Core Scientific Inc (CORZ)
NASDAQ:CORZ
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Core Scientific Inc
(NASDAQ:CORZ)
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Rating:55Neutral
Price Target:
$21.50
▲(8.31% Upside)
Action:ReiteratedDate:04/28/26
The score is held back primarily by weak financial fundamentals—persistent losses, negative equity, heavy leverage, and sharply negative latest free cash flow. Technicals are supportive with strong trend and momentum, but are overbought, raising near-term volatility risk. Forward execution signals from the earnings call and positive growth/financing events help the outlook, but do not fully offset the balance-sheet and profitability risks; valuation provides limited support given the negative P/E and no dividend.
Positive Factors
Large development pipeline
A roughly 1.5 GW leasable pipeline (including ~600 MW recently added) gives durable revenue runway and scale optionality. Over 2–6 months this supports contract wins, reduces reliance on volatile bitcoin mining, and provides predictable build activity that can convert to multi-year colocation cash flows once megawatts bill.
Negative Factors
Negative equity and high leverage
Persistent negative equity and large debt materially constrain financial flexibility and increase insolvency risk. Over the medium term this limits access to unsecured capital, raises refinancing and covenant risk, and forces reliance on secured or project financing that can increase overall funding costs and slow organic expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Large development pipeline
A roughly 1.5 GW leasable pipeline (including ~600 MW recently added) gives durable revenue runway and scale optionality. Over 2–6 months this supports contract wins, reduces reliance on volatile bitcoin mining, and provides predictable build activity that can convert to multi-year colocation cash flows once megawatts bill.
Read all positive factors
Core Scientific Inc (CORZ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.42B
Dividend YieldN/A
Average Volume (3M)11.36M
Price to Earnings (P/E)5.4
Beta (1Y)2.85
Revenue Growth-37.53%
EPS GrowthN/A
CountryUS
Employees325
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)1.54
Shares Outstanding315,594,800
10 Day Avg. Volume12,072,313
30 Day Avg. Volume11,358,052
Financial Highlights & Ratios
PEG Ratio0.19
Price to Book (P/B)-4.81
Price to Sales (P/S)14.52
P/FCF Ratio-10.27
Enterprise Value/Market Cap1.12
Enterprise Value/Revenue22.48
Enterprise Value/Gross Profit189.23
Enterprise Value/Ebitda98.60
Forecast
1Y Price Target
$26.78Price Target Upside34.89% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)0.07
Revenue Forecast (FY)$658.36M
Core Scientific Inc Business Overview & Revenue Model
Company Description
Core Scientific, Inc. operates facilities for digital asset mining and colocation services in North America. It provides blockchain infrastructure, software solutions, and services. The company mines digital assets for its own account and provides...
How the Company Makes Money
Core Scientific primarily generates revenue from two main sources: (1) self-mining (proprietary bitcoin mining) and (2) hosting/colocation services for third-party miners and compute customers. In self-mining, the company deploys and operates its ...
Core Scientific Inc Earnings Call Summary
Earnings Call Date:Mar 02, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational execution and meaningful progress on large-scale AI colocation build-outs: substantial energization and billing ramp, major site expansions (Hunt, Dalton, Pecos), a sizable and disciplined pipeline (~1.5 GW), and solid liquidity/capital options (≈$530M liquidity; ability to raise up to $4B against stabilized contracted assets). The company also disclosed a historical accounting correction and a noted material weakness, did not meet a public target to sign a new customer on the call, and continues to have a revenue mix dominated by mining until additional colocation megawatts bill. Supply‑chain and guarantee/credit requirements are timing and execution risks, but management presented a clear plan to mitigate these and reiterated strong project momentum.Positive Updates
Rapid Energization and Billing Ramp
Energized ~350 megawatts of capacity as of the call, with close to 200 megawatts currently billing (≈57% of energized capacity). This is up from 213 megawatts energized at year-end (a ≈64% increase in energized capacity). Management will report megawatts when they start billing to reflect commercial progress.
Negative Updates
Missed Public Commitment on Signing a New Customer
Management had committed to signing at least one new customer by the call but did not meet that target. Although they report active discussions and two sites under short exclusivity, the failure to close a new customer is a notable short-term execution gap.
Read all updates
Q4-2025 Updates
Positive
Negative
Rapid Energization and Billing Ramp
Energized ~350 megawatts of capacity as of the call, with close to 200 megawatts currently billing (≈57% of energized capacity). This is up from 213 megawatts energized at year-end (a ≈64% increase in energized capacity). Management will report megawatts when they start billing to reflect commercial progress.
Read all positive updates
Company Guidance
Guidance focused on two priorities for 2026—diversify the customer base and execute the CoreWeave contract—and management expects a near-term inflection in colocation revenue as additional megawatts begin billing (energization-to-billing lag ~90 days) and aims for every megawatt to be dedicated to colocation within three years. Operational metrics: ~350 MW energized (213 MW energized at year‑end 2025), close to 200 MW currently billing, and a 590 MW CoreWeave commitment; site specifics include Denton (262 MW campus, 400k sq ft, ~130 billable MW today, ~50,000 Grace Blackwell GPUs), Marble (65 MW, 250k sq ft, 36 billable MW, ~15,000 GPUs), Muskogee Phase 1 (70 MW), Dalton Phase 1 (30 MW) and Dalton expansion to 450 MW gross (120 MW uncommitted leasable). Development pipeline and land/power: ~1.5 GW of leasable capacity in the pipeline (including ~600 MW recently added and ~700 MW of unannounced opportunities), Pecos conversion to 200 MW leasable with RFS within ~12 months, and the Hunt County site (~265 acres expected to support ~430 MW gross / ~285 MW leasable) due to close by end‑Q1 with ERCOT power online starting 2027 and ramping through 2029. Financial posture: total liquidity ≈ $530M, sold just over 1,900 BTC for ≈ $175M in January and now hold under 1,000 BTC, access to up to $4B of financing against stabilized CoreWeave assets, project financing advance rates of 60–85%, and the internal ability to scale roughly 0.5 GW (up to 500 MW) in a single year given customer commitments.Core Scientific Inc Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
12
Very Negative
Cash Flow
36
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 319.02M | 510.67M | 502.40M | 640.31M | 544.48M |
| Gross Profit | 37.90M | 121.07M | 123.46M | 8.40M | 238.86M |
| EBITDA | -75.78M | -1.16B | -63.12M | -1.84B | 140.79M |
| Net Income | -288.62M | -1.32B | -246.49M | -2.15B | 47.31M |
Balance Sheet | |||||
| Total Assets | 2.35B | 1.60B | 712.16M | 807.69M | 2.44B |
| Cash, Cash Equivalents and Short-Term Investments | 311.38M | 836.20M | 50.41M | 15.88M | 117.87M |
| Total Debt | 1.06B | 1.20B | 865.54M | 37.73M | 818.81M |
| Total Liabilities | 3.31B | 2.42B | 1.31B | 1.22B | 1.10B |
| Stockholders Equity | -962.74M | -820.18M | -596.94M | -409.35M | 1.34B |
Cash Flow | |||||
| Free Cash Flow | -450.75M | -52.06M | 48.95M | -396.47M | -116.01M |
| Operating Cash Flow | 278.25M | 42.90M | 65.11M | 205.19M | -56.73M |
| Investing Cash Flow | -740.75M | -95.19M | -3.00M | -590.78M | -423.84M |
| Financing Cash Flow | -63.10M | 819.57M | -44.65M | 306.15M | 603.53M |
Core Scientific Inc Technical Analysis
Positive
19.85
Price Trends
16.89
Positive
16.84
Positive
16.46
Positive
Market Momentum
0.78
Negative
69.31
Neutral
95.30
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CORZ, the sentiment is Positive. The current price of 19.85 is above the 20-day moving average (MA) of 17.02, above the 50-day MA of 16.89, and above the 200-day MA of 16.46, indicating a bullish trend. The MACD of 0.78 indicates Negative momentum. The RSI at 69.31 is Neutral, neither overbought nor oversold. The STOCH value of 95.30 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CORZ.
Core Scientific Inc Risk Analysis
Core Scientific Inc disclosed 1 risk factors in its most recent earnings report. Core Scientific Inc reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Core Scientific Inc Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $2.18B | 26.37 | 9.82% | ― | 13.79% | 11.28% | |
73 Outperform | $4.06B | 18.77 | 38.09% | ― | 46.60% | 66.04% | |
71 Outperform | $2.81B | 8.18 | 28.47% | ― | 7.22% | ― | |
71 Outperform | $1.74B | 27.73 | 9.84% | ― | 7.68% | -40.56% | |
64 Neutral | $2.87B | 7.50 | 14.40% | 1.40% | 4.00% | 3.63% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | $6.42B | 5.43 | 34.60% | ― | -37.53% | ― |
* Technology Sector Average
CORZ
Core Scientific Inc
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11.60
132.57%
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Core Scientific Inc Corporate Events
Business Operations and Strategy
Core Scientific Expands Pecos Campus Into Large AI Hub
Positive
Apr 27, 2026
On April 27, 2026, Core Scientific announced a multi-tiered plan to scale its Pecos, Texas campus to about 1.5 gigawatts of gross power, equivalent to roughly 1.0 gigawatt of leasable capacity for customers. Earlier in 2026, the company began conv...
Business Operations and StrategyPrivate Placements and Financing
Core Scientific Announces $3.3 Billion Secured Notes Offering
Positive
Apr 21, 2026
On April 21, 2026, Core Scientific, Inc. announced that its subsidiary Core Scientific Finance I LLC plans a private offering of $3.3 billion in senior secured notes due 2031 to qualified institutional and certain non-U.S. investors. The notes wil...
Business Operations and StrategyPrivate Placements and Financing
Core Scientific Expands Credit Facility to Fuel AI Growth
Positive
Mar 23, 2026
On March 18, 2026, Core Scientific, Inc. amended its delayed-draw bridge credit agreement, exercising an accordion feature to secure an additional $500 million term loan commitment from JPMorgan Chase, lifting total commitments under its 364-day f...
Business Operations and StrategyPrivate Placements and Financing
Core Scientific Secures $500 Million Term Loan Facility
Positive
Mar 6, 2026
On March 4, 2026, Core Scientific Inc. entered into a senior secured credit agreement with lenders led by Morgan Stanley Senior Funding Inc., establishing a 364‑day term loan facility for $500 million with an accordion feature that could rai...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Core Scientific pivots to high-density colocation amid restatements
Neutral
Mar 2, 2026
Core Scientific reported fourth-quarter 2025 revenue of $79.8 million, down from $94.9 million a year earlier, as a sharp drop in bitcoin production weighed on digital asset self-mining revenue despite higher bitcoin prices. Colocation revenue, ho...
Business Operations and StrategyExecutive/Board Changes
Core Scientific Announces Governance Refresh and Board Changes
Neutral
Feb 18, 2026
Core Scientific, Inc. has entered into a cooperation agreement with Two Seas Capital LP dated February 18, 2026, to reshape its board by adding three independent directors in stages through the 2027 annual meeting of stockholders, with each appoin...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.