Two Seas Capital Questions Core Scientific’s Valuation Amid CoreWeave Buyout Proposal

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.