Core Scientific upgraded on its uncontracted power capacity |

Published: Thursday, October 23, 2025 · 4:04 PM | Updated: Thursday, October 23, 2025 · 4:04 PM

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Investing.com –Roth MKM upgraded Core Scientific to Buy saying it now expects the data center operator’s merger with CoreWeave to be rejected without renegotiation and sees.
There is growing shareholder opposition against deal and CoreWeave’s insistence that its offer was “best and final” have made the deal unlikely to close.
Proxy advisers Glass Lewis and ISS have also recommended against it.

Investing.com –Roth MKM upgraded Core Scientific to Buy saying it now expects the data center operator’s merger with CoreWeave to be rejected without renegotiation and sees value in its uncontracted power capacity.

Roth lifted its price target to $23.50 from $17.

There is growing shareholder opposition against deal and CoreWeave’s insistence that its offer was “best and final” have made the deal unlikely to close.

Proxy advisers Glass Lewis and ISS have also recommended against it. The firms are set to hold a shareholder vote on Oct. 30.

Roth said Core Scientific is well-positioned as a standalone company, leasing its power pipeline for high-performance computing (HPC) projects while maintaining exposure to Bitcoin mining.

It valued the company on the net present value of its 590 megawatt lease with CoreWeave, about 700 MW of uncontracted power, and roughly 520 MW dedicated to Bitcoin mining, which could reach 35 exahash per second by the end of 2026.

The analysts said those assets together imply a value of roughly $5.6 per watt, or a market capitalization of about $12.9 billion, equating to $22 a share.

Using comparable transactions, including BlackRock’s pending purchase of Aligned Data Centers at about $8 million per megawatt, Roth said Core Scientific’s pipeline could be worth as much as $24.50 a share.

It blended those estimates to reach a $23.50 target price. The firm said it remains bullish on Core Scientific’s standalone outlook given its scale and data center assets, though risks include Bitcoin price swings, financing needs and execution delays.

Core Scientific upgraded on its uncontracted power capacity

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