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Two Seas Capital Opposes Core Scientific's Proposed Sale to CoreWeave

In a bold move, Two Seas Capital LP, an alternative investment management firm, has released an investor presentation detailing its opposition to Core Scientific's proposed sale to CoreWeave, Inc. Announced on July 7, 2025, this transaction has now come under scrutiny for its perceived flaws and inadequate valuation.

As the largest active shareholder of Core Scientific, Two Seas strongly urges fellow shareholders to reject the proposed deal. The firm believes that the sale, if completed, would significantly undervalue Core Scientific, which they argue is one of the top high-performance computing assets in the entire market.

Analysis and Valuation Concerns

Two Seas Capital has compiled an extensive valuation analysis in its presentation, which underscores several critical issues with the proposed transaction. The firm argues that the process leading up to this sale was deeply flawed from the outset, with terms that are perceived to be unfavorable for Core Scientific's shareholders.

According to Sina Toussi, Founder and Chief Investment Officer of Two Seas, the current infrastructure demands for artificial intelligence continue to surge, attracting billions of dollars weekly. He highlighted that Core Scientific's potential as a standalone entity remains significant, given the escalating demand for its data center capacity and services.

Despite these potential advantages, the proposed sale appears to present a deficient exchange ratio that would not adequately reflect Core Scientific's market position or future prospects. In fact, since the announcement of the proposed deal, shares of other companies in the sector have doubled, while Core Scientific's stock has declined—an indication that the current alignment with CoreWeave's less favorable market performance could undermine the company's true worth.

Call to Action for Shareholders

As the special meeting of shareholders approaches, scheduled for October 30, 2025, Two Seas is actively urging investors to vote against the transaction using the GOLD proxy card. The firm believes that by rejecting this sale, shareholders can ensure the realization of fair value for their investments in Core Scientific.

The firm emphasizes that the alternatives available for Core Scientific exceed the outcomes signified by the proposed deal with CoreWeave. Through rigorous research and strategic analysis, Two Seas positions itself as an advocate for shareholders who wish to see Core Scientific reach its full potential without the constraints this sale may entail.

About Two Seas Capital

Founded in 2020, Two Seas Capital LP specializes in event-driven investing, focusing on unique market situations where they believe value can be realized through diligent analysis and strategic investment decisions. With approximately $1.9 billion in assets under management, the organization prides itself on its ability to identify transformative opportunities within the market.

As the situation develops, Two Seas Capital continues to advocate strongly for transparency in the negotiation process and the importance of pursuing opportunities that can benefit shareholders in the long term rather than settling for an undervalued transaction.