Core Scientific (CORZ) 從比特幣挖礦轉向人工智慧/HPC 基礎設施，目標是到 2027 財年實現 10 億美元的 EBITDA

Core Scientific, Inc.（NASDAQ：CORZ）正在經歷重大轉型，從主要關注比特幣挖礦轉向包括人工智慧和高效能運算(AI/HPC) 基礎設施在內的更多元化的業務模式。

Core Scientific, Inc. (NASDAQ:CORZ) is undergoing a significant transformation, pivoting from its primary focus on Bitcoin mining to a more diversified business model that includes artificial intelligence and high-performance computing (AI/HPC) infrastructure. This strategic shift has driven remarkable results, with InvestingPro data showing a 352% return year-to-date and a current market capitalization of $4.34 billion. This shift has caught the attention of analysts and investors alike, as Core Scientific leverages its substantial power infrastructure to capitalize on the growing demand for AI computing resources.

Core Scientific, Inc.（NASDAQ：CORZ）正在經歷重大轉型，從主要關注比特幣挖礦轉向包括人工智慧和高效能運算(AI/HPC) 基礎設施在內的更多元化的業務模式。這項策略轉變帶來了顯著的成果，InvestingPro 數據顯示，今年迄今的回報率為 352%，目前市值為 43.4 億美元。這一轉變引起了分析師和投資者的關注，因為 Core Scientific 利用其強大的電力基礎設施來滿足對人工智慧運算資源不斷增長的需求。

Strategic Shift to AI/HPC

策略轉向人工智慧/高效能運算

Core Scientific has made a bold move by reallocating 100 megawatts (MW) of its power capacity from Bitcoin mining to AI/HPC operations. This reallocation has increased the company's total AI/HPC capacity to 800 MW, with 700 MW already contracted to CoreWeave, a private AI infrastructure company. The partnership with CoreWeave marks a significant milestone in Core Scientific's transition, potentially reshaping its revenue streams and market position.

Core Scientific 採取了一項大膽舉措，將 100 兆瓦 (MW) 的電力容量從比特幣挖礦重新分配給 AI/HPC 營運。此次重新分配使該公司的 AI/HPC 總容量增加至 800 MW，其中 700 MW 已與私人 AI 基礎設施公司 CoreWeave 簽訂了合約。與 CoreWeave 的合作標誌著 Core Scientific 轉型過程中的一個重要里程碑，有可能重塑其收入來源和市場地位。

The CoreWeave contract is particularly noteworthy, as it is expected to contribute substantially to Core Scientific's bottom line. Analysts project that once fully operational, this deal could generate over $600 million in EBITDA, with the full impact expected to be realized in fiscal year 2027. This long-term, high-margin contract provides Core Scientific with a stable revenue base, potentially reducing its exposure to the volatility associated with cryptocurrency mining.

CoreWeave 合約尤其值得注意，因為預計它將為 Core Scientific 的盈利做出重大貢獻。分析師預計，一旦全面投入運營，這筆交易可能會產生超過6 億美元的EBITDA，預計將在2027 財年實現全面影響。可能會減少其面臨與加密貨幣挖礦相關的波動性。

Expansion Plans and Market Opportunities

擴張計劃和市場機會

Core Scientific's ambitions extend beyond its current capacity. The company is actively exploring expansion opportunities that could add up to an additional 700 MW of power capacity. This expansion strategy includes both the enhancement of existing sites and the acquisition of new locations. Analysts estimate that potential expansion at existing sites could add 300 MW, potentially generating $430 million in revenue and approximately $350 million in EBITDA annually.

Core Scientific 的雄心壯志超出了其目前的能力。該公司正在積極探索擴建機會，可增加 700 兆瓦的發電能力。這項擴張策略包括增強現有場地和收購新場地。分析師估計，現有站點的潛在擴張可能會增加 300 兆瓦，每年可能產生 4.3 億美元的收入和約 3.5 億美元的 EBITDA。

Furthermore, the company has already made moves to secure new locations, including an 11 MW data center in Alabama with options for expansion and purchase. New site acquisitions could potentially add another 400 MW of capacity, which analysts suggest could translate to $580 million in revenue and roughly $460 million in EBITDA annually.

此外，該公司已採取措施確保新地點，包括位於阿拉巴馬州的 11 兆瓦資料中心，並可選擇擴展和購買。新站點收購可能會增加 400 兆瓦的產能，分析師表示，這可能意味著每年 5.8 億美元的收入和約 4.6 億美元的 EBITDA。

These expansion plans are particularly significant given the current market dynamics. The scarcity of power across the U.S. grid has made Core Scientific's assets increasingly valuable. The company's existing infrastructure and access to power provide a competitive advantage in the rapidly growing AI/HPC sector, where energy resources are becoming a critical bottleneck for expansion.

考慮到當前的市場動態，這些擴張計劃尤其重要。美國電網電力稀缺使得 Core Scientific 的資產變得越來越有價值。該公司現有的基礎設施和電力供應在快速成長的人工智慧/高效能運算領域提供了競爭優勢，而能源資源正成為該領域擴張的關鍵瓶頸。

Financial Performance and Projections

財務業績和預測

While Core Scientific continues to benefit from its Bitcoin mining operations, the company's financial outlook is increasingly tied to its AI/HPC initiatives. In October 2024, the company mined 369 Bitcoin, generating approximately $24.2 million in sales. According to InvestingPro data, the company's total revenue reached $557.68M in the last twelve months, with a healthy current ratio of 3.63, indicating strong liquidity. InvestingPro analysis suggests the stock is currently trading above its Fair Value, with analyst targets ranging from $17 to $26 per share.

雖然 Core Scientific 繼續受益於其比特幣挖礦業務，但該公司的財務前景越來越與其 AI/HPC 計劃掛鉤。 2024 年 10 月，該公司開採了 369 個比特幣，銷售額約 2,420 萬美元。根據InvestingPro的數據，該公司過去12個月的總收入達到5.5768億美元，流動比率為3.63，顯示出強勁的流動性。 InvestingPro 分析表明，該股目前的交易價格高於其公允價值，分析師目標價為每股 17 美元至 26 美元。

Want deeper insights? InvestingPro offers 14 additional investment tips for CORZ, including detailed analysis of its financial health and growth potential. Unlock comprehensive Pro Research Reports covering 1,400+ top stocks to make more informed investment decisions. However, the focus is shifting towards the potential of the AI/HPC business.

想要更深入的見解嗎？ InvestingPro 為 CORZ 提供了 14 項額外的投資建議，包括對其財務狀況和成長潛力的詳細分析。解鎖涵蓋 1,400 多隻頂級股票的綜合專業研究報告，以做出更明智的投資決策。然而，焦點正在轉向人工智慧/高效能運算業務的潛力。

Analysts project that Core Scientific's revenue for the fiscal year 2024 will be around $492.2 million, with an expected increase to $522.9 million in fiscal year 2025. EBITDA projections for the same periods are $144.5 million and $145.0 million, respectively. These projections reflect the transitional period as the company scales its AI/HPC operations.

分析師預計 Core Scientific 2024 會計年度的營收約為 4.922 億美元，預計 2025 財年將增至 5.229 億美元。這些預測反映了公司擴大 AI/HPC 業務規模的過渡期。

The market's reaction to Core Scientific's strategic pivot has been generally positive, with several analysts revising their price targets upward. The stock has seen significant appreciation, moving from lows of $2.61 to trading above $14 in recent months. However, analysts suggest that the market has not fully priced in the potential of the CoreWeave contract or the broader AI/HPC business beyond this initial partnership.

市場對 Core Scientific 策略支點的反應總體上是正面的，一些分析師上調了其價格目標。該股近幾個月大幅升值，從 2.61 美元的低點升至 14 美元以上。然而，分析師表示，市場尚未完全消化 CoreWeave 合約或更廣泛的 AI/HPC 業務（除了最初的合作夥伴關係）的潛力。

Market Position and Competitive Landscape

市場地位與競爭格局

Core Scientific's transition positions it uniquely within both the cryptocurrency mining and AI/HPC sectors. The company's first-mover advantage in repurposing Bitcoin mining infrastructure for AI workloads could prove crucial as the AI revolution continues to accelerate. InvestingPro metrics highlight the company's financial stability with moderate debt levels and liquid assets exceeding short-term obligations, positioning it well for this strategic pivot.

Core Scientific 的轉型使其在加密貨幣挖礦和 AI/HPC 領域處於獨特地位。隨著人工智慧革命不斷加速，該公司在為人工智慧工作負載重新利用比特幣挖礦基礎設施方面的先發優勢可能會變得至關重要。 InvestingPro 指標突顯了該公司的財務穩定性，債務水平適中，流動資產超過短期債務，使其在這一戰略支點上處於有利地位。

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