Two Seas Capital Urges Core Scientific Shareholders to Reconsider Sale to CoreWeave

Essential Insights on Core Scientific's Future

In the ever-evolving landscape of high-performance computing (HPC) and artificial intelligence (AI), shareholders of Core Scientific, Inc. are faced with a critical decision. Two Seas Capital LP, a significant player among the shareholders and an alternative investment management firm, recently communicated serious reservations regarding the proposed sale of Core Scientific to CoreWeave, Inc. The sale was first announced on July 7, 2025, and amidst a surge in AI-driven demand, Two Seas sees a vastly undervalued opportunity being presented to Core Scientific’s investors.

Two Seas underscores the urgency for shareholders to reevaluate the terms proposed in this transaction. Instead of facilitating value, the merger could potentially tie Core Scientific’s future to CoreWeave’s flagging performance. Previous trends indicate that Core Scientific's stock has not followed the same upward trajectory enjoyed by its competitors in the HPC sector. Assets holders, especially those with foresight into market trends, should recognize that CoreWeave's stagnant stock does not reflect the untapped potential of Core Scientific amidst soaring demand for AI computing resources.

The foundation of Two Seas' argument rests on compelling evidence detailing the recent explosive growth seen among Core Scientific's peers. Companies like Applied Digital, Cipher Mining, and TeraWulf have experienced extraordinary stock value increases amidst significant market activity, including substantial acquisitions in the data center realm that topped multi-billion dollar figures. Just this past week, a consortium, including industry giants, executed a $40 billion acquisition of data centers, signaling robust investor confidence in the AI and HPC sectors.

Yet, Core Scientific investors are being offered an exchange that suggests a conversion into CoreWeave shares at an implied price significantly lower than the current trading price of Core Scientific. As of October 16, 2025, the proposed deal values Core Scientific stock at roughly $17.50 per share. In contrast, should the stock simply align with its weakest competitor’s performance, it should be valued closer to $45 per share. These figures paint a stark reality; shareholders stand to lose out on unrealized gains by simply accepting the current acquisition terms.

The market's skepticism surrounding this merger has become increasingly pronounced, as Core Scientific's share price has frequently outperformed the merger consideration. Two Seas emphasizes that this divergence reflects investor confidence in Core Scientific's inherent potential. The steady trading price has been above the implied value of the merger for over 44 consecutive trading days, illustrating a clear message of discontent among investors with the currently suggested deal.

Additionally, historical market performance indicates a failure to integrate meaningful value for Core Scientific shareholders unless strategic actions are embraced. Two Seas Capital is resolute in its call for shareholders to reject the acquisition by voting on the GOLD proxy card, viewing it as crucial for unleashing Core Scientific's capabilities in a booming AI landscape.

Control over a valuable asset like Core Scientific should not be sacrificed at a time where the broader industry is enjoying explosive growth fueled by innovation and investment. Two Seas encourages investor engagement and participation against the proposed merger, recommending shareholders carefully consider the potential future that lies ahead without a compromise.

In conclusion, shareholders are at a crossroads. Rejecting the sale to CoreWeave could enable Core Scientific to harness the momentum of the AI revolution, poised for growth that aligns with emerging demands for HPC. Rather than surrendering to a deal perceived as unfavorable, it may be wise for investors to support a path that leads to a more prosperous future. The window for capitalizing on this value opportunity will soon close, making the upcoming votes critical for the fiscal health of Core Scientific’s future.

As the narrative unfolds in the days leading to the vote, vigilance and participation are paramount for shareholders wishing to safeguard their investments and potentially unlock greater value within the AI domain.