<SEC-DOCUMENT>0000902664-25-003410.txt : 20250807
<SEC-HEADER>0000902664-25-003410.hdr.sgml : 20250807
<ACCEPTANCE-DATETIME>20250807160516
ACCESSION NUMBER:		0000902664-25-003410
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250807
DATE AS OF CHANGE:		20250807

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Core Scientific, Inc./tx
		CENTRAL INDEX KEY:			0001839341
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40046
		FILM NUMBER:		251193874

	BUSINESS ADDRESS:	
		STREET 1:		838 WALKER ROAD
		STREET 2:		SUITE 21-2105
		CITY:			DOVER
		STATE:			DE
		ZIP:			19904
		BUSINESS PHONE:		(425) 998-5300

	MAIL ADDRESS:	
		STREET 1:		838 WALKER ROAD
		STREET 2:		SUITE 21-2105
		CITY:			DOVER
		STATE:			DE
		ZIP:			19904

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Power & Digital Infrastructure Acquisition Corp.
		DATE OF NAME CHANGE:	20210106

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Two Seas Capital LP
		CENTRAL INDEX KEY:			0001823138
		ORGANIZATION NAME:           	
		EIN:				843799363
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		32 ELM PLACE, 3RD FLOOR
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		917.536.6028

	MAIL ADDRESS:	
		STREET 1:		32 ELM PLACE, 3RD FLOOR
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Kairos Capital Management LP
		DATE OF NAME CHANGE:	20200831
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
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<DESCRIPTION>CORE SCIENTIFIC, INC.
<TEXT>
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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">SCHEDULE 14A</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a)</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">of the Securities Exchange Act of 1934</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed
by the Registrant </FONT> <FONT STYLE="font-family: Wingdings">&#168; </FONT></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed
by a Party other than the Registrant </FONT> <FONT STYLE="font-family: Wingdings">&#254; </FONT></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">Check the appropriate box:</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Wingdings">&#168; </FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Preliminary Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Wingdings">&#168; </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Wingdings">&#168; </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Definitive Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Wingdings"> </FONT><FONT STYLE="font-family: Wingdings">&#168; </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Definitive Additional Materials</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Wingdings">&#254; </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Soliciting Material Under Rule 14a-12</FONT></TD></TR>
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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Core Scientific, Inc.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Registrant as Specified In Its Charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Two Seas Capital LP</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Two Seas Capital GP LLC</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Sina Toussi</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white">(Name of Person(s)
Filing Proxy Statement, if other than the Registrant)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
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    <TD STYLE="width: 4%; line-height: 107%"><FONT STYLE="font-family: Wingdings">&#254; </FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">No fee required.</TD></TR>
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<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

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    <TD STYLE="width: 2%; line-height: 107%"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 12pt; line-height: 107%">&#9744;</FONT></TD>
    <TD STYLE="width: 1%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 97%; font: 12pt Times New Roman, Times, Serif">Fee paid previously with preliminary materials.</TD></TR>
  </TABLE>
<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; line-height: 107%"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 12pt; line-height: 107%">&#9744;</FONT></TD>
    <TD STYLE="width: 1%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 97%; font: 12pt Times New Roman, Times, Serif">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules&nbsp;14a-6(i)(1)&nbsp;and&nbsp;0-11.</TD></TR>
  </TABLE>

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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">On August 7, 2025, Two Seas Capital LP
issued the following press release and open letter to Core Scientific, Inc.&rsquo;s shareholders:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B><I>August 7, 2025</I></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Two Seas Capital, Core Scientific&rsquo;s Largest
Active Shareholder, Announces Intention to Vote Against the Proposed Sale to CoreWeave</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><IMG SRC="image_001.jpg" ALT="">&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Issues Open Letter to Core Scientific Shareholders
Outlining Its Belief that the Proposed</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Transaction Materially Undervalues Core Scientific and Unnecessarily Exposes Shareholders to Substantial
Economic Risk</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">NEW
YORK, Aug. 7, 2025 /PRNewswire/ -- Two Seas Capital LP (&ldquo;Two Seas&rdquo; or &ldquo;we&rdquo;), an alternative investment management firm
and the largest active shareholder of Core Scientific, Inc. (&ldquo;Core Scientific&rdquo; or the &ldquo;Company&rdquo;)</FONT>
(<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">NASDAQ: CORZ), today announced its opposition to the
Company&rsquo;s proposed sale to CoreWeave, Inc. (&ldquo;CoreWeave&rdquo;) (NASDAQ: CRWV) on the terms announced on July 7, 2025. </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Two Seas also released the following open letter to
fellow Core Scientific shareholders explaining why it opposes the transaction.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">August 7, 2025</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Dear Fellow Core Scientific Shareholders:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Two Seas Capital LP (&ldquo;Two Seas&rdquo; or &ldquo;we&rdquo;)
is an alternative investment management firm that has been a committed investor in, and staunch advocate of, Core Scientific, Inc. (&ldquo;Core
Scientific&rdquo; or the &ldquo;Company&rdquo;) since 2022. We were early members of the ad hoc equity committee, supported the Company&rsquo;s
emergence by joining in the rights offering in early 2024, participated in both convertible note issuances, and have grown our equity
stake over the past 18 months. Today, we beneficially own 19,122,842 shares of Core Scientific&rsquo;s common stock, representing approximately
6.3% of the Company, making us the Company&rsquo;s largest active shareholder.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We invested in Core Scientific because we believe strongly
in the Company&rsquo;s ability to create substantial value as a first-mover in building critical, high-performance computing (&ldquo;HPC&rdquo;)
infrastructure at scale. Artificial intelligence (&ldquo;AI&rdquo;) represents one of the most significant technological developments
of this century. As the need for AI training and inference has grown, the demand for energy and HPC infrastructure has increased dramatically.
Core Scientific &ndash; with its significant scale, ready access to low-cost power, and data center talent &ndash; is uniquely positioned
to meet this growing demand and has a clear runway to compound growth for many years.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We are therefore disappointed that the Board of Directors
has chosen to sell the Company to CoreWeave, Inc. (&ldquo;CoreWeave&rdquo;) at this inadequate valuation. The proposed all-stock, uncollared
structure leaves Core Scientific shareholders exposed to the high volatility of CoreWeave&rsquo;s share price with no protections on the
value they will receive at or following close.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We are not philosophically opposed to a merger of these
two parties. We are also investors in CoreWeave, believe in its strategy, and respect its management team. Moreover, we have advocated
for this combination as we clearly recognize the strategic merits.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">However, from our perspective as a shareholder of Core
Scientific, the proposed sale materially undervalues the Company and unnecessarily exposes its shareholders to substantial economic risk.
In our view, the transaction decidedly and unfairly favors CoreWeave at the expense of Core Scientific shareholders. The fact that Core
Scientific&rsquo;s stock price declined by 30% in the days following the transaction announcement strongly suggests to us that other investors
agree.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We would be happy to continue owning Core Scientific
as an independent company for years to come. With the demand for power and compute infrastructure rising at an unprecedented pace, and
supply remaining scarce, we believe the Company&rsquo;s most promising days lie ahead. In our view, there is no compelling reason to sell
Core Scientific at an underwhelming valuation with a deficient structure.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">To be clear, we welcome all suitors, including CoreWeave,
to bid on Core Scientific. The Board&rsquo;s job, however, is to ensure that any such deal happens at a price that reflects the strategic
value of the Company&rsquo;s assets &ndash; including the value of any synergies, the existence of which CoreWeave has already acknowledged.
In our view, the current transaction does not come close to meeting that standard.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Accordingly, unless the terms are revised to address
what we believe to be both the structural shortcomings and inadequate consideration, we intend to vote against the transaction and plan
to solicit you, our fellow Core Scientific shareholders, to do the same. We do not believe this transaction should receive shareholder
approval.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We will further articulate our perspectives, and our
valuation work, in the coming weeks and look forward to engaging with you then.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Sincerely,&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Sina Toussi</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Founder, President and Chief Investment Officer</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Two Seas Capital LP</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>About Two Seas Capital LP</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Two Seas, founded in 2020 and led by Chief Investment
Officer Sina Toussi, specializes in event-driven investing anchored by rigorous fundamental research and a targeted focus on special situations.
With approximately $1.4 billion in assets under management, Two Seas' approach is designed to uncover market inefficiencies where value
can be realized through the resolution of legal and regulatory events. The Two Seas team is highly regarded for its rigorous due diligence
and its ability to translate complex and dynamic scenarios into actionable investment opportunities.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Media Contacts</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Steve Bruce / Taylor Ingraham / Keely Gispan</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">ASC Advisors</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #3265FF">twoseas@ascadvisors.com</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">(203) 992-1230</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B></B></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Disclaimer</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This press release does not constitute an offer to
sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. This press release does not
recommend the purchase or sale of a security. There is no assurance or guarantee with respect to the prices at which any securities of
Core Scientific or CoreWeave will trade, and such securities may not trade at prices that may be implied herein. In addition, this press
release and the discussions and opinions herein are for general information only, and are not intended to provide investment advice.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This press release contains forward-looking statements.
Forward-looking statements are statements that are not historical facts and may include projections and estimates and their underlying
assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations,
services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified
by the words &quot;expects&quot;, &quot;anticipates&quot;, &quot;believes&quot;, &quot;intends&quot;, &quot;estimates&quot;, &quot;plans&quot;,
&quot;will be&quot; and similar expressions. Although Two Seas believes that the expectations reflected in forward-looking statements
contained herein are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks
and uncertainties&mdash;many of which are difficult to predict and are generally beyond the control of Two Seas, Core Scientific or CoreWeave&mdash;that
could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking
information and statements. In addition, the foregoing considerations and any other publicly stated risks and uncertainties should be
read in conjunction with the risks and cautionary statements discussed or identified in Core Scientific and CoreWeave&rsquo;s respective
public filings with the U.S. Securities and Exchange Commission, including those listed under &quot;Risk Factors&quot; in annual reports
on Form 10-K and quarterly reports on Form 10-Q and those related to the pending transaction involving Core Scientific and CoreWeave (the
&ldquo;Pending Transaction&rdquo;). The forward-looking statements speak only as of the date hereof and, other than as required by applicable
law, Two Seas does not undertake any obligation to update or revise any forward-looking information or statements. Certain information
included in this material is based on data obtained from sources considered to be reliable. Any analyses provided to assist the recipient
of this material in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among
alternative methodologies that produce different results. Accordingly, any analyses should not be viewed as factual and should not be
relied upon as an accurate prediction of future results. All figures are unaudited estimates and, unless required by law, are subject
to revision without notice.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Funds and investment vehicles (collectively, the &ldquo;Two
Seas Funds&rdquo;) managed by Two Seas currently beneficially own shares of Core Scientific and CoreWeave. The Two Seas Funds are in the
business of trading (i.e., buying and selling) securities and intend to continue trading in the securities of Core Scientific and CoreWeave.
You should assume the Two Seas Funds will from time to time sell all or a portion of their holdings of Core Scientific and/or CoreWeave
in open market transactions or otherwise, buy additional shares (in open market or privately negotiated transactions or otherwise), or
trade in options, puts, calls, swaps or other derivative instruments relating to such shares. Consequently, Two Seas&rsquo; beneficial
ownership of shares of, and/or economic interest in, Core Scientific and/or CoreWeave may vary over time depending on various factors,
with or without regard to Two Seas&rsquo; views of the Pending Transaction or Core Scientific and/or CoreWeave&rsquo;s respective businesses,
prospects, or valuations (including the market price of Core Scientific and/or CoreWeave shares), including, without limitation, other
investment opportunities available to Two Seas, concentration of positions in the portfolios managed by Two Seas, conditions in the securities
markets, and general economic and industry conditions. Without limiting the generality of the foregoing, in the event of a change in Core
Scientific and/or CoreWeave&rsquo;s respective share prices on or following the date hereof, the Two Seas Funds may buy additional shares
or sell all or a portion of their holdings of Core Scientific and/or CoreWeave (including, in each case, by trading in options, puts,
calls, swaps, or other derivative instruments). Two Seas also reserves the right to change the opinions expressed herein and its intentions
with respect to its investments in Core Scientific and CoreWeave, and to take any actions with respect to its investments in Core Scientific
and CoreWeave as it may deem appropriate, and disclaims any obligation to notify the market or any other party of any such changes or
actions, except as required by law.&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Certain Information Concerning the Participants</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Two Seas, Two Seas Capital GP LLC (&ldquo;Two Seas
GP&rdquo;), and Sina Toussi (&ldquo;Mr. Toussi&rdquo; and, together with Two Seas and Two Seas GP, the &ldquo;Participants&rdquo;) intend
to file a definitive proxy statement and accompanying proxy card with the United States Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
to be used to solicit proxies for votes against the proposed acquisition of Core Scientific by CoreWeave at the upcoming special meeting
of the Company&rsquo;s shareholders. THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND
OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING ADDITIONAL INFORMATION REGARDING
THE PARTICIPANTS. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC&rsquo;S WEBSITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE
PARTICIPANTS WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As of the date hereof, the Participants beneficially
own (within the meaning of Rule&nbsp;13d-3&nbsp;under the&nbsp;Securities Exchange Act of 1934), in the aggregate, 19,122,842 shares of
common stock, par value $0.00001 per share, of the Company (the &ldquo;Company Common Stock&rdquo;), including shares of Company Common
Stock underlying the Long Call Options (as defined below) and issuable upon exercise of warrants. By virtue of being the investment manager
of the Two Seas Funds, Two Seas may be deemed to beneficially own 19,122,842 shares of Company Common Stock (including shares of Company
Common Stock underlying the Long Call Options and issuable upon exercise of warrants). By virtue of being the general partner of Two Seas,
Two Seas GP may be deemed to beneficially own 19,122,842 shares of Company Common Stock (including shares of Company Common Stock underlying
the Long Call Options and issuable upon exercise of warrants). By virtue of being the Chief Investment Officer of Two Seas and Managing
Member of Two Seas GP, Mr. Toussi may be deemed to beneficially own 19,122,842 shares of Company Common Stock (including shares of Company
Common Stock underlying the Long Call Options and issuable upon exercise of warrants).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As of the date hereof, certain Two Seas Funds hold
long positions in call options referencing 5,722,300 shares of Company Common Stock (the &ldquo;Long Call Options&rdquo;) and short positions
in call options referencing 1,700,000 shares of Company Common Stock.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addition, as of the date hereof, certain Two Seas
Funds are party to notional principal amount derivative agreements in the form of&nbsp;cash-settled swaps&nbsp;with respect to an aggregate
of 500,000 shares of Company Common Stock.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As of the date hereof, the Participants beneficially
own (within the meaning of Rule&nbsp;13d-3&nbsp;under the&nbsp;Securities Exchange Act of 1934), in the aggregate, 77,038 shares of class
A common stock, par value $0.000005 per share, of CoreWeave (the &ldquo;CoreWeave Common Stock&rdquo;). By virtue of being the investment
manager of the Two Seas Funds, Two Seas may be deemed to beneficially own 77,038 shares of CoreWeave Common Stock. By virtue of being
the general partner of Two Seas, Two Seas GP may be deemed to beneficially own 77,038 shares of CoreWeave Common Stock. By virtue of being
the Chief Investment Officer of Two Seas and Managing Member of Two Seas GP, Mr. Toussi may be deemed to beneficially own 77,038 shares
of CoreWeave Common Stock. Two Seas has an interest in a private investment vehicle managed by a third party, which provides an indirect
economic interest in a variable number of shares of CoreWeave Common Stock, subject to certain fees and expenses. As of the close of business
on August 6, 2025, Two Seas has an indirect economic interest in approximately 395,124 shares of CoreWeave Common Stock.</P>

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