CORZ Stock Forecast & Price Target

Core Scientific is supported by a strong execution track record in AI/HPC infrastructure, with the ~590MW CoreWeave contract advancing toward full energization in early 2027 and management targeting additional AMD capacity to begin energizing in 2027 and ramp into 2028. Its balance sheet is also a major strength, with about $2B in unrestricted cash and roughly $4.3B raised this year, while the company’s ~2.6GW of approved power capacity and ~1.9GW of leasable power provide a substantial runway for new contracts. Fundamentally, the market appears to underappreciate both the value of the CoreWeave relationship and the profitability of its Bitcoin mining segment, which should strengthen returns as HPC cash flows and long-term expansion opportunities compound.

Core Scientific is exposed to meaningful execution risk because its downside case assumes delays in bringing CRWV and AMD power infrastructure online, which would push out full-run-rate revenues and leave the company reliant on a concentrated AI/HPC customer base. Its ability to scale the HPC business also depends on securing additional MWs of approved power and incremental colocation contracts, while competition, regulatory uncertainty around Bitcoin, and the volatility of its self-mining business add further pressure. The outlook is also weighed by financing and balance-sheet risks, including possible write-downs on the BTC mining fleet, poorly executed M&A, and dilutive equity raises, even as the stock is valued at about 27x 2027 consensus EBITDA of roughly $534 million.