Two Seas Capital Expresses Enthusiasm for Core Scientific's Future Prospects
Two Seas Capital (NASDAQ: CORZ) issued a letter on Oct 28, 2025 urging Core Scientific shareholders to vote AGAINST the proposed sale to CoreWeave (announced July 7, 2025). Two Seas says the deal values Core Scientific at $16.40 per share and argues that Core Scientific has materially higher standalone upside—claiming the stock would trade at more than twice the deal value if aligned with AI-infrastructure peers.
The letter highlights Core Scientific's access to low-cost power, operational expertise, and a 700-megawatt pipeline, and warns that approving the transaction would transfer value to CoreWeave. Shareholders face a vote at a special meeting on Oct 30, 2025.
Two Seas Capital (NASDAQ: CORZ) ha pubblicato una lettera il 28 ottobre 2025 esortando gli azionisti di Core Scientific a votare CONTRO la proposta vendita a CoreWeave (annunciata il 7 luglio 2025). Two Seas sostiene che l'operazione valuti Core Scientific a $16,40 per azione e ritiene che Core Scientific abbia un potenziale di rialzo autonomo molto più elevato—affermando che le azioni si attesteranno a più del doppio del valore dell'accordo se allineate ai peer nel settore AI-infrastrutture.
La lettera evidenzia l'accesso di Core Scientific a energia a basso costo, l'esperienza operativa e una pipeline di 700 megawatt, e avverte che l'approvazione della transazione trasferirebbe valore a CoreWeave. Gli azionisti dovranno votare in occasione di una riunione speciale il 30 ottobre 2025.
Two Seas Capital (NASDAQ: CORZ) emitió una carta el 28 de octubre de 2025 instando a los accionistas de Core Scientific a votar EN CONTRA de la venta propuesta a CoreWeave (anunciada el 7 de julio de 2025). Two Seas dice que el acuerdo valora a Core Scientific en $16.40 por acción y sostiene que Core Scientific tiene un potencial alcista independiente mucho más alto, afirmando que las acciones cotizarían a más del doble del valor del acuerdo si se alinearan con pares de infraestructura de IA.
La carta resalta el acceso de Core Scientific a energía de bajo costo, la experiencia operativa y una pipeline de 700 megavatios, y advierte que aprobar la transacción transferiría valor a CoreWeave. Los accionistas enfrentarán una votación en una reunión especial el 30 de octubre de 2025.
Two Seas Capital (NASDAQ: CORZ) 는 2025년 10월 28일에 Core Scientific 주주들에게 제안된 CoreWeave로의 매각에 반대 투표를 권고하는 서한을 발행했습니다(공시일은 2025년 7월 7일). Two Seas는 거래가 Core Scientific을 주당 $16.40으로 평가한다고 말하며, Core Scientific가 독자적인 상승 여지가 훨씬 더 큰 것으로 주장합니다—AI 인프라 동종기업들과의 정렬 시 주식이 거래 가액의 두 배 이상으로 거래될 것이라고 주장합니다.
서한은 Core Scientific의 저비용 전력 접근, 운영 전문성, 그리고 700메가와트 파이프라인을 강조하며 거래 승인은 CoreWeave로의 가치 이전을 초래할 것이라고 경고합니다. 주주들은 2025년 10월 30일에 열리는 특별 주주총회에서 투표에 직면합니다.
Two Seas Capital (NASDAQ: CORZ) a publié une lettre le 28 octobre 2025 exhortant les actionnaires de Core Scientific à voter CONTRE la vente proposée à CoreWeave (annoncee le 7 juillet 2025). Two Seas affirme que l'accord valorise Core Scientific à 16,40 $ par action et soutient que Core Scientific dispose d'un potentiel de hausse autonome bien plus élevé—affirmant que l'action se négocierait à plus du double de la valeur de l'accord si elle était alignée avec des pairs de l'infrastructure IA.
La lettre met en évidence l'accès de Core Scientific à une énergie bon marché, l'expertise opérationnelle et une pipeline de 700 mégawatts, et avertit que l'approbation de la transaction transférerait de la valeur à CoreWeave. Les actionnaires vont voter lors d'une assemblée extraordinaire le 30 octobre 2025.
Two Seas Capital (NASDAQ: CORZ) hat am 28. Oktober 2025 einen Brief veröffentlicht, der die Aktionäre von Core Scientific auffordert, gegen die vorgeschlagene Verkauf an CoreWeave (bekanntgegeben am 7. Juli 2025) zu stimmen. Two Seas behauptet, dass das Geschäft Core Scientific mit 16,40 USD pro Aktie bewertet und argumentiert, dass Core Scientific ein deutlich höheres eigenständiges Aufwärtspotenzial habe — wobei die Aktien, wenn sie sich an AI-Infrastruktur-Peers orientieren, laut seinen Behauptungen mehr als das Zweifache des Dealwerts handeln würden.
Der Brief hebt Core Scientifics Zugang zu kostengünstigem Strom, operative Expertise und eine 700-Megawatt-Pipeline hervor und warnt, dass die Genehmigung der Transaktion Wert an CoreWeave übertragen würde. Die Aktionäre stehen vor einer Abstimmung bei einer außerordentlichen Hauptversammlung am 30. Oktober 2025.
Two Seas Capital (NASDAQ: CORZ) أصدرت رسالة بتاريخ ٢٨ أكتوبر ٢٠٢٥ تحث مساهمي Core Scientific على التصويت ضد الصفقة المقترحة مع CoreWeave (أُعلنت في ٧ يوليو ٢٠٢٥). تقول Two Seas إن الصفقة تقيم Core Scientific عند $16.40 للسهم وتزعم أن لدى Core Scientific إمكانات صعود مستقلة أعلى بكثير—وتدّعي أن الأسهم ستتداول عند أكثر من ضعف قيمة الصفقة إذا جرى مواءمتها مع نظرائها في بنية الذكاء الاصطناعي.
تشير الرسالة إلى وصول Core Scientific إلى طاقة بتكلفة منخفضة، وخبرة تشغيلية، وخطة تبلغ 700 ميغاوات، وتحذر من أن الموافقة على المعاملة ستنقل القيمة إلى CoreWeave. يواجه المساهمون تصويتاً في اجتماع خاص في 30 أكتوبر 2025.
Two Seas Capital (NASDAQ: CORZ) 发布了一封信，日期为2025年10月28日，敦促Core Scientific的股东投票反对对CoreWeave的拟议出售（宣布于2025年7月7日）。Two Seas表示交易对Core Scientific的估值为$16.40每股，并认为Core Scientific具备更高的独立上涨潜力——声称若与AI基础设施同行保持一致，股价将超过交易价值的两倍以上。
信中强调Core Scientific能够获得的低成本电力、运营专业能力以及一个700兆瓦的产线，并警告如果交易获批，价值将转移给CoreWeave。股东将在2025年10月30日的特别股东大会上进行投票。
- 700-megawatt pipeline under development
- Access to low-cost power and existing infrastructure
- Management confidence in securing additional HPC hosting contracts
- Proposed sale price of $16.40 per share could be viewed as shareholder value transfer
- Two Seas claims CORZ would trade more than 2x the transaction price if aligned with peers
- Shareholder vote on the transaction scheduled for Oct 30, 2025
Insights
Two Seas urges shareholders to reject the CoreWeave deal, arguing Core Scientific has greater standalone upside than the
Two Seas Capital frames the business case around Core Scientific's low-cost power access, site construction and operations expertise, existing infrastructure and a
The argument depends entirely on shareholder vote outcomes and execution of the standalone plan; risks include uncertainty about market reception, the company's ability to convert pipeline potential into contracts and the proximate
Issues Letter to Shareholders Highlighting Significant Upside Potential If Proposed Sale to CoreWeave Is Not Approved
Urges Shareholders to Vote AGAINST the Ill-Advised Transaction on the GOLD Proxy Card Ahead of October 30, 2025 Special Meeting
The full text of the letter is below.
October 28, 2025
Dear Fellow Core Scientific Shareholders:
As long-standing investors in Core Scientific, we are more enthusiastic than ever about Core Scientific's standalone prospects. We continue to believe that the proposed acquisition of the Company by CoreWeave is not the best way to maximize value for Core Scientific shareholders. We will vote against the transaction and encourage you to do the same.
Since the transaction was announced in July, investment in AI infrastructure has accelerated, driving equity valuations of Core Scientific's peers to ever-greater heights. Had it traded in-line with these peers (instead of being tethered to CoreWeave's underperforming stock), Core Scientific's stock would be trading more than twice as high as the value of the CoreWeave transaction.
Why would anyone vote for a transaction worth a mere
Core Scientific is a best-in-class asset that we would be proud to continue to own: it has access to low-cost power, expertise in site construction and management, a strong existing infrastructure and an attractive future pipeline. We have full confidence in Core Scientific's executive management team and its ability to execute on these advantages. We therefore fully expect Core Scientific to continue to build out its 700-megawatt pipeline, secure additional hosting contracts for its growing HPC capacity and expand its footprint through the addition of other existing data centers and new brownfield sites—all to the great benefit of shareholders.
But first, we must reject the CoreWeave transaction.
The vote on that deal is scheduled for October 30, 2025. In our view, shareholders have an easy choice to make: reject the transaction and participate in one of the most incredible growth opportunities in the history of the capital markets or cut short Core Scientific's promising future to transfer significant value to CoreWeave.
In our view, there is no reason not to play on.
We therefore urge our fellow shareholders to join us in voting AGAINST the proposed transaction on the GOLD proxy card so that Core Scientific can return its full focus and attention to the numerous opportunities that lay ahead for one of the best assets in the rapidly growing AI landscape.
Sincerely,
Sina Toussi
Founder, President and Chief Investment
Officer Two Seas Capital LP
About Two Seas Capital LP
Two Seas, founded in 2020 and led by Chief Investment Officer Sina Toussi, specializes in event-driven investing anchored by rigorous fundamental research and a targeted focus on special situations. With approximately
Contacts
Investors
Scott Winter / Jonathan Salzberger
Innisfree M&A Incorporated
info@innisfreema.co
(212) 750-5833
Media
Steve Bruce / Taylor Ingraham / Keely Gispan
ASC Advisors
twoseas@ascadvisors.com
(203) 992-1230
Disclaimer
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. This press release does not recommend the purchase or sale of a security. There is no assurance or guarantee with respect to the prices at which any securities of Core Scientific or CoreWeave will trade, and such securities may not trade at prices that may be implied herein. In addition, this press release and the discussions and opinions herein are for general information only, and are not intended to provide investment advice.
This press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts and may include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by the words "expects", "anticipates", "believes", "intends", "estimates", "plans", "will be" and similar expressions. Although Two Seas believes that the expectations reflected in forward-looking statements contained herein are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties—many of which are difficult to predict and are generally beyond the control of Two Seas, Core Scientific or CoreWeave—that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. In addition, the foregoing considerations and any other publicly stated risks and uncertainties should be read in conjunction with the risks and cautionary statements discussed or identified in Core Scientific and CoreWeave's respective public filings with the
Funds and investment vehicles (collectively, the "Two Seas Funds") managed by Two Seas currently beneficially own shares of Core Scientific and CoreWeave. The Two Seas Funds are in the business of trading (i.e., buying and selling) securities and intend to continue trading in the securities of Core Scientific and CoreWeave. You should assume the Two Seas Funds will from time to time sell all or a portion of their holdings of Core Scientific and/or CoreWeave in open market transactions or otherwise, buy additional shares (in open market or privately negotiated transactions or otherwise), or trade in options, puts, calls, swaps or other derivative instruments relating to such shares. Consequently, Two Seas' beneficial ownership of shares of, and/or economic interest in, Core Scientific and/or CoreWeave may vary over time depending on various factors, with or without regard to Two Seas' views of the Pending Transaction or Core Scientific and/or CoreWeave's respective businesses, prospects, or valuations (including the market price of Core Scientific and/or CoreWeave shares), including, without limitation, other investment opportunities available to Two Seas, concentration of positions in the portfolios managed by Two Seas, conditions in the securities markets, and general economic and industry conditions. Without limiting the generality of the foregoing, in the event of a change in Core Scientific and/or CoreWeave's respective share prices on or following the date hereof, the Two Seas Funds may buy additional shares or sell all or a portion of their holdings of Core Scientific and/or CoreWeave (including, in each case, by trading in options, puts, calls, swaps, or other derivative instruments). Two Seas also reserves the right to change the opinions expressed herein and its intentions with respect to its investments in Core Scientific and CoreWeave, and to take any actions with respect to its investments in Core Scientific and CoreWeave as it may deem appropriate, and disclaims any obligation to notify the market or any other party of any such changes or actions, except as required by law.
Important Information
Two Seas, Two Seas Capital GP LLC ("Two Seas GP"), and Sina Toussi ("Mr. Toussi" and, together with Two Seas and Two Seas GP, the "Participants") have filed a definitive proxy statement and GOLD proxy card (the "Proxy Statement") with the SEC on September 29, 2025 to be used to solicit proxies for votes against the proposed acquisition of Core Scientific by CoreWeave at the upcoming special meeting of the Company's shareholders. THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS BECAUSE THEY CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS ARE AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE UPON REQUEST. Additional information about the Participants and a description of their direct or indirect interests by security holdings or otherwise can be found in Exhibit 2 of the Schedule 14A filed by Two Seas with the SEC on October 10, 2025.
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SOURCE Two Seas Capital
FAQ
What is Two Seas Capital urging CORZ shareholders to do at the Oct 30, 2025 vote?
What price does the proposed CoreWeave transaction value Core Scientific (CORZ) at?
When was the CoreWeave acquisition of Core Scientific announced?
What operational assets does Two Seas highlight as reasons to keep CORZ standalone?
How does Two Seas justify that CORZ has greater upside than the deal offers?
Where can CORZ shareholders find the proxy to vote on the CoreWeave deal?
