In a research note published Thursday evening, Cantor Fitzgerald Dit Core Scientific (Corz) Could recover more than $ 30 per share in a potential acquisition by Cloud Compute Coreweave, citing both the long -term cash flows of its AI contracts and the replacement value of its data centers.
It would be almost a doubling of the current level just above $ 16.
The note came for hours after The Wall Street Journal Coreweave, an AI Cloud calculation company reported, is once again in advanced talks to acquire Core Scientific, following an action per share of $ 5.75 in 2024.
Corz’s shares jumped 33% to close more than $ 16 Thursday, but Cantor estimates that it still underestimates the company at least 50%.
At the heart of the Bull affair is an infrastructure lease of $ 3.5 billion over 12 years, Core Scientific Scientific signed with Coreweave in 2024 to provide 200 megawatts of AI capacity.
Cantor values the rental flow at $ 24 / Part, using a 15x profit multiple preservative typical for traditional FPIs in the data center. Adding additional $ 11.70 / Sharing for the replacement value of the 570 MW of Corz power infrastructure, and the upward case becomes clear.
BTC – Ai Pivot
But it is not only a question of cantor which maintains that the computing power used to crack the numbers to exploit BTC could be more effective for AI.
Rittenhouse Research, a new company focused on financial technologies and focused on AI, has published a report in May by arguing that the most prosperous cryptography companies do not double Bitcoin. Instead, they rotate to become IA infrastructure providers.
When Galaxy Digital bought the Helios Data Center at the end of 2022, it seemed to be a rescue of a minor in difficulty, but it turned out to be an active strategic AI because the demand for space from the Data Center has jumped with the rise of Chatgpt and LLMS, said Rittenhouse.
“The infrastructure used to exploit digital gold is better used to treat AI algorithms,” wrote Rittenhouse at the time.
At the heart of the argument is the belief that AI generates stable and long -term cash flows, unlike the mining of the BTC, which is subject to net revenues every four years due to the hacks and strongly depends on the volatile price cycles of Bitcoin.
The future profitability of the mining of the BTC, noted Rittenhouse, also depends on the possibility of designing tokens which are much more effective in each cycle to take into account the linen, an increasingly difficult task because the gains of the narrowing of silicon begin to set.
But all BTC pivots do not succeed
While Cantor, and the large -scale market, affectionately examines the possible pivot of Core Scientific, all the pivots of the mining of the BTC did not go well.
As Coindesk recently reported it, Bit Digital throws its Bitcoin platforms to go all-in on Ethereum, and the market lowered its 15% stock during the Thursday negotiation session in New York.
Canaan, hoping once diversifying in AI equipment, has now closed its chip unit entirely after failing to gain ground. Its stock is down almost 75% in the last six months and has closed 63 cents on Thursday.
But Core Scientific may have found the way in the middle, taking advantage of its mining footprint to exploit a boom from AI infrastructure of more than $ 100 billion.
If Cantor’s thesis is correct, Coreweave’s second offer for Corz could be very different from the one they made last year, and this could mark a new plan for the rest of the sector.
Neither Coreweave nor Core Scientific publicly commented on the issue.
