智通财经6月27日电，Core Scientific涨幅扩大至近8%，触发盘中临停机制。消息面上，CoreWeave洽谈收购Core Scientific。 ...

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 Viewpoint - Applied Digital (APLD) and Core Scientific (CORZ) are positioned as key players in the AI infrastructure sector, responding to the increasing demand for high-performance data centers [1] - Both companies have formed significant partnerships, with APLD collaborating with Nvidia and Macquarie, while CORZ partners with CoreWeave [1] Financial Comparison - APLD reported Q3 fiscal 2025 revenues of $52.9 million, a 22% year-over-year increase, but missed estimates by $9.99 million; loss per share was 16 cents, lagging estimates by 45.5% [2] - CORZ posted Q1 2025 revenues of $79.5 million, down 55.7% year-over-year, with a loss per share of 10 cents, beating expectations by 16.7% [3] Strength of AI Strategy - APLD's AI strategy focuses on its Cloud Services segment and the Ellendale campus, which is under construction; however, it plans to divest its Cloud business due to conflicts with its data center leasing model [4] - CORZ has integrated AI infrastructure into its operations, with a partnership with CoreWeave that includes a take-or-pay structure for up to 590MW of AI capacity by 2027 [5] Growth Prospects - APLD's growth is tied to its 400MW+ Ellendale development, with 100MW expected online by Q4 2025 and a 1.4GW pipeline supported by Macquarie and SMBC [8] - CORZ aims to deliver 250MW to CoreWeave by the end of 2025 and expand 300MW at existing sites, with plans for an additional 400MW in new locations [8] Estimates Comparison - The Zacks Consensus Estimate for APLD's fiscal 2025 sales implies a 52.8% year-over-year improvement, while EPS estimates have remained stable [9] - For CORZ, the 2025 sales estimate implies an 18.5% decline, but EPS estimates have been trending upward [11] Price Performance & Valuation - In the past month, APLD shares surged by 63.1%, outperforming CORZ, which rose by 49.5%, driven by increased demand for AI services [15] Investment Considerations - Both APLD and CORZ currently hold a Zacks Rank 3 (Hold), complicating the investment decision [17] - APLD has a style score of 'D' indicating strong growth prospects but an expensive valuation, while CORZ's style score of 'F' reflects its expensive valuation and low growth potential [18] - CORZ is ahead in AI strategy execution and customer partnerships, while APLD faces strategic uncertainty due to its Cloud divestiture [19] - APLD shows stronger revenue growth momentum and EBITDA improvement, suggesting better potential for wealth generation for investors compared to CORZ [20]