In a research note released late Thursday night, Cantor Fitzgerald Core Scientific says (Corz) One can get more than $ 30 per share in one Possible acquisition by Cloud Compute Giant KorwaveCiting both long -term cash flow from the replacement value of its AI contracts and its data centers.
This will double from the current level above $ 16.
Note came a few hours later The Wall Street Journal Told that Coreweave, a cloud AI compute firm, after a failed $ 5.75 per share in 2024, is once again in advanced talks to acquire core scientific.
CORZ shares jumped by 33% to shut down over $ 16 on Thursday, but the canter believes it still reduces the company by at least 50%.
To provide a 12-year-old, $ 3.5 billion infrastructure at the center of the bull case, to provide 200 MW of AI capacity signed with corovave in lease core scientific 2024.
Cantor gives importance to the lease stream on $ 24/shares, using several specifics, a conservative 15x profit for traditional data center reit. Add another $ 11.70/shares to the replacement price of the 570mw power infrastructure of the corz, and the opposite case becomes clear.
BTC – AI Pivot
But it is not just a canter that it is arguing that BTC can be used more efficiently for AIs for BTC to crunch numbers.
Rittenhouse Research, a new Fintech and AI-focused firm, A report released in May Arguing that the most successful crypto companies are not doubled on bitcoins. Instead, they are pivying to become an AI infrastructure provider.
When Galaxy Digital bought the Helios data center at the end of 2022, it seemed like a struggling minein, yet it turned out to be a strategic AI asset as the demand for data center space increased with the rise of chat and LLMS, the Retainhouse reported.
“It is better to use the infrastructure used to mine digital gold to process the AI ​​algorithm,” the Ritenhouse wrote at that time.
The origin of logic is the belief that unlike AI BTC mining, the stable, long -term cash flows, which is subject to a sharp revenue decline every four years, which occurs every four years due to Holting and is very much dependent on the unstable value cycles of bitcoin.
BTC mining’s future profitability, Ritenhouse said, is also dependent on mining firms, which are capable of designing chips that are much more efficient in each cycle to the account for helving, begins to a rapidly difficult task as a rapidly difficult task as a profit from silicon shrinkage.
But not every axis away from BTC is successful
While the canter, and the market is roughly fond of the potential axis of the core scientific, all the pivotes away from BTC mining have not gone to this well.
As Coindesk said recently, Bit Digital is dumping its bitcoin rigs so that atherium stacking can be all-inAnd the market pushed its stock down to 15% during Thursday’s trading session in New York.
Canaan is expected to diversify AI hardware once, Now closed your chip unit After failing to achieve complete traction. Its stock is about 75% below in the last six months, and closed at 63 cents on Thursday.
But the core scientific may have found the middle path, taking advantage of your mining-manufactured footprint, tap in $ 100 billion-plus AI infrastructure boom.
If the thesis of the canter is proved correct, the second offer of Coreweave for Corz may seem very different. From what he made last yearAnd it can mark a new blueprint for the rest of the region.
Neither Korveave nor Core Scientific have publicly commented on the matter.
