Core Scientific (CORZ) 从比特币挖矿转向人工智能/HPC 基础设施，目标是到 2027 财年实现 10 亿美元的 EBITDA

Core Scientific, Inc.（纳斯达克股票代码：CORZ）正在经历重大转型，从主要关注比特币挖矿转向包括人工智能和高性能计算 (AI/HPC) 基础设施在内的更加多元化的业务模式。

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.（纳斯达克股票代码：CORZ）正在经历重大转型，从主要关注比特币挖矿转向包括人工智能和高性能计算 (AI/HPC) 基础设施在内的更加多元化的业务模式。这一战略转变带来了显着的成果，InvestingPro 数据显示，今年迄今的回报率为 352%，当前市值为 43.4 亿美元。这一转变引起了分析师和投资者的关注，因为 Core Scientific 利用其强大的电力基础设施来满足对人工智能计算资源不断增长的需求。

Strategic Shift to AI/HPC

战略转向人工智能/高性能计算

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 采取了一项大胆举措，将 100 兆瓦 (MW) 的电力容量从比特币挖矿重新分配给 AI/HPC 运营。此次重新分配使该公司的 AI/HPC 总容量增加至 800 MW，其中 700 MW 已与私营 AI 基础设施公司 CoreWeave 签订了合同。与 CoreWeave 的合作标志着 Core Scientific 转型过程中的一个重要里程碑，有可能重塑其收入来源和市场地位。

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 合同尤其值得注意，因为预计它将为 Core Scientific 的盈利做出重大贡献。分析师预计，一旦全面投入运营，这笔交易可能会产生超过 6 亿美元的 EBITDA，预计将在 2027 财年实现全面影响。这份长期、高利润的合同为 Core Scientific 提供了稳定的收入基础，可能会减少其面临与加密货币挖矿相关的波动性。

Expansion Plans and Market Opportunities

扩张计划和市场机会

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 的雄心壮志超出了其目前的能力。该公司正在积极探索扩建机会，可增加 700 兆瓦的发电能力。这一扩张战略包括增强现有地点和收购新地点。分析师估计，现有站点的潜在扩建可能会增加 300 兆瓦，每年可能产生 4.3 亿美元的收入和约 3.5 亿美元的 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，该公司已经采取措施确保新地点，包括位于阿拉巴马州的 11 兆瓦数据中心，并可选择扩展和购买。新站点收购可能会增加 400 兆瓦的产能，分析师表示，这可能意味着每年 5.8 亿美元的收入和约 4.6 亿美元的 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.

考虑到当前的市场动态，这些扩张计划尤其重要。美国电网电力稀缺使得 Core Scientific 的资产变得越来越有价值。该公司现有的基础设施和电力供应在快速增长的人工智能/高性能计算领域提供了竞争优势，而能源资源正成为该领域扩张的关键瓶颈。

Financial Performance and Projections

财务业绩和预测

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.

虽然 Core Scientific 继续受益于其比特币挖矿业务，但该公司的财务前景越来越与其 AI/HPC 计划挂钩。 2024 年 10 月，该公司开采了 369 个比特币，销售额约为 2420 万美元。根据InvestingPro的数据，该公司过去12个月的总收入达到5.5768亿美元，流动比率为3.63，显示出强劲的流动性。 InvestingPro 分析表明，该股目前的交易价格高于其公允价值，分析师目标价为每股 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.

想要更深入的见解吗？ InvestingPro 为 CORZ 提供了 14 条额外的投资建议，包括对其财务状况和增长潜力的详细分析。解锁涵盖 1,400 多只顶级股票的综合专业研究报告，以做出更明智的投资决策。然而，焦点正在转向人工智能/高性能计算业务的潜力。

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.

分析师预计 Core Scientific 2024 财年的收入约为 4.922 亿美元，预计 2025 财年将增至 5.229 亿美元。同期 EBITDA 预测分别为 1.445 亿美元和 1.450 亿美元。这些预测反映了公司扩大 AI/HPC 业务规模的过渡期。

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.

市场对 Core Scientific 战略支点的反应总体上是积极的，一些分析师上调了其价格目标。该股近几个月大幅升值，从 2.61 美元的低点升至 14 美元以上。然而，分析师表示，市场尚未完全消化 CoreWeave 合同或更广泛的 AI/HPC 业务（除了最初的合作伙伴关系）的潜力。

Market Position and Competitive Landscape

市场地位和竞争格局

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 的转型使其在加密货币挖矿和 AI/HPC 领域处于独特地位。随着人工智能革命不断加速，该公司在为人工智能工作负载重新利用比特币挖矿基础设施方面的先发优势可能会变得至关重要。 InvestingPro 指标突显了该公司的财务稳定性，债务水平适中，流动资产超过短期债务，使其在这一战略支点上处于有利地位。

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