🧠 Food for thought

Implications, context, and why it matters.

Two Seas challenges the board’s case for the $20.40 price

• Core Scientific’s board calls the CoreWeave deal the best option for stockholders, yet Two Seas says the board has not justified accepting $20.40 per share. It says CoreWeave’s stock fell more than 40% since announcement as of Sept. 2, 2025, which put the implied consideration below Core Scientific’s trading price 1.
• The board set a fixed exchange ratio of 0.1235 CoreWeave shares for each Core Scientific share 2. The fund faults the lack of a collar or cash, which leaves Core Scientific holders exposed to CoreWeave’s stock swings 1.
• It says the implied value sits below the low end of the advisors’ discounted cash flow ranges, about 5% under Moelis and about 12% under PJT 1. Moelis & Company and PJT Partners advise Core Scientific 1. Management could receive nearly $200 million in accelerated compensation at closing 1.

Power infrastructure investors can target miners with capacity exceeding 500 MW and favorable Power Purchase Agreements (PPAs)

• The CoreWeave deal would deliver about 1.3 gigawatts of gross power across Core Scientific’s sites plus more than 1 GW of expansion potential 2. Large power portfolios can fetch premium prices from AI infrastructure buyers seeking faster capacity.
• TeraWulf, a Bitcoin miner focused on zero-carbon energy, runs roughly 110 megawatts today with plans toward about 238 MW of mostly zero-carbon power; its Pennsylvania Nautilus site priced power near 2 cents per kilowatt-hour 3. Gryphon is a Bitcoin miner pursuing clean energy development and forecasts a 500 MW pipeline 3. That pipeline makes sub-3-cent miners strong fits for AI operators that need capacity now 3.
• Investors can scan for miners running hydroelectric, nuclear, or renewable sites above 200 MW in stable grids 3. These assets can offer near-term power plus permitting advantages over new data center builds 3.