Core Scientific (CORZ) may be worth over $30 per share in a potential acquisition by cloud AI powerhouse CoreWeave, according to a new research note by Cantor Fitzgerald. The valuation is based on the company’s lucrative AI infrastructure lease and the replacement value of its massive data center assets. Shares of CORZ surged 33% on Thursday to close above $16, yet Cantor believes the stock remains undervalued by at least 50%.
At the center of the bullish outlook is a 12-year, $3.5 billion infrastructure deal with CoreWeave to deliver 200 megawatts of AI computing capacity, signed in 2024. Cantor assigns a $24 per share value to this lease alone, using a conservative 15x multiple typical for data center REITs. Adding $11.70 per share for the 570MW of power infrastructure brings the potential total value to over $35 per share.
This shift reflects a broader trend in crypto firms pivoting from volatile Bitcoin mining to stable, long-term AI infrastructure contracts. Rittenhouse Research highlights that AI generates predictable cash flows, while BTC mining faces declining profitability due to halving cycles and chip efficiency challenges. The rise of ChatGPT and growing demand for large-scale compute have made former mining operations attractive AI assets.
However, not all pivots away from Bitcoin have succeeded. Bit Digital’s move to Ethereum staking led to a 15% stock drop, and Canaan’s failed AI chip efforts resulted in a 75% decline. In contrast, Core Scientific’s AI-focused shift, backed by strong infrastructure and major partnerships, may offer a blueprint for the sector.
CoreWeave’s revived interest in CORZ, following a failed $5.75 per share bid in 2024, could now result in a far higher offer, potentially reshaping the digital infrastructure landscape.
