Core Scientific Rejects CoreWeave's $1 Billion Acquisition Offer

According to Odaily, cryptocurrency mining company Core Scientific has turned down a $1 billion acquisition offer from cloud computing firm CoreWeave. The board of Core Scientific believes that CoreWeave's offer of $5.75 per share for the acquisition of Bitcoin mining machines severely undervalues the company.

Despite the rejection of the acquisition offer, the two companies have signed a 200-megawatt agreement to host CoreWeave's high-performance computing (HPC) services. Following the news, Core Scientific's share price surged nearly 40% on Tuesday. The refusal of the acquisition offer by Core Scientific indicates the company's confidence in its own value and future prospects.

The agreement to host CoreWeave's HPC services, despite the rejected acquisition offer, suggests a continued business relationship between the two companies. The significant increase in Core Scientific's share price following the news demonstrates the market's positive reaction to the company's decision.