CORZ Stock Forecast & Price Target

Core Scientific is viewed positively because it is rapidly converting a large power footprint into high-value HPC colocation capacity while still retaining meaningful self-mining optionality, with ~1.2GW of approved power added this year and ~30% of its power portfolio already supported by HPC contracts. Its standout CoreWeave agreement provides strong execution credibility, as 243MW have already been delivered and the full ~590MW is scheduled to be online in early next year, while management has raised the target cash gross margin on that contract to 80–85% from 75–80%, signaling improving visibility and operating efficiency. The company’s strategic expansion through the ~430MW Hunt County site, ~740MW of expansion capacity at existing sites, and the acquisition of Polaris DS adding ~440 gross MW at Muskogee strengthens the pipeline for future leases and supports higher modeled revenue and EBITDA, including FY2026 revenue of ~$671M and adjusted EBITDA of ~$156M in one scenario.

Core Scientific is fundamentally challenged by a business mix that still relies heavily on digital asset self-mining, a segment that produced a (57)% gross margin in Q1’26 as weaker BTC prices and deliberate fleet rationalization pushed profitability deeply negative and management guided to a meaningful step-down in miners online in the second half. Although the company has raised about $4.3B this year and has ~2.6GW of approved power capacity, including ~590MW contracted to CRWV, the thesis remains dependent on converting power approvals into durable HPC and colocation revenue while avoiding delays in bringing infrastructure online and securing additional MWs, site approvals, and incremental contracts. The stock also screens poorly on quality, with the quant model flagging weak earnings stability, while the need for continued capex, potential dilution, financing risk, and execution uncertainty around liquefying BTC mining assets and scaling beyond the CRWV contract all support a negative fundamental outlook.