Michael Intrator, the CEO of CoreWeave, has reacted to the dispute that is escalating around the company’s acquisition of Core Scientific for $9 billion. He explained that the transaction is still possible, but the company does not depend on it for its strategy. His remarks follow mounting resistance from Core Scientific’s largest shareholder, Two Seas Capital LP, which has been leading efforts to halt the merger.
In an interview with CNBC, Intrator described the deal as “a nice to have, not a need to have,” signaling that CoreWeave is prepared to move forward independently if the acquisition fails. He emphasized that the company’s offer reflects “a fair representation of the relative value of the two companies” and added that the figure proposed is final.
The acquisition, announced in July, would see CoreWeave acquire Core Scientific and its 1.3GW data center capacity through an all-stock transaction. According to the deal, a shareholder of Core Scientific would get 0.1235 shares of CoreWeave Class A common stock for each of his shares. Hence, the combined company would hold less than a 10% stake.
Two Seas Capital has argued that the structure undervalues Core Scientific and limits shareholder benefit. Its position gained further weight when Institutional Shareholder Services (ISS), a major proxy advisory firm, criticized the board’s handling of the process. In its assessment, ISS said the board acted under a tight timeline and failed to secure adequate protection against market volatility, raising doubts about whether the board prioritized shareholders’ interests.
One of the things that Intrator lamented was the report but he still believed that the merger was the best way forward for Core Scientific in the distant future. He also acknowledged that while integration would bring value, CoreWeave’s growth trajectory does not depend on the deal.
CoreWeave’s pursuit of Core Scientific follows an earlier $1 billion bid in 2024 that was rejected as undervaluing the company. With both sides standing firm, the future of the acquisition now rests on whether shareholder opposition can reshape the outcome.
