Core Scientific Inc (CORZ)
NASDAQ:CORZ
Want to see CORZ full AI Analyst Report?
Top Page
Core Scientific Inc
(NASDAQ:CORZ)
Select Model
Select Model
Rating:61Neutral
Price Target:
$26.00
▲(30.98% Upside)
Action:Reiterated
Date:05/16/26
The score reflects a high-risk turnaround: improving operations and liquidity signals (positive EBITDA and stronger operating cash flow) and strong price momentum are counterbalanced by a highly stressed balance sheet (negative equity, higher leverage), extremely large net losses, and ongoing negative free cash flow. Earnings call guidance was constructive, but execution and financing risks remain significant given the capital intensity.
Positive Factors
Improved operating cash generation
A sustained jump in operating cash flow to roughly $569M TTM materially improves near-term liquidity and supports funding of development milestones. Over 2–6 months this strengthens the company's ability to service projects and pre-seed capacity, reducing immediate refinancing pressure even as capex continues.
Negative Factors
Highly stressed balance sheet
Negative equity and elevated debt weaken financial flexibility and heighten refinancing and solvency risks. Over a multi‑month horizon this constrains strategic optionality, may tighten covenant/leverage constraints, and increases sensitivity to execution timing on large projects that are capital intensive and reliant on external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved operating cash generation
A sustained jump in operating cash flow to roughly $569M TTM materially improves near-term liquidity and supports funding of development milestones. Over 2–6 months this strengthens the company's ability to service projects and pre-seed capacity, reducing immediate refinancing pressure even as capex continues.
Read all positive factors
Core Scientific Inc (CORZ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.03B
Dividend YieldN/A
Average Volume (3M)15.53M
Price to Earnings (P/E)―
Beta (1Y)2.88
Revenue Growth-13.67%
EPS Growth80.24%
CountryUS
Employees325
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-0.96
Shares Outstanding317,885,280
10 Day Avg. Volume12,682,039
30 Day Avg. Volume15,525,006
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 Cap1.13
Enterprise Value/Revenue25.60
Enterprise Value/Gross Profit152.78
Enterprise Value/Ebitda102.03
Forecast
1Y Price Target
$29.52Price Target Upside48.71% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)-0.69
Revenue Forecast (FY)$659.52M
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:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call emphasized substantial operational progress: the company is billing ~243 MW (>$350M annualized revenue), achieved multiple site turnovers, secured a $3.3B financing (net ~$2.9B), increased CoreWeave cash gross profit targets to 80%–85%, and laid out aggressive 2026 CapEx and large-scale development plans (Pecos and Muskogee to ~1.5 GW). Management also highlighted strong customer engagement and a clear behind-the-meter power strategy. Key risks discussed include an expired exclusivity (deal timing uncertainty), national labor constraints, permitting for behind‑the‑meter generation, the need for credit support for some customer segments, the planned wind-down of Bitcoin mining (near-term revenue mix shift), and increased debt service from the new financing. Overall, the positive operational execution, large secured financing, improved margin visibility, and clear growth roadmap outweigh the noted execution and timing risks.Positive Updates
Billable Capacity and Near-Term Revenue
Billing for approximately 243 megawatts of billable colocation capacity (management also referenced ~245 MW), which Jim noted equates to more than $350 million of annualized colocation GAAP revenue. Management expects roughly another 200 MW to begin earning revenue in the coming months and to deliver >450 MW billable by the end of the summer and the full 590 MW contracted to CoreWeave by early 2027.
Negative Updates
Expired Exclusivity and Deal Timing Risk
A prior exclusivity with one hyperscaler on Pecos and Muskogee expired without a completed transaction; while management reports immediate re-engagement from three other hyperscalers, the expiration underscores uncertainty and timing risk for signing large hyperscale contracts.
Read all updates
Q1-2026 Updates
Positive
Negative
Billable Capacity and Near-Term Revenue
Billing for approximately 243 megawatts of billable colocation capacity (management also referenced ~245 MW), which Jim noted equates to more than $350 million of annualized colocation GAAP revenue. Management expects roughly another 200 MW to begin earning revenue in the coming months and to deliver >450 MW billable by the end of the summer and the full 590 MW contracted to CoreWeave by early 2027.
Read all positive updates
Company Guidance
Management provided concrete operational and financial guidance: Core Scientific is billing 243 MW today (management also cited ~245 MW) which equates to more than $350 million of annualized colocation GAAP revenue, expects roughly +200 MW to begin billing in the coming months (targeting >450 MW billable by end of summer) and to deliver the full 590 MW CoreWeave contract by early 2027; they raised the expected CoreWeave cash gross profit range to 80–85% (from 75–80%) and noted CoreWeave revenue is recognized straight‑line over a 12‑year lease; Q1 cash SG&A ran just over $30 million (used as a baseline); the company closed a $3.3 billion project bond at 7.75% (net proceeds ≈ $2.9 billion) with a lockbox cash waterfall; they plan roughly $2.0 billion of total CapEx in 2026 (including ≈ $700 million for the Hunt County and Polaris/Muskogee transactions and pre‑seeding ~1 GW of new billable capacity), expect to accelerate development to hit first‑data‑hall RFS timelines of ~12–14 months (behind‑the‑meter build times ~12–14 months), are advancing Pecos (initial 185 MW/431k sq ft build and a campus path from 300 MW to 1.5 GW) and Muskogee (path to ~1.5 GW gross / ~1.0 GW leasable, including ~440 MW from Polaris and an initial 82.5 MW building delivering in H2 2027), and intend to wind down Bitcoin mining to only one–two sites by year‑end.Core Scientific Inc Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
18
Very Negative
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 354.74M | 319.02M | 510.67M | 502.40M | 640.31M | 544.48M |
| Gross Profit | 59.43M | 37.90M | 121.07M | 123.46M | 8.40M | 238.86M |
| EBITDA | 88.99M | -144.37M | -1.16B | -63.12M | -1.84B | 140.79M |
| Net Income | -1.22B | -288.62M | -1.32B | -246.49M | -2.15B | 47.31M |
Balance Sheet | ||||||
| Total Assets | 3.07B | 2.35B | 1.60B | 712.16M | 807.69M | 2.44B |
| Cash, Cash Equivalents and Short-Term Investments | 1.01B | 311.38M | 836.20M | 50.41M | 15.88M | 117.87M |
| Total Debt | 2.06B | 1.06B | 1.20B | 865.54M | 37.73M | 818.81M |
| Total Liabilities | 4.38B | 3.31B | 2.42B | 1.31B | 1.22B | 1.10B |
| Stockholders Equity | -1.31B | -962.74M | -820.18M | -596.94M | -409.35M | 1.34B |
Cash Flow | ||||||
| Free Cash Flow | -471.20M | -450.75M | -52.06M | 48.95M | -396.47M | -116.01M |
| Operating Cash Flow | 568.73M | 278.25M | 42.90M | 65.11M | 205.19M | -56.73M |
| Investing Cash Flow | -1.03B | -740.75M | -95.19M | -3.00M | -590.78M | -423.84M |
| Financing Cash Flow | 912.48M | -63.10M | 819.57M | -44.65M | 306.15M | 603.53M |
Core Scientific Inc Technical Analysis
Positive
19.85
Price Trends
19.59
Positive
18.40
Positive
17.51
Positive
Market Momentum
1.38
Negative
66.57
Neutral
74.46
Neutral
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 below the 20-day moving average (MA) of 22.64, above the 50-day MA of 19.59, and above the 200-day MA of 17.51, indicating a bullish trend. The MACD of 1.38 indicates Negative momentum. The RSI at 66.57 is Neutral, neither overbought nor oversold. The STOCH value of 74.46 is Neutral, 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 3 risk factors in its most recent earnings report. Core Scientific Inc reported the most risks in the "Finance & Corporate" 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $1.65B | 21.31 | 10.01% | ― | 7.19% | -36.03% | |
74 Outperform | $1.97B | 26.37 | 9.45% | ― | 13.79% | 11.28% | |
69 Neutral | $3.56B | 23.16 | 37.04% | ― | 46.60% | 66.04% | |
64 Neutral | $2.54B | 6.76 | 14.62% | 1.40% | 8.43% | 10.81% | |
62 Neutral | $2.52B | 20.79 | 24.04% | ― | 7.22% | 6.31% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $8.03B | -3.48 | 109.08% | ― | -13.67% | 80.24% |
* Technology Sector Average
CORZ
Core Scientific Inc
25.26
13.98
123.94%
EEFT
Euronet Worldwide
66.20
-38.93
-37.03%
SPSC
SPS Commerce
53.72
-89.17
-62.40%
PAGS
Pagseguro Digital
9.14
1.01
12.44%
PAYO
Payoneer
4.94
-1.92
-27.99%
DLO
DLocal
12.06
0.97
8.75%
Core Scientific Inc Corporate Events
Executive/Board ChangesShareholder Meetings
Core Scientific Shareholders Approve Directors, Pay and Auditor
Positive
May 15, 2026
On May 12, 2026, Core Scientific, Inc. held its 2026 Annual Meeting of Stockholders, where shareholders elected five nominees—Adam Sullivan, Jeff Booth, Elizabeth Crain, Yadin Rozov and Eric Weiss—to the board to serve until the 2027 a...
Business Operations and StrategyPrivate Placements and Financing
Core Scientific Raises $3.3 Billion in Secured Notes
Positive
May 6, 2026
On May 6, 2026, Core Scientific’s subsidiary Core Scientific Finance I LLC completed a $3.3 billion private issuance of 7.750% senior secured notes due 2031, priced at 99.25% of par and guaranteed by its key datacenter entities. The notes ar...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Core Scientific Raises $3.3B to Expand AI Colocation
Positive
May 6, 2026
Core Scientific, Inc., a leading digital infrastructure and high-density colocation services provider for AI workloads, continued shifting its business mix away from digital asset self-mining toward colocation in the first quarter of fiscal 2026. ...
Business Operations and StrategyM&A Transactions
Core Scientific Expands Muskogee Campus With Major Asset Merger
Positive
May 6, 2026
On May 5, 2026, Core Scientific entered into a merger agreement to acquire Polaris DS LLC’s assets via a statutory merger, in a deal valued at about $421 million in cash, plus up to $40 million contingent on additional electric capacity. The...
Executive/Board Changes
Core Scientific Appoints Jorge Ray Principal Accounting Officer
Positive
May 5, 2026
On April 30, 2026, Core Scientific, Inc.’s board appointed Jorge Ray as Principal Accounting Officer, effective May 7, 2026, formalizing his leadership over the company’s accounting function after his appointment as Chief Accounting Of...
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.