A credible pivot from bitcoin cyclicality to contracted AI colocation could drive multi-year compounding. The gating items are tenant diversification, on-time MW delivery, and disciplined financing.

CORZ is a “scarce power → contracted compute” conversion story: if it expands beyond its anchor tenant while commissioning MW on-time, it can re-rate from miner-like cyclicality toward infrastructure-like value as multi-year, dollar-denominated AI colocation becomes the underwriting base.

Compute is bottlenecked by power + interconnect + build time; CORZ’s edge is speed-to-MW on already-energized campuses, turning grid access into bankable contracts.

The upside is driven by mix shift: contracted high-density colocation becomes the primary revenue engine, supported by multi-campus power access that is scarce in the U.S. build cycle. If CORZ adds even modest customer diversity beyond its anchor and proves repeatable commissioning, investors should increasingly value it like digital infrastructure (durable contracts, long asset life) rather than like a bitcoin miner (volatile cash flows). The limiting factors are concentration, heavy retrofit capex, and the risk that tenants push economics down as supply responds.

The dominant risk is concentrated build-to-lease execution: CORZ must commission large MW blocks on time while converting interest into signed contracts beyond the anchor tenant. Any slip pushes cash flows out while capex and fixed costs remain real, increasing dilution/financing risk and keeping the equity valued like a miner proxy.

Slightly higher confidence in demand/power scarcity signals, but still constrained by concentration and capex realities.

$26.38