Core Scientific’s (CORZ) shares climbed roughly 10% on Wednesday afternoon after the data center operator said it has agreed to acquire Polaris DS LLC, a digital infrastructure and Bitcoin mining company.
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Trade CORZ with leverageThe plan comes months after rival CoreWeave’s (CRWV) effort to merge with Core Scientific in a $9 billion deal collapsed following the latter’s shareholders’ rejection of the all-stock offer. The stakeholders had said the deal undervalued the company.
Core Scientific Eyes 1.5 GW Capacity in Oklahoma
In a statement issued on Wednesday, Core Scientific said the acquisition will enable it to scale its data center campus in Muskogee, Oklahoma, to about 1.5 gigawatts, with at least 1 gigawatt of leasable power. It noted that Polaris already has about 440 megawatts of its gross power contracted out and being utilized in partnership with the Oklahoma Gas & Electric investor-owned electric utility.
The company said it will fund the acquisition using its existing capital base and sees the deal wrapping up by the third quarter of 2026.
“The acquisition is expected to meaningfully accelerate the company’s timeline for delivering significant new capacity for future customers in Muskogee,” Core Scientific said.
Core Scientific Chases Capacity Expansion
Meanwhile, Core Scientific also noted that it had already kicked off construction on a second, unleased 82.5-megawatt building on the campus. For now, it expects that capacity to go live in the fourth quarter of 2027.
Furthermore, Core Scientific revealed that it continues to engage in studies — expected to be completed this year — to determine how much power can be delivered to the campus from the public utility grid. Moreover, the company has developed plans to build its own grid-connected on-site power setup and has secured about 250 acres of land toward the goal.
“In Muskogee, the company’s current leased 70-megawatt building designed to support the Nvidia (NVDA) GB300 platform is progressing through final testing as well as commissioning and is on track for a second quarter 2026 delivery to its customer,” Core Scientific added.
Is Core Scientific a Good Stock to Buy?
On Wall Street, Core Scientific’s shares enjoy a Strong Buy consensus rating from analysts. This is based on 11 Buys issued over the past three months.
In addition, the average CORZ price target of $26.78 suggests about 10% upside.
