CORZ
CRWV
The earnings miss nobody seems to care about
Core Scientific turned in a wider-than-expected first-quarter loss, but the market response was basically: okay, and? The company lost 10 cents a share versus expectations for a 7-cent loss, yet revenue came in at $115.24 million, ahead of the Street’s $111.25 million guess.
The real trade: electricity, racks, and AI
What’s juicing the stock isn’t the quarter itself — it’s the pivot. Core Scientific is moving away from self-mining Bitcoin and into high-density colocation for AI workloads, which is about as different as selling lawn mowers versus running a power plant. The company just closed a $3.3 billion project bond financing, giving it the cash runway to keep building.
CoreWeave is the shiny new engine
Core Scientific’s relationship with CoreWeave is doing a lot of the heavy lifting here. The company says it has already delivered and is billing for 243 megawatts of capacity, which it pegs at roughly $350 million in annualized colocation revenue. That’s the kind of number that makes investors look past a quarterly stumble and start daydreaming about what the next few years could look like.
Why investors should care
Core Scientific is also pushing toward a 4.5-gigawatt expansion pipeline, with big buildouts planned at its Pecos, Texas, and Muskogee, Oklahoma campuses. If the AI data-center demand story keeps humming, this stops looking like a former Bitcoin miner and starts looking like infrastructure with a growth engine — and that’s a much tastier multiple.
Big picture: CORZ is reminding Wall Street that sometimes the balance sheet and the next act matter more than the headline EPS miss.