Core Scientific (NASDAQ: CORZ) is back in the spotlight following reports that CoreWeave (CRWV) is in advanced talks to acquire the company. Analysts at Cantor Fitzgerald estimate that the acquisition could value CORZ shares at over $30, citing operational profitability, infrastructure value, and long-term capital savings for CoreWeave as key catalysts for the deal.

Background: From Strategic Partnership to Takeover Intentions
In mid-2024, CORZ entered into a 12-year agreement with CoreWeave to provide 200MW of AI IT infrastructure. The deal was valued at over $3.5 billion in total, translating to approximately $290 million in annual revenue. Shortly after the contract was signed, CRWV submitted an unsolicited acquisition offer at $5.75 per share, valuing CORZ at around $1 billion in cash.

While the initial offer was non-binding, CRWV has since exercised its full contractual options, indicating a deepening relationship and hinting at broader strategic ambitions.

How Is CORZ Being Valued at $30+?
According to Cantor Fitzgerald, CORZ’s fair value can be assessed through two complementary lenses:

1. Lease-Based Valuation Model:
Assuming a 15x multiple on CORZ’s fully energized profits—considered a conservative figure relative to data center peers—the company could be valued at approximately $10.2 billion in enterprise value, or $9.9 billion in equity value. That equates to around $24 per share.

2. Infrastructure-Based Valuation Model:
Based on an industry-standard cost of $10 million per MW for building data centers, CORZ’s infrastructure alone could be worth $5.7 billion. However, CORZ covers roughly $1.5 million per MW in capital expenditures, which lowers the net capex value to around $4.8 billion—or $11.70 per share—when fully developed.