AI HPC hosting (CoreWeave)
Core Scientific
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.
CORZ Updated Jul 12, 2026 4 AI consumers· 1 recurring
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).
Financials & Segments
- Total revenue · $319M (FY2025, -38%)
- Customer concentration · CoreWeave 590MW 12yr; colo $10.6M/qtr.
- Segments · AI HPC hosting (colo) · Bitcoin mining
Revenue from
- CoreWeave High confidence· contract $8.7B · 12년 HPC 콜로 · 12-year $8.7B HPC hosting contract; survives the terminated CoreWeave merger
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).Mentions EN Roth·consensus (via MarketBeat) Published May 1, 2026: Core Scientific analyst Moderate Buy (Roth $23.5, consensus $20.67)Confirms KO Edaily Published Mar 3, 2026: Core Scientific sells Bitcoin early in the year, accelerating shift from mining to AI data centersConfirms EN CNBC Published Oct 30, 2025: Core Scientific shareholders reject $9B CoreWeave offer; deal terminatedConfirms EN Core Scientific Published Jun 1, 2025: Core Scientific to provide CoreWeave HPC infrastructureConfirms EN SEC EDGAR (Core Scientific 8-K) Published Feb 26, 2025: Core Scientific and CoreWeave Announce $1.2 Billion Expansion at Denton, TX - HPC hosting · colocation (undisclosed) Medium confidence
HPC hosting and colocation revenue ($10.6M/qtr).
Pays to
- Quanta Services Medium confidence
Contracts datacenter electrical build to Quanta and others. - Power purchase agreement (Denton Municipal Electric) Medium confidence
Power for the Denton TX site is procured under long-term PPAs with municipal utility Denton Municipal Electric.Confirms EN American Public Power Association Published Nov 25, 2024: Denton City Council approves amendments to PPAs with Core Scientific - Power · construction (undisclosed) Low confidence
Power purchases and datacenter-conversion build.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | +1.6 |
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| CoreWeave | lead1 | · | · | · | · | · | +24.1 |
| Core Scientific | node | · | · | · | · | +3.6 | +61.3 |
| Quanta Services | benef1 | +59.5 | +24.6 | +51.7 | +46.6 | +33.7 | +56.1 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target $35 · Price $23.49 (07-10) · Upside +49%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Jefferies | Buy | $37 | May 14, 2026 | Report ↗ |
| BTIG · Gregory Lewis | Buy | $33 | May 13, 2026 | Report ↗ |
Jefferies and BTIG raised targets sharply in May 2026 with Buy ratings, citing 1.2GW of newly approved power capacity and accelerating AI hyperscale contracting.