Core Scientific Stock Surges After New HPC Contract with CoreWeave

Core Scientific Sees Share Surge Amid New Contract with CoreWeave

The stock of bitcoin mining company Core Scientific (CORZ) experienced a remarkable increase, rising as much as 17% on Tuesday. This surge outpaced many other stocks related to cryptocurrency, following the announcement of an extension to its existing high-performance computing (HPC) contract with CoreWeave.

In an official statement, Core Scientific revealed that it has activated an option from a prior agreement to host approximately 112 megawatts (MW) of additional graphics processing units (GPUs) for the “AI Hyperscaler” firm, CoreWeave. The newly established contract is projected to generate an impressive $2 billion in additional revenue, elevating the total revenue forecast to $6.7 billion, beginning in the first half of 2026. Notably, CoreWeave will assume responsibility for all capital expenditures necessary to adapt Core Scientific’s existing mining infrastructure for HPC applications.

Adam Sullivan, CEO of Core Scientific, commented, “We have now contracted with CoreWeave for a total of 382 megawatts of HPC infrastructure, reflecting the robust demand for high-power data center infrastructure and the unique capability of our team to deliver such solutions.”

Core Scientific had previously committed to providing hosting infrastructure for 200MW worth of GPUs for CoreWeave, with the option to expand that capacity further. This recent extension represents a third modification to their original agreement, which had already been expanded by an additional 70MW.

The initial deal brought renewed attention to the mining sector, which has faced significant challenges during the harsh crypto winter and has struggled with low profit margins due to recent halving events. HPC and artificial intelligence (AI) enterprises require energy-intensive data centers, which can be costly and time-consuming to establish. In contrast, bitcoin miners already possess power contracts and infrastructure that can readily accommodate these demands, positioning them as ideal candidates for hosting HPC and AI-related machines without the need to create new facilities or rely on outdated data centers.

Core Scientific is capitalizing on this market opportunity and has indicated that there are options for further extending the contract to include an additional 118MW of machines dedicated to HPC computing. Sullivan added, “The latest contract also validates that our strategy for developing application-specific data centers aligns with the increasing energy density requirements for high-performance computing that legacy data centers do not typically satisfy.”