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CORZ · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Core Scientific, Inc. Common Stock (CORZ) stock moving?
Core Scientific reported Q3 2026 revenue of $232.9M, well above the roughly $194-196M consensus, and said AI is now about 92% of revenue with a first colocation deal nearing full delivery. The headline net income of $1.18B came mainly from a non-cash warrant gain, so the EPS figure is not a clean read of operations. The company also confirmed it will exit Bitcoin self-mining by year-end to become a pure-play AI data center provider. The stock fell from a $15.00 high on Oct 28 to an $11.38 low on Nov 5, the day of results, on heavy volume of 34.2M shares. It has since rebounded about 15% to $13.13 on Nov 10, though volume has eased back toward normal levels. Analysts still rate the stock Buy or Outperform, but targets were cut repeatedly from Oct 30 to Nov 9 (Macquarie to $25 from $38, B. Riley to $27 from $31, Needham to $28), and Keefe Bruyette trimmed its target as well. Those targets imply roughly 90-113% upside from $13.13, but the cuts show that expectations for the AI pivot have been reset lower. Reported interest from Third Point is a supportive signal but adds little hard data. Overall the evidence leans constructively on the strategic direction while near-term price action is still unsettled.
News behind the analysis
- Billionaire Investor Took a Core Scientific Stake Before Its AI PivotDan Loeb's Third Point reportedly acquired 54,000 Core Scientific shares as the company accelerates its AI data center transformation.
- B. Riley Adjusts Price Target on Core Scientific to $27 From $31B. Riley lowered its Core Scientific price target from $31 to $27 while keeping a Buy rating.
- Macquarie Cuts Price Target on Core Scientific to $25 From $38Macquarie cut its Core Scientific price target sharply to $25 from $38 but kept an Outperform rating.
- Needham Maintains Buy on Core Scientific, Lowers Price Target to $28Needham kept its Buy rating on Core Scientific and lowered its price target to $28.
- Core Scientific to Exit Bitcoin Mining by Year-End and Become a Pure-Play AI Data Center ProviderCore Scientific plans to abandon Bitcoin mining entirely by year-end and reposition itself as a pure-play AI data center provider.
- Core Scientific Reports Q3 2026 Financial Results and Strategic Pivot to ColocationQ3 2026 revenue was $232.9M and net income $1.18B, largely from a non-cash warrant gain. The company confirmed its plan to exit self-mining by end-2026 to focus on high-density colocation.
- Core Scientific Q3 EPS $0.47 May Not Be Comparable To $(0.06) Estimate, Sales $232.866M Beat $194.504M EstimateReported EPS of $0.47 versus a $(0.06) estimate, with the company cautioning the figure may not be comparable. Sales of $232.9M beat the $194.5M consensus.
- Core Scientific Reports Q3 2026 Financial ResultsThird-quarter 2026 revenue of $232.9M exceeded analyst expectations of $196.4M.
- Keefe Bruyette Adjusts Price Targets for Core Scientific and Other AI Infrastructure MinersKeefe Bruyette trimmed price targets across several Bitcoin miners, Core Scientific included, in a sector-wide valuation reset for companies pivoting to AI hosting.
- B. Riley Adjusts Core Scientific Price Target to $31 From $42B. Riley cut its Core Scientific price target to $31 from $42 while maintaining a Buy rating.
About Core Scientific, Inc. Common Stock
Core Scientific is a Texas-based operator of large, power-heavy data centers in the US. It started out as one of the biggest bitcoin miners and is now turning its sites into high-density colocation space for AI and high-performance computing customers. It recently signed a long-term deal with AMD and has a pipeline of roughly 4.5 GW of planned power capacity.
How it makes money
Its main business is now colocation. Customers such as CoreWeave and AMD sign long-term contracts and pay for power-ready data-center space to run AI computing. In Q2 2026 this brought in about $137 million, from roughly 437 MW of capacity it was billing for. The company also still earns revenue by mining bitcoin for itself, but that share is shrinking. It has taken on significant debt, including $3.3 billion of 7.75% notes, to pay for building out its sites, and it has been reporting losses.
What usually moves CORZ
- AI data-center demand and new colocation contracts
- Speed of bringing new capacity online and its build costs
- Financing costs and debt levels
- Bitcoin price and mining economics
- Customer concentration (e.g., CoreWeave, AMD)