据报道，CoreWeave正在洽谈收购Core Scientific。(智通财经) ...

Core Scientific涨幅扩大至7.9%，消息面上，CoreWeave正在洽谈收购Core Scientific。 ...

华尔街日报：CoreWeave正在洽谈收购 Core Scientific 金十数据6月27日讯，据华尔街日报报道，CoreWeave正在洽谈收购 Core Scientific。约一年前，这家人 工智能公司曾尝试收购这家数字基础设施公司，但以失败告终。知情人士称，只要谈判不遇阻碍，交易 可能在未来几周内敲定。目前尚不清楚谈判的具体条款，但Core Scientific近期增长迅速，可能会获得 可观的溢价。CoreWeave为人工智能能力提供云基础设施，是多家大型科技公司的合作伙伴。根据其首 次公开募股文件，微软是其最大客户，2024年占CoreWeave收入的62%。CoreWeave充当联络方，为 Meta和IBM等企业租赁英伟达图形处理单元的使用权。 ...

据报道，CoreWeave洽谈收购Core Scientific。 ...

CoreWeave洽谈收购Core Scientific。（华尔街日报） ...

市场消息：CoreWeave洽谈收购Core Scientific。(新浪财经) ...

Financial Data and Key Metrics Changes - The company faced significant headwinds in 2022, including a drop in Bitcoin prices and a rise in energy prices, leading to a Chapter 11 filing in December 2022 [5][6] - The company reemerged in January 2024 and has since signed contracts worth over $5 billion to build out 590 megawatts of data center capacity [7][8] - The company has approximately $800 million in cash and liquidity, with the potential to leverage contracts for an additional $4 billion, totaling nearly $5 billion in equity capital for new deals [11] Business Line Data and Key Metrics Changes - The company transitioned from Bitcoin mining to a data center business model, aiming to capture significant market share in the high-density colocation space [10] - The company is developing data centers with power densities of 150 kilowatts per rack for 2025 and plans to increase this to over 200 kilowatts for future deliveries [21][22] Market Data and Key Metrics Changes - The company is focusing on low-latency sites, with many of its contracted sites achieving sub-10 millisecond latency, which is critical for their end customers [14][15] - The company is exploring opportunities in markets outside major metros, recognizing pockets of opportunity in areas like Northern Virginia [17] Company Strategy and Development Direction - The long-term vision is to build a large-scale data center platform that rivals Digital Realty and QTS, leveraging unique capital structures to facilitate growth [10] - The company aims to reduce customer concentration below 50% by 2028 through both organic and inorganic growth strategies [11][42] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by utilities, including the ability to change power agreements even after contracts are signed, which poses risks to data center operations [61][62] - The company is optimistic about signing new contracts to diversify its customer base and reduce reliance on a single customer, targeting significant EBITDA contributions from new deals [74] Other Important Information - The company achieved a 3700% internal rate of return (IRR) on a unique data center deal, which management believes is unprecedented in the industry [28] - The company is actively engaged with multiple hyperscalers and has undergone onboarding processes to position itself for future contracts [56] Q&A Session Summary Question: What is the company's long-term growth strategy? - The company aims to grow market share while maintaining attractive return profiles, recognizing the need to diversify its customer base and increase its footprint [36][37] Question: How does the company plan to manage customer concentration? - The company plans to add incremental customers and potentially crystallize value from existing data center builds to reduce exposure to large customers [40][42] Question: What keeps management up at night regarding data center capacity? - The primary concern is the unpredictability of utilities changing power agreements, which can impact the company's ability to deliver on contracts [61][62] Question: How does the company view the current demand from hyperscalers? - Management noted that hyperscalers have become more specific in their geographical requirements, moving away from broad demand to location-specific needs [31][32]

In our previous report we argued the investment case of Core Scientific. We highlighted how CORZ transformed itself from a struggling bitcoin miner to a key AI -Infrastructure with the help of the contracts and capex commitmentsWe are a group of experienced investors that like to dig deeper into stocks to find growth stories at a reasonable price with strong economic moats. We also aim to conduct high-quality analysis by deep diving into valuations, key business drivers, risk/reward, and different future sc ...

Core Scientific, Inc. (CORZ) came out with a quarterly loss of $0.10 per share versus the Zacks Consensus Estimate of a loss of $0.12. This compares to earnings of $0.19 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 16.67%. A quarter ago, it was expected that this company would post a loss of $0.10 per share when it actually produced a loss of $0.01, delivering a surprise of 90%.Over the last four quarters, the company has s ...

Financial Data and Key Metrics Changes - Total revenue for the quarter was $79.5 million, down 16% sequentially, with adjusted EBITDA at negative $6.1 million [34] - The sequential revenue decline was primarily driven by mining disconnections and relocations as the company continues converting sites to support high-density colocation [34] - The company earned 7.19 Bitcoin in the first quarter compared to 9.74 in the fourth quarter [34] Business Line Data and Key Metrics Changes - The company is focusing on high-density colocation, with significant progress made on contracts with CoreWeave, which are foundational to its growth strategy [9][18] - The company has a sales pipeline that includes a healthy mix of hyperscale and large enterprise customers, with several non-hyperscale deals ranging from 50 to 100 megawatts [12][13] Market Data and Key Metrics Changes - The demand for AI infrastructure is strong, with large enterprises beginning to roll out AI use cases, indicating a shift in market dynamics [7][11] - The company is positioned as a major supplier of infrastructure for AI workloads, capitalizing on the dislocation in the market where traditional data center providers struggle to meet density requirements [8] Company Strategy and Development Direction - The company aims to diversify its customer base, targeting to have CoreWeave represent less than 50% of its billable capacity by the end of 2028 [14] - The strategic priorities include executing on CoreWeave contracts, expanding data center capacity, and exploring M&A opportunities to enhance growth [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustained demand for high-density infrastructure, despite market noise suggesting a softening demand for AI infrastructure [11][28] - The company is focused on disciplined execution, sustainable growth, and long-term value creation, with a strong emphasis on capital allocation [29][30] Other Important Information - The company has approximately $780 million in liquidity, including cash, cash equivalents, and Bitcoin [30] - The structure of the CoreWeave contracts significantly reduces the company's capital burden and allows for strategic use of debt [19] Q&A Session Summary Question: Are there any credit enhancements built into your lease? - Management highlighted the excitement around the CoreWeave contracts and emphasized their value as a commercial counterparty [39] Question: Can you provide more color on the colocation CapEx and North Dakota plans? - Management indicated that preparations for the Grand Forks site are underway, with land acquisition to support future high-density colocation [41] Question: What has changed regarding large enterprise opportunities? - Management noted that large enterprises are developing their AI use cases, leading to increased demand and quicker timelines for contract finalization compared to hyperscalers [45][52] Question: How should we model the delivery of the eight megawatts and the additional 40 megawatts? - Management stated that the capacity will come online progressively over the next few months, making it difficult to provide exact dates [55] Question: What milestones should investors look for regarding construction timelines? - Management committed to providing monthly updates on construction progress and key project milestones [58] Question: How are conversations with customers changing due to tariffs? - Management acknowledged that tariffs may increase CapEx requirements, leading to higher lease rates, but noted that large enterprises are accelerating their demand [80] Question: What is the status of the three nanometer block ASICs? - Management confirmed that they expect to receive the machines in the second half of 2025 and believe they are insulated from tariff impacts [101]