Core Scientific, Inc.
- Open
- 15.88
- Day high
- 16.84
- Day low
- 15.71
- Prev close
- 16.07
- Volume
- 10.8M
- Mkt cap
- $5.4B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -2.2
- P/S
- 12.3
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$2.5M over the last 3 months (2 open-market buys, 23 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions accumulating (13F)
Core Scientific, Inc. (CORZ) is a Technology company listed on NASDAQ. The stock is up 17% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 23 sales (SEC Form 4). Drillr has 2 published research articles covering CORZ.
Core Scientific, Inc. (CORZ) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CORZ earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 28, 2026 | $-0.06 | $-3.32 | -5201.8% | $164M | +16.4% |
| May 6, 2026 | $-0.02 | $-0.10 | -400.0% | $115M | -1.5% |
| Oct 24, 2025 | $-0.07 | $-0.46 | -558.9% | $81M | -27.6% |
| Aug 8, 2025 | $-0.07 | $-0.04 | +42.9% | $79M | -29.4% |
| May 7, 2025 | $-0.12 | $-0.10 | +16.7% | $80M | -6.6% |
| Feb 26, 2025 | $-0.10 | $-0.01 | +90.0% | $95M | -2.2% |
| Mar 12, 2024 | $-0.03 | $-0.20 | -566.7% | $142M | +4.1% |
| Dec 4, 2023 | — | $-0.11 | — | $113M | — |
| Aug 4, 2023 | — | $-0.02 | — | $127M | — |
| May 12, 2023 | — | $-0.03 | — | $121M | — |
| Nov 28, 2022 | $-0.17 | $-1.23 | -623.5% | $163M | — |
| Aug 11, 2022 | $-0.03 | $-2.65 | -7671.3% | $164M | — |
CORZ insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 26, 2026 | DUCHENE TODD Mofficer: See remarks | Sell | 10,000 | $17.45 |
| Aug 24, 2026 | CRAIN ELIZABETHdirector | Buy | 6,000 | $18.33 |
| Aug 20, 2026 | Weiss Eric Stantondirector | Buy | 7,000 | $19.19 |
| Aug 19, 2026 | DUCHENE TODD Mofficer: See remarks | Tax | 11,205 | $20.13 |
| Aug 19, 2026 | DUCHENE TODD Mofficer: See remarks | Sell | 10,000 | $20.10 |
| Aug 12, 2026 | DUCHENE TODD Mofficer: See remarks | Sell | 9,000 | $19.90 |
| Aug 12, 2026 | DUCHENE TODD Mofficer: See remarks | Sell | 1,000 | $20.65 |
| Aug 5, 2026 | DUCHENE TODD Mofficer: See remarks | Sell | 1,500 | $21.55 |
| Aug 5, 2026 | DUCHENE TODD Mofficer: See remarks | Sell | 1,000 | $20.39 |
| Aug 5, 2026 | DUCHENE TODD Mofficer: See remarks | Sell | 7,500 | $22.62 |
| Aug 3, 2026 | Adams Markdirector | Grant | 27,594 | — |
| Jul 29, 2026 | DUCHENE TODD Mofficer: See remarks | Sell | 8,300 | $20.75 |
| Jul 29, 2026 | DUCHENE TODD Mofficer: See remarks | Sell | 100 | $22.49 |
| Jul 29, 2026 | DUCHENE TODD Mofficer: See remarks | Sell | 1,600 | $21.89 |
| Jul 22, 2026 | DUCHENE TODD Mofficer: See remarks | Sell | 10,000 | $22.30 |
Source: CORZ SEC Form 4 filings, latest Aug 26, 2026. For informational purposes only — not investment advice.
See the full CORZ insider & 13F page →CORZ research & analysis
[CORZ] Core Scientific Thesis 2026: CoreWeave HPC Hosting Contracts Reshape the Bitcoin Miner
Core Scientific, Inc. (NASDAQ: CORZ) is a US digital infrastructure company — Bitcoin self-mining and hosting transitioning toward HPC/AI data center colocation hosting — that re-listed on the NASDAQ on its January 2024 emergence from Chapter 11 bankruptcy. CORZ enters FY2026 with FY2025 revenue ~$0.5-0.8B and a fast-shifting mix: ~$0.35-0.55B aggregate Digital Asset Self-Mining + Hosting (Bitcoin) revenue plus ~$0.10-0.30B aggregate HPC/AI Data Center Hosting (CoreWeave) revenue that is ramping toward the dominant share mid-decade, with adj. EPS highly variable (~-$0.50 to +$0.50) on Bitcoin price, HPC ramp timing and non-cash marks, all under CEO Adam Sullivan (CEO since ~2023, ~2-3 year tenure, investment banking / restructuring background, architect of the Chapter 11 emergence and the HPC/AI pivot). The first thesis pillar is the HPC/AI Data Center Hosting (CoreWeave Colocation) pipeline: a ~12-year ~$8.7-10B+ aggregate contracted hosting backlog with CoreWeave (CRWV), under which Core Scientific is converting and expanding sites (Denton Texas and others) to deliver ~590MW+ aggregate critical IT load for CoreWeave's GPU compute fleet via a powered-shell, critical-infrastructure colocation model — CoreWeave supplies the GPUs/servers, Core Scientific supplies power, datacenter shell, cooling and operations — generating stable contracted cash flows in contrast to volatile Bitcoin mining, with expansion options for additional MW and an additional HPC/AI customer pipeline; the model requires ~$1-3B+ aggregate FY2025-FY2027 conversion capex (a mix of convertible notes, project-level financing and CoreWeave-related financing) with milestone-based revenue commencement, and FY2026 catalyst is ~$0.4-1.0B+ HPC/AI hosting revenue at ~70-85% gross margin as more CoreWeave MW come online. The second pillar is the Digital Asset Self-Mining + Hosting (Bitcoin) pipeline (~$0.35-0.55B revenue, declining mix): owned-and-operated Bitcoin mining fleet with exahash capacity post the April 2024 halving, fleet efficiency upgrades, legacy third-party hosting contracts (some being converted to self-mining or HPC), and — critically — the ~1,200MW+ aggregate power asset base across six states with low-cost power purchase agreements and grid interconnection, the strategic asset whose MW are far more valuable converted from Bitcoin mining to HPC hosting; FY2026 catalyst is ~$0.3-0.6B Digital Asset revenue with capital allocation increasingly toward HPC conversion. The capital story: no dividend, no buyback (capital reinvestment, HPC buildout priority), ~$0.5-2.0B net debt (convertible notes plus HPC project financing on a post-Chapter 11 fresh-start balance sheet, with a contingent-value-rights overhang resolving), highly variable net leverage near-term (capex-heavy buildout), a non-rated to B-/B3 credit profile, ~290-320M diluted shares (warrants and RSU dilution), plus some bitcoin holdings with mark-to-market exposure; near-term net debt rises on the buildout, then de-levers as contracted HPC cash flows commence. At ~$8-25 per share on ~290-320M shares (~$3-8B equity, ~$4-10B EV) CORZ trades at ~8-20x EV/EBITDA and ~5-15x EV/Sales on ramping mid-decade contracted revenue versus Bitcoin-miners-turned-HPC-hosts Iren/Iris Energy, Cipher Mining, TeraWulf, Hut 8, Bitdeer, Applied Digital, Riot Platforms and MARA Holdings, with traditional data center operators Equinix and Digital Realty and the customer CoreWeave as HPC comps. FY2026 base case is ~$0.8-1.5B revenue + ~$0.3-0.7B adj. EBITDA with HPC ramping toward the dominant mix and elevated buildout-related net debt; bull case ~$1.5-2.5B+ revenue + ~$0.7-1.3B+ adj. EBITDA on faster CoreWeave MW delivery, expansion-option exercises, additional HPC customers and a de-risking re-rating; bear case ~$0.5-0.8B revenue + ~$0.1-0.3B adj. EBITDA on CoreWeave counterparty-concentration and credit risk (CoreWeave's funding, GPU demand and AI capex cycle is the key dependency), competitive intensification from Iren, Cipher, TeraWulf, Hut 8 and Applied Digital, AI/GPU demand-cycle risk, site-conversion execution and cost overruns, buildout financing risk, Bitcoin price volatility and the post-2024 halving headwind, power-cost and grid-interconnection issues, capital-allocation tension (mining vs HPC) and fresh-start dilution/CVR considerations. The thesis depends on the HPC/AI Data Center Hosting (CoreWeave Colocation) pipeline plus the Digital Asset Self-Mining + Hosting (Bitcoin) pipeline plus the ~$10B+ ~12-year contracted backlog plus the ~1,200MW+ power asset base plus the post-Chapter 11 fresh-start balance sheet and Adam Sullivan's execution of the CoreWeave contracts and site-conversion capex.
Can Core Scientific's $3.3 Billion Junk Bond Actually Fund the AI Pivot?
Core Scientific's $3.3 billion junk bond offering removes capital availability as a constraint on its AI infrastructure pivot, but the real alpha emerges when Q2 and Q3 filings reveal whether 70%+ of proceeds fund capacity expansion versus debt repayment. Current valuation at $13.47 embeds a 68% discount to the bullish scenario, creating asymmetric upside if allocation skews to AI buildout.
Core Scientific, Inc. company profile
Overview
Core Scientific, Inc. (NASDAQ:CORZ) is a North American digital infrastructure company that emerged from Chapter 11 bankruptcy reorganization in January 2024. Originally founded as a Bitcoin mining company, Core Scientific has evolved into a diversified digital infrastructure provider operating data centers that support both cryptocurrency mining and high-performance computing (HPC) applications. The company filed for bankruptcy in December 2022 amid challenging market conditions but successfully restructured its operations and debt obligations, repositioning itself as a key player in the rapidly growing artificial intelligence and cloud computing infrastructure market.
Business
Core Scientific operates in the digital infrastructure sector, providing data center facilities and services across two primary business segments. The company's core offering centers around operating large-scale data centers that house specialized computer equipment for processing intensive computational tasks. Digital Asset Mining represents the company's original business model, where Core Scientific operates computer servers called ASIC miners that process Bitcoin blockchain transactions. These specialized machines solve complex mathematical problems to validate Bitcoin transactions and earn cryptocurrency rewards. The company both mines Bitcoin for its own account and provides hosting services for other mining companies' equipment. This segment includes self-mining operations where Core Scientific owns and operates the mining equipment, as well as hosted mining services where the company provides power, cooling, and maintenance for customer-owned mining hardware. High-Performance Computing (HPC) Hosting has become the company's strategic growth focus, representing a pivot toward serving the artificial intelligence and cloud computing markets. This segment involves converting existing data center infrastructure to host GPU servers used for AI model training, machine learning, and other computationally intensive applications. The company's primary HPC customer is CoreWeave, a cloud computing provider specializing in GPU-accelerated workloads. Core Scientific has contracted to provide 500 megawatts of HPC capacity to CoreWeave through 12-year agreements worth approximately $8.7 billion in total potential revenue. Based on recent financial results, Digital Asset Mining historically represented approximately 85-90% of revenue, while HPC Hosting currently accounts for roughly 10-15% but is expected to grow significantly as new capacity comes online. The company operates over 1,300 megawatts of contracted power capacity across multiple data center facilities in Texas, North Dakota, and other locations.
Competitive moat
Core Scientific's competitive moat is moderate and primarily based on its scale, infrastructure assets, and operational expertise, though the company faces significant competitive pressures in both its business segments. The company's strongest moat elements include its substantial physical infrastructure with over 1,300 megawatts of contracted power capacity, which represents a significant barrier to entry given the capital requirements and time needed to develop similar facilities. Core Scientific has developed operational expertise in managing large-scale data centers for high-power computing applications, including specialized knowledge in power management, cooling systems, and equipment optimization. The company's geographic diversification across multiple states provides some protection against regional regulatory or power supply issues. However, Core Scientific's moat is not particularly strong. In Bitcoin mining, the company faces intense competition from other large-scale miners, with profitability heavily dependent on external factors like Bitcoin price and network difficulty that no single company can control. The mining business is essentially commoditized, with success primarily determined by access to cheap electricity and efficient equipment rather than proprietary technology or customer relationships. In the HPC hosting segment, while Core Scientific has secured significant long-term contracts with CoreWeave, the company faces competition from established data center operators like Digital Realty Trust, Equinix, and hyperscale cloud providers building their own infrastructure. The HPC market is rapidly evolving, and Core Scientific's competitive advantage depends largely on execution speed and cost efficiency rather than unique technological capabilities. The company's recent bankruptcy history also creates some uncertainty about its long-term financial stability, though the successful restructuring has improved its balance sheet. Overall, Core Scientific operates in capital-intensive, competitive markets where operational excellence and financial discipline are more important than sustainable competitive advantages.
Risks & safety
Core Scientific presents a mixed margin of safety profile, with strong liquidity but concerning operational cash flow generation and high debt levels relative to equity. Liquidity and Cash Position: • Strong cash position of $697 million as of Q1 2025 • Current ratio of 4.26, indicating solid short-term liquidity • No immediate solvency concerns given substantial cash reserves Cash Flow and Profitability: • Negative operating cash flow of -$40.6 million in Q1 2025 • Negative free cash flow of -$129 million in Q1 2025 • Negative EBITDA of -$42.6 million in Q1 2025, indicating operational challenges Debt and Capital Structure: • Total liabilities of $1.8 billion significantly exceed total assets of $1.6 billion • Negative book value of -$181.5 million • Debt-to-equity ratio of -6.58 (negative due to negative equity) • Company targets 4x net debt to adjusted EBITDA leverage going forward Valuation Metrics: • Price-to-earnings ratio of 0.98 (based on one-time gains) • Enterprise value metrics distorted by negative EBITDA • Net operating loss carryforwards of over $380 million provide some tax benefits Other Considerations: • Recent emergence from bankruptcy provides clean slate but also indicates past financial distress • Heavy dependence on volatile Bitcoin prices and CoreWeave contract execution • Capital-intensive business model requiring ongoing investment for growth
Recent development
Core Scientific has undergone a dramatic strategic transformation over the past few years, pivoting from a pure-play Bitcoin mining company to a diversified digital infrastructure provider focused on high-performance computing. The company's most significant development was successfully navigating Chapter 11 bankruptcy reorganization, which it filed in December 2022 due to challenging market conditions and overleveraged balance sheet. The restructuring process, completed in January 2024, allowed Core Scientific to significantly reduce its debt burden and emerge with a stronger financial foundation. Strategic Pivot to HPC Infrastructure: Core Scientific has aggressively expanded into high-performance computing hosting, signing transformative contracts with CoreWeave totaling 500 megawatts of capacity worth $8.7 billion in potential revenue over 12 years. The company has been converting existing Bitcoin mining infrastructure to support GPU servers used for artificial intelligence and machine learning applications. Key milestones include delivering the first 16-megawatt HPC facility in Austin ahead of schedule and securing approval for major expansions at its Denton, Texas site. Capacity Expansion and Development: The company has pursued aggressive capacity expansion, targeting 250 megawatts of HPC delivery to CoreWeave by end of 2025. Core Scientific has also secured new sites, including a lease-to-buy agreement for an Auburn, Alabama facility, and is exploring additional development opportunities that could add approximately 400 megawatts of new capacity over the next three years. Customer Diversification Strategy: Recognizing the concentration risk from its CoreWeave relationship, Core Scientific has prioritized customer diversification, targeting to reduce CoreWeave to less than 50% of billable capacity by 2028. The company is actively pursuing relationships with other hyperscalers and enterprise customers, with a pipeline of potential 50-100 megawatt deployments. Bitcoin Mining Optimization: While focusing on HPC growth, Core Scientific has continued optimizing its Bitcoin mining operations through fleet efficiency improvements, strategic equipment refreshes, and operational consolidation to reduce power costs and improve profitability.
CORZ company profile · for informational purposes only — not investment advice.
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