{"slug":"core-scientific","name":"Core Scientific","name_en":"Core Scientific","ticker":"CORZ","updated_at":"2026-07-12T08:23:11.659954+00:00","canonical":"https://valuechain.wiki/core-scientific","same_as":["https://finance.yahoo.com/quote/CORZ","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1839341"],"citable":"밸류체인 그래프 기준 Core Scientific의 직접 연결 기업은 2곳(관계 기준 공급 1·매출 1)이고, 사슬을 2차까지 넓히면 5곳에 닿는다. 링크의 근거 출처는 10건이며 그중 1차공시가 5건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Core Scientific is directly linked to 2 companies (1 supply, 1 revenue relationships) and reaches 5 companies within two hops; the links are backed by 10 dated sources, 5 of them primary filings (as of 2026-07-12).","kicker":"AI HPC 호스팅(코어위브)","kicker_en":"AI HPC hosting (CoreWeave)","lead":"채굴에서 AI HPC 호스팅으로 전환한 데이터센터 기업. 코어위브에 약 590MW(6개 사이트) 인프라를 제공하는 12년 계약으로 누적 계약 매출 $102억을 확보했다. 코어위브의 GPU가 들어갈 전력·부지·냉각을 대는 호스팅 층으로, 콜로 매출이 분기 $10.6M로 늘었다. 코어위브가 2025.7 제안한 $90억 인수는 주주 반대로 무산됐으나(2025.10), 이 호스팅 계약은 유지돼 사실상 코어위브 전속에 가까운 매출 구조로 남는다.","lead_en":"A datacenter firm that pivoted from mining to AI-HPC hosting. A 12-year contract to provide CoreWeave ~590MW (six sites) of infrastructure secured $10.2B in cumulative contracted revenue. A hosting layer supplying power, real estate and cooling for CoreWeave GPUs, with colocation revenue rising to $10.6M a quarter. CoreWeave's July 2025 $9bn acquisition offer was rejected by shareholders (Oct 2025), but this hosting contract remains, leaving Core Scientific a near-CoreWeave-captive revenue structure.","segments":{"fy":2025,"parts":[{"desc":"성장 축 — 코어위브에 590MW/12년 인프라 호스팅($10.2B 계약매출). GPU를 소유하지 않고 전력·냉각·부지를 대는 집주인 모델.","name":"AI HPC 호스팅(콜로)"},{"desc":"레거시 축 — 비트코인 채굴. 채굴 전력·부지를 AI 호스팅으로 전환 중.","name":"비트코인 채굴"}],"total":"3.19억 달러 (2025, -38%, AI 전환)","concentration":"코어위브 590MW 12년. 콜로 $10.6M/분기."},"segments_en":{"fy":2025,"parts":[{"desc":"The growth axis — 590MW/12-year infrastructure hosting for CoreWeave ($10.2B contracted revenue); a landlord model providing power, cooling and real estate without owning GPUs.","name":"AI HPC hosting (colo)"},{"desc":"The legacy axis — bitcoin mining, with mining power and sites being converted to AI hosting.","name":"Bitcoin mining"}],"total":"$319M (FY2025, -38%)","concentration":"CoreWeave 590MW 12yr; colo $10.6M/qtr."},"returns_yearly":{"2025":3.6,"2026":61.3},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"starbucks","name":"Starbucks Corp","name_en":"Starbucks Corp","tier":3,"returns_yearly":{"2021":11.1,"2022":-13.2,"2023":-1.2,"2024":-2.5,"2025":-5.3,"2026":27.4}},{"slug":"johnson-controls","name":"존슨 컨트롤스","name_en":"Johnson Controls","tier":3,"returns_yearly":{"2021":77.4,"2022":-19.3,"2023":-7.6,"2024":39.8,"2025":53,"2026":20}},{"slug":"snowflake","name":"Snowflake","name_en":"Snowflake","tier":3,"returns_yearly":{"2021":20.4,"2022":-57.6,"2023":38.6,"2024":-22.4,"2025":42.1,"2026":19.2}},{"slug":"costco","name":"Costco Wholesale","name_en":"Costco Wholesale","tier":3,"returns_yearly":{"2021":51.8,"2022":-19,"2023":49,"2024":39.6,"2025":-5.4,"2026":6.6}},{"slug":"procter-gamble","name":"Procter & Gamble","name_en":"Procter & Gamble","tier":3,"returns_yearly":{"2021":20.5,"2022":-5,"2023":-0.9,"2024":17.3,"2025":-12.3,"2026":4.1}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":3,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":2.6}},{"slug":"shopify","name":"Shopify","name_en":"Shopify","tier":3,"returns_yearly":{"2021":21.7,"2022":-74.8,"2023":124.4,"2024":36.5,"2025":51.4,"2026":-23.9}},{"slug":"servicenow","name":"ServiceNow","name_en":"ServiceNow","tier":3,"returns_yearly":{"2021":17.9,"2022":-40.2,"2023":82,"2024":50.1,"2025":-27.7,"2026":-29.7}},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null},{"slug":"meta","name":"메타 플랫폼스","name_en":"Meta Platforms","tier":2,"returns_yearly":{"2021":23.1,"2022":-64.2,"2023":194.1,"2024":66,"2025":13.1,"2026":1.6}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":2,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":2,"returns_yearly":null},{"slug":"coreweave","name":"CoreWeave","name_en":"CoreWeave","tier":1,"returns_yearly":{"2026":24.1}}],"benefiting":[{"slug":"quanta-services","name":"Quanta Services","name_en":"Quanta Services","tier":1,"returns_yearly":{"2021":59.5,"2022":24.6,"2023":51.7,"2024":46.6,"2025":33.7,"2026":56.1}}],"analysis":"코어사이언티픽의 논점은 '채굴에서 AI 호스팅으로 전환한, 코어위브 전속에 가까운 인프라 층'이다. 비트코인 채굴장의 전력·부지를 AI HPC 호스팅으로 개조해 코어위브에 약 590MW(6개 사이트)를 12년 공급하는 계약으로 누적 계약매출 $102억을 확보했다 — GPU를 소유하지 않고 전력·냉각·부지를 대는 '집주인' 모델이다. 문제는 그 매출이 코어위브 한 곳에 집중돼 있다는 점으로, 단일 고객 의존이 안정성과 리스크를 동시에 준다. 관전 포인트는 채굴→호스팅 전환 사이트의 가동 램프와 콜로 매출 확대, 전력계약(덴튼 PPA 등) 확보다.","analysis_en":"Core Scientific's thesis is 'a mining-to-AI-hosting pivot that is close to CoreWeave-dedicated infrastructure.' Retrofitting bitcoin-mining power and sites into AI-HPC hosting, a 12-year contract to supply CoreWeave ~590MW (six sites) secured $10.2B in contracted revenue — a 'landlord' model that provides power, cooling and real estate without owning the GPUs. The catch is that revenue concentrates on CoreWeave alone, so single-customer dependence gives both stability and risk. What to watch is the utilization ramp of converted sites, colocation-revenue growth and power-contract wins (e.g., the Denton PPA).","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"CoreWeave","counterparty_slug":"coreweave","confidence":"high","metric":{"type":"contract","unit":"USD","as_of":"2025-10","basis":"12년 $87억 HPC 호스팅 계약(코어위브 인수 무산 후에도 유지)","value":8700000000,"period":"12년 HPC 콜로","basis_en":"12-year $8.7B HPC hosting contract; survives the terminated CoreWeave merger","qualifier":"merger_terminated_2025_contract_survives"},"note":"코어위브에 약 590MW(6개 사이트) 인프라를 대는 12년 호스팅 계약으로 누적 계약 매출 약 $102억을 확보 — 코어위브 GPU가 들어갈 전력·부지·냉각을 제공하는 매출 관계다. 별개로 코어위브가 2025.7 제안한 $90억 전액주식 인수는 코어사이언티픽 주주 반대(투시즈캐피털·ISS)로 2025.10.30 부결·종료됐으나, 이 호스팅 상업 계약은 유지된다(양사 협력 지속).","note_en":"A 12-year hosting contract supplying CoreWeave ~590MW (6 sites) of infrastructure, locking in ~$10.2bn of contracted revenue — the relationship provides the power, sites and cooling for CoreWeave's GPUs. Separately, CoreWeave's July 2025 all-stock $9bn acquisition offer was rejected by Core Scientific shareholders (Two Seas Capital, ISS) and terminated on Oct 30, 2025, but this hosting contract remains intact (the companies continue to collaborate).","sources":[{"stance":"mentions","publisher":"Roth·consensus (via MarketBeat)","publisher_en":"Roth·consensus (via MarketBeat)","kind":"research","lang":"en","published_at":"2026-05-01","url":"https://www.marketbeat.com/stocks/NASDAQ/CORZ/forecast/","title":"코어사이언티픽 애널리스트 매수(로스 $23.5·컨센 $20.7)","title_en":"Core Scientific analyst Moderate Buy (Roth $23.5, consensus $20.67)","excerpt":"Roth Buy $23.50; consensus Moderate Buy ~$20.67 — standalone AI-datacenter story after the failed CoreWeave takeover.","excerpt_en":"Roth Buy $23.50; consensus Moderate Buy ~$20.67 — standalone AI-datacenter story after the failed CoreWeave takeover."},{"stance":"confirms","publisher":"이데일리","publisher_en":"Edaily","kind":"news","lang":"ko","published_at":"2026-03-03","url":"https://edaily.co.kr/News/Read?mediaCodeNo=257&newsId=05707206645379712","title":"코어사이언티픽, 연초 비트코인 처분…채굴→AI데이터센터 속도","title_en":"Core Scientific sells Bitcoin early in the year, accelerating shift from mining to AI data centers","excerpt":"코어사이언티픽, 연초 비트코인 처분…채굴→AI데이터센터 속도","excerpt_en":""},{"stance":"confirms","publisher":"Core Scientific (SEC EDGAR)","publisher_en":"Core Scientific (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2026-03-02","url":"https://www.sec.gov/Archives/edgar/data/1839341/000162828026013305/core-20251231.htm","title":"코어사이언티픽 10-K (FY2025)","title_en":"Core Scientific 10-K (FY2025)","excerpt":"The CoreWeave merger was terminated on Oct 30, 2025; Core Scientific retains the 12-year, $8.7B+ HPC colocation contract with CoreWeave.","excerpt_en":"The CoreWeave merger was terminated on Oct 30, 2025; Core Scientific retains the 12-year, $8.7B+ HPC colocation contract with CoreWeave."},{"stance":"confirms","publisher":"SEC 연차보고서","publisher_en":"SEC annual report","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.sec.gov/Archives/edgar/data/1839341/000119312526134881/d118783dars.pdf","title":"SEC 연차보고서 — core-scientific 실적","title_en":"SEC annual report — core-scientific results","excerpt":"2025 매출 $3.19억(-38%, 비트코인 채굴 축소·AI 전환)","excerpt_en":"FY2025 revenue $319M (-38%, mining down, AI transition)"},{"stance":"confirms","publisher":"CNBC","publisher_en":"CNBC","kind":"news","lang":"en","published_at":"2025-10-30","url":"https://www.cnbc.com/2025/10/30/core-scientific-shareholders-reject-9-billion-coreweave-offer-deal-terminated.html","title":"코어사이언티픽 주주, 코어위브 $90억 인수안 부결 — 딜 종료","title_en":"Core Scientific shareholders reject $9B CoreWeave offer; deal terminated","excerpt":"코어위브 $90억 인수안 주주 부결·종료(2025.10.30); 상업 호스팅 계약은 유지","excerpt_en":"CoreWeave's $9B acquisition rejected/terminated (Oct 30, 2025); hosting contract continues"},{"stance":"confirms","publisher":"Core Scientific","publisher_en":"Core Scientific","kind":"filing","lang":"en","published_at":"2025-06-01","url":"https://investors.corescientific.com/news-events/press-releases/detail/74/core-scientific-to-provide-approximately-200-mw-of-infrastructure-to-host-coreweaves-high-performance-computing-services-capturing-significant-ai-compute-opportunity","title":"CoreScientific, 코어위브 HPC 인프라 제공","title_en":"Core Scientific to provide CoreWeave HPC infrastructure","excerpt":"코어위브에 590MW 인프라 12년 호스팅($10.2B).","excerpt_en":"12-year hosting of 590MW infrastructure for CoreWeave ($10.2B)."},{"stance":"confirms","publisher":"CoinDesk","publisher_en":"CoinDesk","kind":"news","lang":"en","published_at":"2025-02-26","url":"https://www.coindesk.com/business/2025/02/26/core-scientific-stock-surges-after-usd1-2b-expansion-of-data-center-with-coreweave","title":"CoreScientific, 코어위브 $1.2B 확장","title_en":"Core Scientific surges after $1.2B CoreWeave expansion","excerpt":"코어위브에 590MW 인프라 12년 호스팅($10.2B).","excerpt_en":"12-year hosting of 590MW infrastructure for CoreWeave ($10.2B)."},{"stance":"confirms","publisher":"SEC EDGAR (Core Scientific 8-K)","publisher_en":null,"kind":"filing","lang":"en","published_at":"2025-02-26","url":"https://www.sec.gov/Archives/edgar/data/1839341/000162828025008312/ex991-coreweavepressrelease.htm","title":"Core Scientific and CoreWeave Announce $1.2 Billion Expansion at Denton, TX","title_en":"Core Scientific and CoreWeave Announce $1.2 Billion Expansion at Denton, TX","excerpt":"Core Scientific and CoreWeave Announce $1.2 Billion Expansion at Denton, TX","excerpt_en":"Core Scientific and CoreWeave Announce $1.2 Billion Expansion at Denton, TX"}]},{"direction":"cost","counterparty":"Quanta Services","counterparty_slug":"quanta-services","confidence":"mid","metric":{"qualifier":"datacenter_construction"},"note":"데이터센터 전기 인프라 시공을 콴타 등에 발주.","note_en":"Contracts datacenter electrical build to Quanta and others.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-01","url":"https://www.sec.gov/Archives/edgar/data/0001839341/000162828025039283/q22025corescientificinc-ea.htm","title":"CoreScientific FY2025 2분기(8-K)","title_en":"Core Scientific FY2025 Q2 (8-K)","excerpt":"데이터센터 전기 인프라 시공을 콴타 등에 발주.","excerpt_en":"Contracts datacenter electrical build to Quanta and others."}]},{"direction":"revenue","counterparty":"HPC 호스팅·콜로 (비공개)","counterparty_slug":null,"confidence":"mid","metric":{"as_of":"2025-12","qualifier":"hpc_colo_transition_250MW"},"note":"HPC 호스팅·콜로케이션 매출($10.6M/분기).","note_en":"HPC hosting and colocation revenue ($10.6M/qtr).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-01","url":"https://www.sec.gov/Archives/edgar/data/0001839341/000162828025039283/q22025corescientificinc-ea.htm","title":"CoreScientific FY2025 2분기(8-K)","title_en":"Core Scientific FY2025 Q2 (8-K)","excerpt":"HPC 호스팅·콜로케이션 매출($10.6M/분기).","excerpt_en":"HPC hosting and colocation revenue ($10.6M/qtr)."}]},{"direction":"cost","counterparty":"전력구매계약 (Denton Municipal Electric)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"ppa"},"note":"덴튼(TX) 사이트 전력은 시영 유틸리티 Denton Municipal Electric과의 장기 PPA로 조달(시의회 개정 승인).","note_en":"Power for the Denton TX site is procured under long-term PPAs with municipal utility Denton Municipal Electric.","sources":[{"stance":"confirms","publisher":"American Public Power Association","publisher_en":null,"kind":"news","lang":"en","published_at":"2024-11-25","url":"https://www.publicpower.org/periodical/article/denton-city-council-approves-amendments-ppas-with-core-scientific","title":"Denton City Council approves amendments to PPAs with Core Scientific","title_en":null,"excerpt":"Denton City Council approves amendments to PPAs with Core Scientific","excerpt_en":""}]},{"direction":"cost","counterparty":"전력·건설 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"qualifier":"power_construction"},"note":"전력 구매·데이터센터 전환 건설.","note_en":"Power purchases and datacenter-conversion build.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-01","url":"https://www.sec.gov/Archives/edgar/data/0001839341/000162828025039283/q22025corescientificinc-ea.htm","title":"CoreScientific FY2025 2분기(8-K)","title_en":"Core Scientific FY2025 Q2 (8-K)","excerpt":"전력 구매·데이터센터 전환 건설.","excerpt_en":"Power purchases and datacenter-conversion build."}]}]}