Market Signals CoreWeave $9 Billion Bid Is ‘Dead in the Water’

CoreWeave Inc.’s $9 billion proposed tie-up with data center provider Core Scientific Inc. is increasingly in doubt ahead of a key shareholder vote Thursday, based on trading signals from the market.

Since the artificial intelligence transaction was announced in July, the so-called deal spread has remained negative for months, with the value of CoreWeave’s all-stock offer trading well below Core Scientific’s market price. The gap stood at around $3.70, or -17% as of Wednesday 11:45 ET, with the target’s stock hovering near its greatest premium over the offer value.