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Disclosure: The author does not hold a position in CORZ.

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CORZ

Analysis as of: 2025-12-27

Core Scientific, Inc.

Core Scientific owns and operates power-dense data centers, shifting from bitcoin mining toward high-density colocation for AI/HPC workloads.

ai cloud crypto energy hardware

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Jump to: Summary • Analysis • Opportunity • Risk • Trends • Third Party Analyst Consensus

Summary

Power-to-revenue conversion drives upside; concentration caps it

The upside case is a sustained re-rate as contracted AI colocation becomes the dominant revenue stream. The key constraint is execution under customer concentration and capex intensity.

Analysis

Thesis

CORZ can compound value by converting scarce, already-energized U.S. power and campuses into long-duration, dollar-denominated AI colocation cash flows, while keeping bitcoin exposure as a call option—not the underwriting base.

Last Economy Alignment

Compute/energy scarcity rewards owners of power-ready sites; CORZ is infra-first (not models), so upside depends on contracting, uptime, and cost of capital.

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Opportunity Outlook

Average Implied Multiple (to 2030)

3.4x (from 2 most recent analyses)

Reasoning

The non-linear upside comes from mix shift: contracted high-density colocation scales faster than mining and earns infrastructure-style valuation if delivery milestones hit. CORZ’s advantage is speed-to-power (retrofit vs. greenfield) plus customer-funded build elements, but the multiple is capped by customer concentration and ongoing capex needs. Peer set (AI infra pivots) supports a re-rate if contract breadth expands beyond the anchor tenant.

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Risk Assessment

Overall Risk Summary

The core risk is “build-to-lease execution under concentration”: delays, cost overruns, or repricing with the anchor tenant can push cash flows out while capex stays real. Secondary risks are power market/regulatory constraints and the possibility AI infrastructure overshoots near-term demand, compressing colocation economics.

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Trends

Key Changes

No new merger overhang: the CoreWeave acquisition was terminated on 2025-10-30; CORZ remains standalone.
Recent Street tone improved with at least one notable upgrade highlighting post-deal focus on colocation scaling.
Share price volatility remains elevated, reinforcing that delivery milestones (not narratives) drive near-term multiple.

Forecast update

Slightly more conservative on re-rate speed given concentration and capital needs, despite strong sector demand.

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Third Party Analyst Consensus

12-Month Price Target

$23.58

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