Core Scientific (CORZ) is a U.S. digital infrastructure company that has successfully transitioned from Bitcoin mining to leasing AI and HPC data centers. It is a highly volatile stock that has entered the 12-month baseline target price range of $35 and a Buy rating, based on a 12-year long-term colocation contract worth approximately 15.7845 trillion won signed with Coreweave.
Base exchange rate: 1 USD = 1,547.5 KRW (as of 2026-06-24) · Analysis Date: 2026-06-25 · Current Price: $27.79 (approx. 43,005 KRW) · All KRW conversions in this article were calculated using this exchange rate. This article is an analysis for informational purposes only and is not an investment recommendation.
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- Key Summary of Core Scientific CORZ Stock Price Outlook
- What kind of company is Core Scientific (CORZ)?
- Key Terms You Need to Know Before Core Scientific Analysis
- Core Scientific Recent Q4 Earnings Analysis
- Core Scientific Fair Value Analysis (DCF/Multiple)
- Core Scientific vs. Competitor Comparison
- Core Scientific Growth Outlook and Key Drivers
- Core Scientific 12-Month Target Price Scenario
- Core Scientific Recent Major Issues
- Key Risks When Investing in Core Scientific
- Core Scientific Investment Opinion Conclusion
- Core Scientific 5 Frequently Asked Questions
Key Summary of Core Scientific CORZ Stock Price Outlook
Core Scientific's 12-month baseline target price is $35 (approximately 54,163 won).
The investment recommendation is Buy.
The key basis is revenue visibility resulting from the 12-year long-term colocation contract worth approximately 15.7845 trillion won signed with Coreweave.
Core Scientific was once the largest Bitcoin mining company in North America, but it has now shifted its focus to the AI and HPC (High-Performance Computing) data center leasing business. Revenue for the first quarter of 2026 was $115.2M (approx. 178.3 billion KRW), growing by approximately 45% compared to the same period last year; of this, colocation revenue was $77.5M (approx. 119.9 billion KRW), surpassing its own mining revenue for the first time.
There are three key investment points.
- Contract Backlog-Based Revenue Visibility: AI Cloud Leader Coreweave (CRWV)A 12-year long-term colocation contract with (totaling approximately 15.7845 trillion won) guarantees stable rental revenue for several years to come.
- Turnaround to Profit Imminent: Adjusted EBITDA for the first quarter turned positive at $4.4M (approx. 6.8 billion KRW), and 243MW of colocation capacity has already entered a stage where it covers operating costs.
- Capacity Expansion Roadmap: The scale of revenue will gradually increase as the billable capacity exceeds 450MW in late summer 2026 and reaches 590MW in early 2027.
However, the extreme volatility of a beta of 5.48, debt amounting to approximately 3.3364 trillion won, exposure to Bitcoin prices, and concentration on a single client are clear burdens. Short-term volatility is also high as the current price approaches the 52-week high ($30.46, approximately 47,137 won).
What kind of company is Core Scientific (CORZ)?
Core Scientific is a digital infrastructure company based in Dover, Delaware, USA, founded in 2017. It provides high-density colocation and digital asset mining services based on large-scale power and cooling infrastructure.
The business is broadly divided into three sectors. The first is leasing space, power, and cooling for AI and machine learning workloads to third-party customers. Colocation It is a sector. The second is directly mining Bitcoin by operating its own mining machines. Self-Mining It is a sector. The third is the entrusted operation of customer mining equipment. Hosted Mining It is a division.
The key turning point is the restructuring of the business structure from a Bitcoin mining-centric model to one focused on leasing AI and HPC data centers. The company is converting the power infrastructure of existing mining sites into data centers for AI computing, with the conversion of its Pecos, Texas site into a large-scale AI data center campus being a prime example.
The revenue model is a combination of long-term colocation lease agreements (stable recurring revenue) and Bitcoin mining (revenue exposed to price fluctuations). In the competitive landscape, it competes directly with a group of companies transitioning from Bitcoin mining to AI data centers, such as Applied Digital (APLD), IREN, and TerraWolf (WULF).
Key Terms You Need to Know Before Core Scientific Analysis
- Colocation The business of leasing data center space, power, and cooling to external customers. It is Core Scientific's largest growth engine and a source of stable recurring revenue.
- High-Performance Computing (HPC): High-performance computing refers to GPU-intensive computations required for AI training and inference, and is the core background of the demand for collocations.
- MW (Megawatt): Data center power capacity unit. Core Scientific's believable capacity is currently 243 MW and is scheduled to expand to 590 MW by early 2027.
- Adjusted EBITDA: An operating profitability indicator excluding interest, taxes, depreciation, and one-time expenses. It is a key metric for assessing the actual operating strength of Core Scientific, which has significant non-cash losses.
- CVR (Contingent Value Rights): Contingent Value Rights. Gains and losses on warrants and CVR valuations are non-cash items that significantly shake Core Scientific's GAAP net income on a quarterly basis.
Core Scientific Recent Q4 Earnings Analysis
Core Scientific's quarterly earnings must be viewed by separating revenue and net income trends. This is because while revenue is steadily trending upward due to the expansion of colocations, GAAP net income fluctuates by tens of billions to hundreds of billions of won every quarter due to non-cash items such as gains and losses on warrants and CVR valuations and asset impairments.
| branch | Sales (USD M) | Sales (KRW) | GAAP Net Profit (USD M) | note |
|---|---|---|---|---|
| Q2 2025 | $78.6M | Approximately 121.6 billion won | -$936.8M | Non-cash losses such as warrant valuation losses |
| Q3 2025 | $81.1M | Approximately 125.5 billion won | -$144.0M | Non-cash valuation gains and losses |
| Q4 2025 | $79.8M | Approximately 123.5 billion won | +$214.2M | Profit from the sale of securities, etc. |
| Q1 2026 | $115.2M | Approximately 178.3 billion won | -$347.2M | Impairment loss of approximately 412.4 billion won reflected |
The most recently announced Q1 2026 results showed a significant improvement in terms of revenue. Revenue of 115.2M (approx. 178.3 billion KRW) increased by approximately 4413M from the previous quarter, and collocation revenue of 177.5M (approx. 119.9 billion KRW) surpassed in-house mining for the first time. Due to the improvement in the revenue mix, the gross profit margin expanded to 2613M.
However, the GAAP net loss for the first quarter amounted to $347.2M (approx. 537.3 billion won). This was largely due to non-cash items, including asset impairment losses of approximately $266.5M (approx. 412.4 billion won) and losses on warrant and CVR revaluation. Adjusted EBITDA, which reflects operating strength, turned positive at $4.4M (approx. 6.8 billion won).
Management stated that the 243MW colocation capacity is already covering operating costs and expanding margins. This corresponds to annualized GAAP revenue of approximately 350 billion KRW or more. Detailed quarterly figures are Core Scientific Q1 Earnings Press Release와 10-Q filed with the SECYou can check it at.
Caution is required regarding financial soundness. While cash holdings amount to 1,005M (approx. 1.5552 trillion KRW), total liabilities reach 2.156B (approx. 3.3364 trillion KRW), and equity is negative (-4.12 per share). Short-term liquidity is also tight, with a current ratio of 0.55 and a quick ratio of 0.38. The company reinforced liquidity by issuing 3.3B (approx. 5.1068 trillion KRW) in senior secured bonds maturing in 2031. On the other hand, TTM free cash flow remains positive at 174.97M (approx. 270.8 billion KRW).
Core Scientific Fair Value Analysis (DCF/Multiple)
Core Scientific is difficult to evaluate using traditional P/E and P/B multiples due to its GAAP net loss and negative equity. Therefore, revenue multiples (P/S), contract backlog, and simplified DCF must be utilized together. While the current T/S (TTM) is high in absolute terms at approximately 25 times, it is expected to decrease rapidly on a forward basis as colocation revenue grows rapidly.
The following are the key assumptions of the simplified DCF. Since Core Scientific is a high-beta, high-leverage firm, a conservatively high discount rate was applied.
| DCF assumption items | Usage value | reason |
|---|---|---|
| Discount rate (WACC) | 12% | Beta 5.48 · High cost of capital reflecting high leverage |
| End-of-life value growth rate (g) | 3.0% | Long-term GDP + inflation level |
| forecast period | 5 years | Colocation contract visibility interval |
| Base Normalization FCF | Approx. $200M | FCF reflecting collocation ramp-up and normal operation |
| Bull FCF assumption | Approx. $280M | 590MW Early Operation and Additional Contracts |
| Bear FCF assumption | Approx. $120M | Bitcoin weakness and capital dilution |
The range of fair value per share applying the above assumptions is $30~$40 (approx. 46,425 won~61,900 won)The reason for presenting it as a range rather than a single value is that there is significant uncertainty regarding Bitcoin price exposure in mining businesses and the timing of new contracts.
Analyst consensus paints a similar picture. The average target price from 17 to 18 analysts is $32.57 (approx. 50,402 KRW), with a median of $31, a high of $55, and a low of $25, and the investment opinion is 'Strong Buy (1.4)'. The current price of $27.79 (approx. 43,005 KRW) is located near the lower end of the fair value range, so it is judged to be in the 'fair to slightly undervalued' zone.
Core Scientific vs. Competitor Comparison
| item | Core Scientific (CORZ) | Applied Digital (APLD) | IREN | Terrawolf (WULF) |
|---|---|---|---|---|
| Market capitalization | Approx. $8.83B | Approximately $9B (roughly) | Large (n/a) | Medium (n/a) |
| TTM Sales (USD M) | $354.7M | Approximately $250M (roughly) | n/a | n/a |
| Sales Growth Rate (YoY) | +44.9% | high growth | high growth | high growth |
| Operating Margin (TTM) | -18.8% | Deficit | n/a | Deficit |
| Forward P/E | Approximately 93.7 | n/a | n/a | n/a |
| Key differentiators | Coreweave signs 12-year long-term contract, transitions to profitable EBITDA | Hyperscaler rental expansion | Mining + AI Cloud in parallel | Eco-friendly power adjacent to nuclear power plants |
Core Scientific holds an advantage over its competitors on two fronts. First, AI Cloud Emerging Powerhouse Nevius (NBIS)With the increasing demand for GPU cloud services, Core Scientific has already signed a 12-year long-term contract with a proven large anchor customer named CoreWeave. Second, as its adjusted EBITDA has turned positive, it offers relatively better profitability visibility among peer companies that have transitioned.
The disadvantage factors are concentration on a single customer and high debt. While APLD is expanding its customer base to multiple hyperscalers, Core Scientific's heavy reliance on CoreWeave is a double-edged sword.
Core Scientific Growth Outlook and Key Drivers
The key driver of growth is the expansion of colocation capacity. Current billable capacity of 243 MW is projected to exceed 450 MW in late summer 2026 and reach 590 MW in early 2027. As capacity increases, contract-based lease revenue will grow in stages.
The second driver is the surge in power demand for AI data centers. AI data center nuclear power beneficiary stock TALEN Energy (TLN)In a structure where the entire power supply chain benefits, Core Scientific, which has already secured large-scale power infrastructure, is in an advantageous position as a lessor of 'power + space for AI computing'.
The growth rate was estimated by applying a weighted average of three input values. A weight of 401 TP3T was applied to historical revenue trends (approx. 301 TP3T, including mining volatility), 401 TP3T to the analyst consensus growth rate (approx. 401 TP3T, colocation ramp-up), and 201 TP3T to the AI data center industry growth rate (approx. 281 TP3T), resulting in a weighted growth rate of approximately 33.61 TP3T. The increasing share of colocation revenue is expected to drive revenue growth over the next one to two years.
Core Scientific 12-Month Target Price Scenario
| scenario | Target price | Korean Won Conversion | Compared to the current price | Probability |
|---|---|---|---|---|
| Bull | $46 | Approximately 71,185 won | +65.5% | 25% |
| Base | $35 | Approximately 54,163 won | +25.9% | 50% |
| Bear | $22 | Approximately 34,045 won | -20.8% | 25% |
The base scenario target price is 1 TP 4 T 35 (approximately 54,163 won). Assuming colocation capacity expands as planned and CoreWeave contract revenue is recognized stably, the stock slightly exceeds the analyst average target price ($32.57). This level reflects the momentum for a revaluation of AI infrastructure value.
The bullish scenario is $46 (approx. 71,185 won). This is a case where the early commissioning of 590MW capacity, the addition of new large contracts, and Bitcoin strength overlap. However, it was set conservatively compared to the all-time high ($55).
The bearish scenario is $22 (approx. 34,045 won). Assuming contract fulfillment disruptions, a sharp drop in Bitcoin, and dilution from additional capital increases occur simultaneously, the estimate was conservatively set below the analyst low ($25).
The probability weights were set at 501 TP3T for the base and 251 TP3T each for the bullish and bearish positions. This is because, while revenue visibility is high due to Coreweave's long-term contract, bidirectional volatility factors such as concentration on a single customer, high leverage, and Bitcoin exposure are balanced. Applying this, the weighted expected return is approximately +241 TP3T, satisfying the Buy rating criteria (expected return exceeding 151 TP3T).
Core Scientific Recent Major Issues
The most significant issue is the failure of Coreweave's acquisition attempt. Coreweave intended to acquire Core Scientific in July 2025 at an exchange rate of 0.1235 Coreweave shares per share (approximately 1 TP 4 T 9 B), but Core Scientific shareholders rejected the deal on October 30, 2025. Tutusys Capital and ISS recommended opposition, arguing that Core Scientific is more valuable as an independent entity, and there were many criticisms that the exchange rate undervalued the assets.
Although the acquisition fell through, the 12-year long-term colocation agreement with Coreweave, worth approximately 15.7845 trillion won, remains in effect. In other words, Core Scientific has secured a key revenue contract while remaining an independent company.
There were also changes in terms of valuation. Bernstein raised its target price for June 3, 2026, from $24 to $32, while maintaining its 'Outperform' rating. The firm stated that this was the result of shifting the company's valuation focus from Bitcoin mining to its AI infrastructure business. For more details, Bernstein Report on Upgrading Target PriceThis can be verified at [link]. In addition, the company is accelerating its restructuring into an AI infrastructure company by recruiting JAYO Group CEO Steve Smith to its board and converting its Pecos site in Texas into a large-scale AI data center.
Key Risks When Investing in Core Scientific
1) Risk of sales concentration on a single customer. A significant portion of collocation revenue relies on Coreweave. If Coreweave's credit or financial condition deteriorates or contract terms change, Core Scientific's revenue outlook takes a direct hit. The indicators monitored are Coreweave's quarterly performance, credit rating, and trends in collocation contract renewals.
2) High leverage and capital structure risk. Total debt of $2.156B (approximately 3.3364 trillion KRW) and negative equity act as a burden in the event of rising interest rates or refinancing. If capital raising is carried out through an additional capital increase, shareholder dilution will occur. Monitoring indicators include the trend of net debt/EBITDA and disclosures of new bond and stock issuances.
3) Bitcoin price and volatility risk. Own mining revenue is directly exposed to the Bitcoin price, and a beta of 5.48 amplifies market volatility by more than five times. When Bitcoin plummets, mining revenue and the stock price may plummet together. The indicators to be monitored are the Bitcoin price, hash rate, and short selling volume (currently approximately 261 TP3 T of the outstanding shares).
Mitigation factors include revenue diversification through long-term colocation contracts, a turnaround to a positive adjusted EBITDA, and cash holdings of 1.5552 trillion won.
Core Scientific Investment Opinion Conclusion
The investment recommendation is Buy, and the confidence level is Medium. The investment period is 12 months, and the baseline target price is 1 TP 4 T 35 (approx. 54,163 KRW). The weighted expected return of approximately +241 TP 3 T meets the Buy criteria, but the confidence level is set to medium due to the characteristics of high volatility and high leverage.
Core Scientific possesses a clear narrative of transitioning from a Bitcoin mining company to an AI and HPC data center lessor. Its strengths lie in a proven revenue base based on long-term CoreWeave contracts and a turnaround to positive adjusted EBITDA. However, concentration on a single client, high debt, and exposure to Bitcoin are clear limitations. For investors capable of tolerating volatility, it is reasonable to approach the stock with the premise of staggered buying and portfolio weighting.
Core Scientific 5 Frequently Asked Questions
Q1. What is the 12-month target price for Core Scientific (CORZ)?
Based on the base scenario, the price is $35 (approx. 54,163 KRW), with a bullish range of $46 (approx. 71,185 KRW) and a bearish range of $22 (approx. 34,045 KRW). The weighted expected return is approximately +24%, and the investment recommendation is Buy.
Q2. Why is Core Scientific classified as a beneficiary of AI and data centers?
This is because the company has transitioned its Bitcoin mining infrastructure to AI and HPC colocations. It has secured a 12-year long-term contract worth approximately 15.7845 trillion won with Coreweave, and its billable capacity will expand to 590 MW by early 2027. Revenue based on this contract is key to its stable cash flow.
Q3. Is Core Scientific's current stock price overvalued or undervalued?
It is difficult to evaluate the stock using P/E and P/B ratios due to a GAAP net loss and negative equity. Although the P/S ratio is high at approximately 25 times, the fair value range reflecting the contract backlog is $30 to $40 (approx. 46,425 KRW to 61,900 KRW). The current price of $27.79 (approx. 43,005 KRW) is near the lower end of the range, so it is judged to be 'fair to slightly undervalued'.
Q4. Which is more attractive to invest in, Core Scientific or Applied Digital (APLD)?
Both are companies that have transitioned from Bitcoin mining to AI data center leasing. Core Scientific has high revenue visibility due to its CoreWeave contract and is on the verge of turning a profit. APLD has a high growth rate but faces a significant burden of capital raising. Core Scientific holds the advantage in stability, while APLD is better suited for aggressive growth betting.
Q5. What is the biggest risk when investing in Core Scientific?
The biggest risks are the concentration of revenue on a single client (Coreweave) and high debt amounting to approximately 3.3364 trillion won. Extreme volatility with a beta of 5.48, exposure to Bitcoin prices, and dilution from additional capital increases are also key risks. Coreweave's creditworthiness and contract fulfillment must be monitored.
Sources
- Core Scientific Q1 2026 Earnings Press Release (IR)
- Core Scientific 10-Q (SEC EDGAR)
- CoreWeave Merger Agreement Termination Press Release (IR)
- Bernstein Target Price Raised ($24→$32) — Yahoo Finance
Disclaimer: This article is an analysis for informational purposes only and does not constitute investment advice. The investor bears full responsibility for all investment decisions and their consequences. Data is based on June 25, 2026, and is subject to change depending on market conditions.
※ This content is based on publicly available data, written with the help of AI tools, and reviewed by the author. It is for informational purposes only and is not an investment recommendation.