In a research note published Thursday night, Cantor Fitzgerald says Core Scientific (Corz) You could obtain more than $ 30 per share in a possible acquisition by the coreweave cloud giant, citing both the long -term cash flows of your AI contracts and the replacement value of your data centers.
That would be a nearby duplication from the current level just above $ 16.
The note arrived hours later The Wall Street Journal He informed that Coreweave, a computing firm in the cloud, is once again in advanced conversations to acquire Core Scientific, after a failed offer of $ 5.75 per share in 2024.
Corz’s shares increased 33% to close more than $ 16 on Thursday, but Cantor believes that the company still infvalizes by at least 50%.
In the heart of the Bull case there is an infrastructure lease core of 12 years and $ 3.5 billion of scientific infrastructure signed with Coreweave in 2024 to provide 200 megawatts of AI capacity.
Cantor values the lease flow at $ 24/Action, using a multiple conservative multiple of multiple typical for traditional data from the data center. Add another $ 11.70/Action by the replacement value of the 570MW of Corz’s power infrastructure, and the upward case is clear.
THE BTC PIVOT – AI
But not only Cantor argues that the computing power used for creak numbers to extract BTC could be used more efficiently for AI.
Rittenhouse Research, a new firm focused on Fintech and AI, published a report in May arguing that the most successful cryptographic companies do not double in Bitcoin. Instead, they are turning to become IA infrastructure suppliers.
When Galaxy Digital bought the Helios Data Center at the end of 2022, it seemed a rescue of a miner with difficulties, however, it turned out to be a strategic asset of AI as it indicated the demand for space in the data center with the increase of Chatgpt and LLMS, Rittenhouse said.
“The infrastructure used to extract digital gold is better used to process AI algorithms,” Rittenhouse wrote at that time.
In the center of the argument is the belief that AI generates long -term stable cash flows, unlike BTC mining, which is subject to strong income falls every four years due to halvias and depends largely on Bitcoin volatile price cycles.
The future BTC mining profitability, Rittenhouse said, also depends on the fact that mining companies can design chips that are significantly more efficient in each cycle to account for the Halenses, an increasingly difficult task as silicon contraction profits begin to the plateau.
But not all BTC pivots are successful
While singing, and the market widely, looks with love the possible pivot of Core Scientific, not all pivots away from BTC mining have gone so well.
As Coendesk recently reported, Bit Digital is throwing its Bitcoin platforms to accelerate in Ethereum, and the market fell its shares by 15% during the negotiation session on Thursday in New York.
Canaan, once hoping to diversify in AI hardware, has now closed its chip unit completely after not gaining traction. His shares have dropped almost 75% in the last six months, and closed 63 cents on Thursday.
But Core Scientific could have found the average road, taking advantage of its footprint built by mining to take advantage of an AI infrastructure boom of more than $ 100 billion.
If Cantor’s thesis is correct, Coreweave’s second offer for Corz could be very different from what they did last year, and could mark a new plan for the rest of the sector.
Neither Coreweave nor Core Scientific have publicly commented on the matter.
