Core Scientific, Inc.
Information Technology · IT Services
2 GW of contracted, energized capacity at sites already permitted for high-density compute, which takes hyperscalers 24-36 months to greenfield. 6B over 12 years, expanded through 2026 to multi-billion total contract value with 500+ MW dedicated) convert that power into recurring, contracted USD revenue at HPC margins materially above BTC self-mining.
- 500+ MW of HPC hosting contracted with CoreWeave through 2038, repricing CORZ from miner multiple to data-center multiple
- Post-Ch11 balance sheet (emerged Jan 2024) cleaner than peer hosting comps
- Optionality on retrofitting remaining ~700 MW of mining capacity to HPC as $NVDA Blackwell demand outruns hyperscaler builds
- BTC self-mining still throws off cash to fund HPC capex without dilution
- Tier-1 anchor tenant (CoreWeave) is itself $NVDA-backed and IPO-funded
- Customer concentration: CoreWeave is the dominant HPC counterparty; any CRWV demand softness flows straight through
- HPC retrofit capex is heavy and tenant-funded structure shifts equity upside vs. an owner-operator data center
- BTC price + global hashrate determine the legacy segment cash flow that funds the pivot
- Power-cost exposure (ERCOT, grid policy) on long-dated contracts
- Re-rating already partially in the tape post-emergence - execution risk on MW-delivery cadence is the next leg
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