Core Scientific Jumps After Rejecting $1 Billion Buyout Offer
- Core Scientific shares are up around 70% since takeover offer
- Offer ‘significantly undervalues’ the company, firm says
This article is for subscribers only.
Bitcoin miner Core Scientific Inc. has rejected an unsolicited $1 billion takeover offer from artificial intelligence startup CoreWeave Inc., just days after the companies announced a partnership that they projected would generate about $3.5 billion in revenue.
The Austin, Texas-based company is one of the largest digital-asset miners by computing power with data center capacity that can be converted to high-performance computing facilities to power generative AI applications. CoreWeave, which has raised billions of dollars and is mulling an initial public offering, proposed to acquire the miner with $5.75 per share in cash, late Monday.