The proposed merger of Bitcoin miner Core Scientific (CORZ) and artificial intelligence Cloud as a Service provider CoreWeave is facing a valuation discrepancy, investment bank Jefferies said in a research note. The bank raised its target share price of Core Scientific to $22 from $16 to reflect the value of the acquisition and maintained a "buy" rating.
According to the report, based on CoreWeave's current share price of $99.97, the corresponding valuation of Core Scientific for the all-stock transaction is about $12.35, which is significantly lower than Jefferies' estimated fair value range of $16 to $23. Analysts suggest that if CoreWeave's share price does not recover before the vote, it may be necessary to renegotiate the terms of the transaction, raise the exchange ratio to a range of 0.16 to 0.20, or add protection clauses to deal with stock price fluctuations.
Report: Core Scientific Faces Valuation Difference, Price Target Raised to $22
2025-08-18 15:17:40
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