Core Scientific

CORZ

Market cap $4.86B

Shares of CoreWeave, Inc. (NASDAQ: CRWV) and Core Scientific, Inc. (NASDAQ: CORZ) climbed in after-hours trading Wednesday after NVIDIA Corp.'s (NASDAQ: NVDA) blockbuster third quarter earnings report set off a "pick-and-shovel" rally.

The surge in demand for HPC and AI compute is driving demand for data center capacity across the industry. Blockfusion's Niagara Facility has become a sought-after location for customers pursuing high-density HPC/AI deployments.

Oaktree added 6.4 million shares of Core Scientific for an estimated $114.8 million in the third quarter. The Core Scientific position represents 1.8% of Oaktree's 13F reportable assets under management.

CoreWeave CEO Mike Intrator addressed delays at a third-party data center developer. CNBC's Jim Cramer noted delays at sites in Texas, Oklahoma and North Carolina tied to Core Scientific.

Core Scientific is rapidly transitioning from BTC mining to a leading AI HPC infrastructure provider, leveraging its 1.3 GW data center footprint. Initiate CORZ as a strong buy, citing undervaluation versus AI peers and significant upside as the market misprices it as a BTC miner. CORZ's AI hosting contracts deliver high-margin, recurring revenues, with projected explosive revenue growth and expanding gross margins through 2030.

Infrastructure landlords with multiyear leases and fixed minimum payments offer revenue visibility that software-only AI plays lack. Companies that already operate data centers can convert existing sites to AI hosting faster than building new facilities from scratch.

Despite Core Scientific shareholders rejecting an acquisition offer by CoreWeave, the two companies still have a solid relationship, according to CoreWeave CEO Michael Intrator. He joins Caroline Hyde on “Bloomberg Tech.

Core Scientific shareholders on Thursday voted down an all-stock acquisition offer from partner and competitor CoreWeave that was valued at the time at $9 billion.

Core Scientific, Inc. shareholders rejected a $9B CoreWeave offer Thursday. We think this is the best thing that could've happened to Core Scientific. We see the potential for CORZ to grow into the valuation of its landlord peer group. There is more value in Core Scientific's uncontracted power capacity, and ballooning AI infrastructure demand can work in favor of leasing out its current 1.3 GW and potential 1 GW capacity.

Core Scientific, Inc. ( CORZ ) Discusses Shareholder Vote and Termination of Proposed Merger October 30, 2025 11:30 AM EDT Company Participants Jon Charbonneau - Vice President of Investor Relations Adam Sullivan - CEO, President & Director Matt Brown - Chief Operating Officer Jim Nygaard - Chief Financial Officer Conference Call Participants Darren Aftahi - ROTH Capital Partners, LLC, Research Division Jonathan Petersen - Jefferies LLC, Research Division Brett Knoblauch - Cantor Fitzgerald & Co., Research Division Joseph Flynn Joseph Vafi - Canaccord Genuity Corp., Research Division Kevin Dede - H.C. Wainwright & Co, LLC, Research Division Brian Dodso Paul Golding - Macquarie Research Gregory Lewis - BTIG, LLC, Research Division Michael Donovan - Compass Point Research & Trading, LLC, Research Division Timothy Horan - Oppenheimer & Co. Inc., Research Division Stephen Glagola - JonesTrading Institutional Services, LLC, Research Division Presentation Operator Greetings, and welcome to Core Scientific Investor Update Call.