CoreWeave CEO Michael Intrator is taking a firm stance on his company’s proposed acquisition of Core Scientific, making clear that the artificial intelligence cloud provider will not sweeten its offer despite mounting pressure from shareholders. In comments to CNBC on Tuesday, Intrator characterized the potential deal as something desirable but far from essential for his company’s future success.

The executive’s remarks come as opposition intensifies to CoreWeave’s proposed all-stock transaction valued at approximately $9 billion. The July announcement of the deal to acquire Bitcoin miner and data center operator Core Scientific triggered immediate market skepticism, with Core Scientific’s stock price dropping nearly 18 percent in the immediate aftermath of the news.

Intrator expressed disappointment with recent developments but remained resolute about maintaining the current offer terms. He emphasized his belief that the proposed transaction serves the long-term interests of Core Scientific shareholders, even as influential voices in the investment community argue otherwise. The CEO made clear that CoreWeave has determined what it considers fair value and will not budge from that position regardless of external pressure.

Three major obstacles threatening the deal

The first significant challenge emerged when Institutional Shareholder Services, a prominent proxy advisory firm, issued a recommendation on Monday urging shareholders to reject the acquisition. ISS carries substantial weight in corporate governance matters, and its opposition represents a serious blow to deal prospects.

The second problem involves the behavior of Core Scientific’s stock price following the announcement. Rather than trading near the proposed acquisition value, shares have continued rising, suggesting that market participants believe the company is worth considerably more than CoreWeave has offered. This gap between the offer price and market valuation creates a compelling argument for shareholders to vote against the transaction.

The third obstacle comes from major shareholders voicing public opposition. Two Seas Capital, which holds a significant stake in Core Scientific, released a letter earlier this month explicitly criticizing the proposed price as inadequate. The firm sees no compelling reason for Core Scientific investors to accept what it characterizes as an underwhelming proposition based on recent trading activity and company fundamentals.

CEO’s perspective on the transaction

Intrator defended CoreWeave’s valuation methodology, describing the proposed terms as an accurate reflection of the relative worth of both companies in an all-stock arrangement. He indicated that CoreWeave has carefully analyzed the situation and arrived at a number that represents the maximum the company is willing to pay under any circumstances.

The CEO’s characterization of Core Scientific as nice to have rather than essential reveals CoreWeave’s negotiating position and broader strategic thinking. This framing suggests that while the acquisition would provide benefits, CoreWeave has alternative paths to achieve its objectives if the deal fails to materialize. The company appears prepared to walk away rather than engage in a bidding war or significantly increase its offer.

This approach contrasts with acquisition scenarios where buyers desperately need a target company and might be compelled to raise their bids when facing resistance. CoreWeave’s apparent willingness to proceed without Core Scientific potentially weakens its negotiating position while simultaneously demonstrating financial discipline and strategic flexibility.

Shareholder vote looms

The fate of the proposed acquisition will be decided on October 30 when Core Scientific shareholders cast their votes. The outcome remains uncertain given the opposition from influential advisory firms and major investors who believe the company deserves a higher valuation.

Two Seas Capital’s recent letter to shareholders reinforced its position that recent trading data provides little evidence that investors will support the current terms. The firm’s public campaign against the deal could influence other shareholders who might be on the fence about how to vote.

The shareholder meeting represents a critical moment not just for this particular transaction but potentially for CoreWeave’s broader acquisition strategy and reputation in the market. A rejection would represent a significant setback and could impact the company’s ability to pursue similar deals in the future.

CoreWeave’s expansion ambitions

The attempted Core Scientific acquisition fits within CoreWeave’s aggressive 2025 acquisition strategy aimed at expanding its product offerings and market position. The company has pursued multiple deals this year, including purchases of AI-related firms like OpenPipe, Weights & Biases and Monolith.

CoreWeave has positioned itself as a major player in the artificial intelligence infrastructure space, building data centers and providing Nvidia-powered computing capabilities to large technology companies including Microsoft. The company has benefited from massive investment flowing into AI-related businesses as enterprises race to develop and deploy machine learning applications.

Intrator confirmed that CoreWeave remains in acquisition mode as it continues building out its platform capabilities. However, the Core Scientific situation demonstrates that aggressive expansion strategies can encounter resistance when investors believe terms undervalue target companies.