Markets
What to know:
- Macquarie just slapped an “outperform” rating on Core Scientific and jacked up its price target to a sizzling $34 (up from $18) after the CoreWeave merger fell flat on its face.
- Shockingly, the merger collapse is being hailed as a blessing in disguise-Core Scientific can now lease its power to AI tenants without being bogged down by merger drama.
- Jefferies chimed in, claiming that landing a new tenant would be a game-changer for diversifying revenue streams and breaking free from CoreWeave’s shadow.
In a move that could only be described as a “who saw that coming?” moment, investment bank Macquarie has upgraded Core Scientific (CORZ) from “neutral” to “outperform” and slapped a massive 90% price target hike, pushing it to a robust $34 from a humble $18. Why? Because the CoreWeave merger crumbled faster than your New Year’s resolution. Surprise, surprise. 🙄
The collapse wasn’t exactly a shocker. After a string of proxy recommendations and shareholder opposition, the merger was destined to fail. But the analysts-Paul Golding and Marni Lysaght-were quick to spin it as a blessing. The failed deal now lets Core Scientific lease its “near-term” power capacity to AI tenants, which-believe it or not-sounds like a good thing. 🙃
With all this drama, Core Scientific’s stock got a nifty little bump, up 4.5% to $21.70 in early trading. Guess it’s not all bad news after all, huh?
Core Scientific has quite the power portfolio-1.5 gigawatts (GW) of power, with 590 megawatts (MW) already leased to CoreWeave and an additional 1 GW gross, with around 700 MW up for grabs. So much power, they probably don’t even know what to do with it all. 💡
The company is also setting its sights on signing at least one new colocation customer by the time the fourth-quarter earnings hit. If that happens, Macquarie thinks it could be a game-changer, diversifying revenue and highlighting the company’s chops in high-performance computing builds.
On top of all this, Jefferies is all in, sticking with a “buy” rating on Core Scientific and a target price of $28. It looks like the merger may have been a blessing after all-who knew a failed deal could be so fruitful? 🍀
So, to recap: Core Scientific exits the merger saga with 1.5 GW of billable power capacity and almost zero capital expenditure on the failed deal. Meanwhile, they continue to expand their data center biz, ready to sign new tenants and power contracts by year’s end. Not bad for a company that just dodged a bullet, huh? 🏃♂️💨
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2025-10-31 18:22