what's Core Scientific, Inc.?
Core Scientific is a leading provider of blockchain data centers and high-performance computing (HPC) infrastructure, primarily known for large-scale Bitcoin mining operations across facilities in the United States. The company operates extensive mining capacity with a focus on efficient, scalable infrastructure powered by renewable energy sources where possible. It has expanded into AI and HPC colocation services, repurposing mining sites for GPU-intensive workloads to support growing demand in compute-heavy applications.
CORZ failed CoreWeave contract build on time; stock sell-off and coordination issues occurred.
Entered into a material definitive agreement with activist investor Two Seas to nominate 3 board members by 2027 in consultation with Two Seas.
Chairman Jordan Levy will not stand for re-election to the board.
CORZ fails to build on time for CoreWeave contract, triggering stock sell-off and facing coordination headaches across multiple campuses.
Management meets with debt investors in NYC to discuss financing for the CoreWeave contract.
CoreWeave continues commercial partnership despite failed acquisition deal. Management expects at least one new colocation customer by Q4 earnings.
The CoreWeave acquisition proposal fails to receive requisite shareholder votes, stock trades up.
Shareholders rejected the annual say-on-pay proposal; the board consists of five members all appointed post-bankruptcy.
An investor sold CRWV shares at $123+ earlier this week and added to CORZ position, viewing it as a laggard.
Second major proxy advisor Glass Lewis joins ISS in recommending vote against the CRWV acquisition proposal.
Proxy advisor ISS recommends investors vote against the acquisition deal, with stock trading up 3%.
Vest platform launches CORZ perpetual futures trading.
Price hits 52-week high.
Lucid Capital initiates coverage with BUY rating and expects CORZ/CRWV deal will not close on 10/31 deadline without a considerably higher revised bid from CRWV.
CRWV seeks to acquire company; has option to expand power capacity by additional 200MW by September.
Jefferies sets $16-23 acquisition price target with significant upside potential based on industry M&A comparable multiples of 28x EV/EBITDA.
Institutional investor 'Situational Awareness' holds position in asset alongside other crypto investments per 13F filing.
Strategic shift to AI computing leads to first market share loss in 6 months as mining operations slow down.