Major CORZ Shareholder Pushes Back on CoreWeave Sale, Citing Potential for 2X Upside
Shareholder Urges Rejection of CoreWeave Deal: Sees Substantial Upside for Core Scientific
In a new letter to Core Scientific (NASDAQ: CORZ) shareholders, Two Seas Capital—one of the company’s largest investors—is making a clear stand: reject the proposed acquisition by CoreWeave. Their rationale is compelling: they see significant upside for Core Scientific if the deal is voted down, pointing to the possibility of shares trading at more than twice the buyout offer.
Key Investor Confidence Rests on Standalone Strengths and AI Infrastructure Boom
Two Seas Capital’s optimism is built on several concrete strengths. According to their letter, Core Scientific possesses access to low-cost power, specialized site management, and a strong pipeline for future growth in the booming AI infrastructure sector. The investor believes these assets position the company to benefit far more as an independent operator, especially as AI and high-performance computing demand accelerates.
They also argue that peer companies have seen their equity valuations soar as investment in AI infrastructure surges, suggesting CORZ could be trading at over twice the value implied by the CoreWeave transaction. With an ongoing buildout of a 700-megawatt project pipeline and confidence in current management, Two Seas calls CORZ a “best-in-class asset” primed for additional contracts and expansions.
| Core Scientific Strengths | Comment |
|---|---|
| Low-cost Power Access | Competitive energy rates support data center profitability |
| Strong AI/HPC Pipeline | 700 MW expansion underway |
| Peer Valuations Surging | Potential for 2x current transaction value |
| Proven Site Construction | Track record in infrastructure buildouts |
| Experienced Management | High confidence in executive team |
Shareholder Vote on CoreWeave Transaction Set for October 30, 2025
With a special shareholder meeting on October 30, Two Seas is actively urging fellow shareholders to vote against what they call an “ill-advised” deal. Their argument is clear: by remaining independent, Core Scientific is better positioned to capture growing opportunities and future value in the rapidly evolving AI landscape.
Shareholders are reminded that if they support the sale, they could be forgoing substantial upside just as the industry’s investment cycle heats up. The letter even asks, “Why would anyone vote for a transaction worth a mere $16.40 per share?”—emphasizing their view of significant untapped potential.
What’s Next for Investors?
While Two Seas’ letter is persuasive, investors are cautioned that future performance carries risks. Still, with sector momentum on its side and a strong asset base, Core Scientific’s future may indeed look brighter outside the shadow of a takeover. The October 30 vote will reveal if fellow investors agree with Two Seas’ vision or opt for the certainty of a buyout.
The broader message: shareholders in AI and HPC infrastructure firms should closely examine buyout proposals, peer valuations, and company fundamentals before deciding if today’s offers reflect tomorrow’s growth.
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