Cantor Fitzgerald’s $30 price target for Core Scientific follows the bitcoin miner’s strategic deal with AI cloud provider CoreWeave, which repurposes mining infrastructure for high-demand GPU compute services. This pivot diversifies revenue beyond volatile bitcoin rewards, tapping into the booming AI training market. Cantor’s analysis values CoreWeave’s $3.5 billion in contracted revenue as a more stable cash flow base than pure-play mining, justifying the premium valuation.
The partnership transforms Core Scientific’s stranded energy assets into AI infrastructure hubs, particularly in low-cost power regions like Texas. By retrofitting mining facilities for dual-use—bitcoin mining during low-power-cost periods and AI compute during peak demand—the company achieves higher asset utilization. This model could set a precedent for the industry as mining profitability faces post-halving pressure.
Cantor’s bullish outlook also reflects CoreWeave’s explosive growth, backed by Nvidia partnerships and surging demand for generative AI services. If successfully executed, the deal positions Core Scientific as a hybrid infrastructure play rather than a pure crypto stock, attracting generalist investors. Execution risks remain, but the strategic shift fundamentally revalues the company’s assets beyond bitcoin exposure.
