Two Seas Capital Questions Core Scientific’s Valuation Amid CoreWeave Buyout Proposal
Main Idea
Two Seas Capital opposes CoreWeave's $9 billion buyout offer for Core Scientific, claiming it undervalues the company and poses economic risks, while Core Scientific's stock experienced significant fluctuations following the announcement.
Key Points
1. Two Seas Capital, holding a 6.5% stake in Core Scientific, argues the $9 billion buyout offer from CoreWeave undervalues the company.
2. Core Scientific's stock dropped 30% after the buyout announcement but rose 3% following Two Seas Capital's opposition letter.
3. CoreWeave has made multiple offers to acquire Core Scientific, all initially rejected as too low, with the latest being the $9 billion bid in July.
4. Two Seas Capital believes Core Scientific has significant growth potential in AI and HPC infrastructure, making the current offer inadequate.
5. CoreWeave's market capitalization is $58.1 billion, while Core Scientific's is $4.3 billion at the time of writing.
Description
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