Core Scientific (CORZ) reported weaker-than-expected revenue but topped adjusted EBITDA estimates in its second-quarter 2025 results. Yet the main focus remains its proposed merger with AI cloud provider CoreWeave (CRWV), which is set for a shareholder vote in the fourth quarter, investment bank Jefferies said in a research report Monday.

At CoreWeave’s current price of $99.97, the all-stock deal values Core Scientific shares at roughly $12.35, well below Jefferies’ estimated fair value of $16 to $23.

Investor sentiment on the merger is tied directly to CoreWeave’s price, the report said. The agreed exchange ratio of 0.1235 translates into a Core Scientific value that fluctuates with CRVW’s share swings.

The report noted that while CoreWeave has traded as high as $183 in June, the stock closed below $100 on Friday, pushing the implied Core Scientific price beneath market levels. CORZ itself ended the day at $14.13.

This disconnect suggests some investors expect the deal to fail, Jefferies said, arguing that Core Scientific’s assets and cash flow potential justify a higher valuation.

If CoreWeave's stock doesn’t recover ahead of the vote, Jefferies sees room for renegotiation. A higher exchange ratio, potentially 0.16 to 0.20, could bring the implied valuation of CORZ shares back within the $16 to $23 range. A collar provision could also stabilize the deal against further volatility.

The bank has a buy rating on Core Scientific shares. It raised its CORZ price target to $22 from $16 to reflect the CoreWeave acquisition. The shares were 1.8% higher, trading around $14.40 at publication time.

Read more: Bitcoin Miner Core Scientific’s Third Largest Shareholder Opposes CoreWeave Deal

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