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Core Scientific Inc
(NASDAQ:CORZ)
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Rating:55Neutral
Price Target:
$18.50
▼(-18.68% Downside)
Action:Reiterated
Date:07/30/26
The score is held back primarily by weak financial fundamentals—large losses, negative equity, high leverage, and negative free cash flow—despite strong revenue growth and positive operating cash flow. The latest earnings call was a notable positive, supported by increased billable capacity, improved cash gross profit targets, and major project financing, but technicals remain weak with the stock trading below key moving averages and valuation is constrained by unprofitability.
Positive Factors
Billable Capacity Growth
Rapid increases in billable megawatts create a more predictable, contracted colocation revenue base that is less reliant on volatile crypto earnings. As capacity converts to revenue, operating cash generation and gross profit visibility improve, supporting sustainable margin expansion and scale economics over the medium term.
Negative Factors
Highly Levered Balance Sheet
Material negative equity and elevated gross debt significantly constrain financial flexibility and increase refinancing and solvency risk. High leverage magnifies the impact of any revenue or schedule slippage, raises debt service burden, and limits the company's ability to opportunistically fund growth or absorb operational setbacks without additional external capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Billable Capacity Growth
Rapid increases in billable megawatts create a more predictable, contracted colocation revenue base that is less reliant on volatile crypto earnings. As capacity converts to revenue, operating cash generation and gross profit visibility improve, supporting sustainable margin expansion and scale economics over the medium term.
Read all positive factors
Core Scientific Inc (CORZ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.66B
Dividend YieldN/A
Average Volume (3M)10.62M
Price to Earnings (P/E)―
Beta (1Y)2.67
Revenue Growth26.37%
EPS Growth-973.13%
CountryUS
Employees325
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-4.24
Shares Outstanding321,340,450
10 Day Avg. Volume8,546,243
30 Day Avg. Volume10,621,583
Financial Highlights & Ratios
PEG Ratio0.20
Price to Book (P/B)-4.81
Price to Sales (P/S)14.52
P/FCF Ratio-10.27
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$34.55Price Target Upside51.85% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)-4.17
Revenue Forecast (FY)$678.30M
Core Scientific Inc Business Overview & Revenue Model
Company Description
Core Scientific, Inc. (CORZ) is a U.S.-based digital infrastructure company that develops and operates large-scale data centers designed for high-power, compute-intensive workloads. The company is best known for hosting and operating fleets of spe...
How the Company Makes Money
Core Scientific primarily generates revenue through two core activities: (1) self-mining of Bitcoin and (2) providing hosting services for customers’ mining equipment.
1) Self-mining (proprietary Bitcoin mining)
- Core Scientific operates its own...
Core Scientific Inc Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 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
18
Very Negative
Balance Sheet
9
Very Negative
Cash Flow
27
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 440.31M | 319.02M | 510.67M | 502.40M | 640.31M | 544.48M |
| Gross Profit | 124.45M | 37.90M | 121.07M | 123.46M | 8.40M | 238.86M |
| EBITDA | -1.34B | -207.85M | -1.16B | -63.12M | -1.84B | 140.79M |
| Net Income | -1.44B | -288.62M | -1.32B | -246.49M | -2.15B | 47.31M |
Balance Sheet | ||||||
| Total Assets | 5.26B | 2.35B | 1.60B | 712.16M | 807.69M | 2.44B |
| Cash, Cash Equivalents and Short-Term Investments | 1.77B | 311.38M | 836.20M | 50.41M | 15.88M | 117.87M |
| Total Debt | 4.30B | 1.06B | 1.20B | 865.54M | 37.73M | 818.81M |
| Total Liabilities | 7.68B | 3.31B | 2.42B | 1.31B | 1.22B | 1.10B |
| Stockholders Equity | -2.42B | -962.74M | -820.18M | -596.94M | -409.35M | 1.34B |
Cash Flow | ||||||
| Free Cash Flow | -967.87M | -450.75M | -52.06M | 48.95M | -396.47M | -116.01M |
| Operating Cash Flow | 515.80M | 278.25M | 42.90M | 65.11M | 205.19M | -56.73M |
| Investing Cash Flow | -1.71B | -740.75M | -95.19M | -3.00M | -590.78M | -423.84M |
| Financing Cash Flow | 3.16B | -63.10M | 819.57M | -44.65M | 306.15M | 603.53M |
Core Scientific Inc Technical Analysis
Positive
22.75
Price Trends
25.01
Negative
22.13
Positive
19.73
Positive
Market Momentum
-0.95
Negative
50.03
Neutral
57.59
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 22.75 is above the 20-day moving average (MA) of 22.17, below the 50-day MA of 25.01, and above the 200-day MA of 19.73, indicating a neutral trend. The MACD of -0.95 indicates Negative momentum. The RSI at 50.03 is Neutral, neither overbought nor oversold. The STOCH value of 57.59 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 |
|---|---|---|---|---|---|---|---|
83 Outperform | $2.64B | 35.28 | 8.14% | ― | 9.80% | -5.52% | |
80 Outperform | $2.42B | 35.64 | 10.01% | ― | 7.19% | -36.03% | |
77 Outperform | $4.45B | 22.85 | 37.04% | 1.36% | 46.60% | 66.04% | |
65 Neutral | $2.72B | 10.31 | 30.39% | ― | 5.76% | ― | |
64 Neutral | $2.68B | 6.65 | 14.62% | 6.61% | 8.43% | 10.81% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | $6.66B | -4.89 | 98.70% | ― | 26.37% | -973.13% |
* Technology Sector Average
CORZ
Core Scientific Inc
22.83
9.18
67.25%
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73.47
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SPS Commerce
75.54
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PAGS
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PAYO
Payoneer
7.11
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DLO
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51.15%
Core Scientific Inc Corporate Events
Business Operations and StrategyExecutive/Board Changes
Core Scientific adds veteran tech leader to board
Positive
Jul 29, 2026
Core Scientific Inc., listed on Nasdaq as CORZ, designs, builds and operates large-scale, purpose-built data centers for high-density colocation services. The company focuses on digital infrastructure supporting artificial intelligence-related wor...
Business Operations and StrategyPrivate Placements and Financing
Core Scientific Expands AI-Focused Data Center Partnership with AMD
Positive
Jul 28, 2026
On July 27, 2026, Core Scientific entered into long-term lease agreements with AMD and Neocloud covering a combined 529 megawatts of critical IT capacity across sites in Texas, Oklahoma, Alabama and Georgia, with options extending the terms up to ...
Business Operations and StrategyFinancial Disclosures
Core Scientific Expands Colocation Capacity with AMD Partnership
Positive
Jul 28, 2026
On July 28, 2026, Core Scientific reported second-quarter 2026 results showing rapid expansion of its high-density colocation operations and customer base. The company highlighted a new partnership with AMD that could support up to 2.5 GW of leasa...
Business Operations and StrategyExecutive/Board Changes
Core Scientific Adds Industry Veteran Steve Smith to Board
Positive
May 26, 2026
On May 26, 2026, Core Scientific announced the appointment of Steve Smith to its Board of Directors and its Nominating and Corporate Governance Committee, effective immediately. Smith, currently CEO of Zayo Group and former CEO and president of Eq...
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...
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.