The opportunity is a credible re-rating if the business proves repeatable MW commissioning and customer diversification. The risk is slipping timelines and staying single-tenant, keeping valuation miner-like.

CORZ’s edge is “time-to-power”: converting already-powered mining campuses into contracted AI/HPC colocation can shift the stock from BTC-cyclical cashflows to infrastructure-like, contracted revenue—if it commissions MW on time and adds at least one meaningful tenant beyond its current anchor.

It monetizes the key bottleneck (power + sites) behind AI scale; moat improves if it builds multi-tenant interconnect and compliance layers.

CORZ is trying to get re-valued from “bitcoin miner cashflow volatility” to “contracted AI capacity.” The path to that re-rate is (1) delivering large blocks of billable MW on schedule, (2) proving durable dollar-denominated customer economics, and (3) reducing single-customer risk by adding at least one more large tenant and/or creating multi-tenant campuses. If it executes, investors can rationally underwrite it with a mid-single-digit infrastructure revenue multiple rather than a miner-like multiple.

The dominant risk is build-to-lease execution under concentration: commissioning large MW blocks on time while turning a single-anchor relationship into a diversified, multi-tenant portfolio. If delivery slips, cash needs rise (dilution/expensive debt), and the equity can trade back like a miner proxy. Policy risk is a rising second-order factor as data-center power draw becomes politically salient.

$23.81