warrants while signing AMD capacity?, 28 October 2026](https://kalkine.com.au/news/technology/why-did-core-scientific-corz-post-a-12-billion-net-loss-on-warrants-while-signing-amd-capacity)
7. [Bullished, MFN Partners Reports 7.6% Passive Stake In Core Scientific (CORZ), Nearly A Third In Options, 29 October 2026](https://www.bullished.co/mfn-partners-reports-7-6-passive-stake-in-core-scientific-nearly-a-third-in-options-f1de73c4/)
8. [Core Scientific, quarterly figures from its SEC filings, retrieved 30 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001839341)


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CoreWeave's stock has halved since Core Scientific shareholders refused its $9 billion bid — The Inference. Canonical: https://theinference.org/article/coreweave-s-stock-has-halved-since-core-scientific-shareholders-refused-its-9-billion-bid