# Core Scientific, Inc. (CORZ)

> Source: Nexqual · https://nexqual.com/CORZ · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Core Scientific, Inc. (CORZ), nexqual.com/CORZ" · informational, not investment advice.

**Price:** USD 13.2 (-7.37% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 14.25 · day 12.94–14.16 · 52w 12.31–30.46 · market cap $4.24B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $440M, net income -$1.43B (-324.9% margin) (SEC filings).
- 3 of 80 tracked superinvestors hold CORZ (13F, Q2 2026): 2 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 29 Form 4 filings, $6.1M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 3 Form 4 filings, $342K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.95 on a 1–5 scale) (22 analysts), mean target USD 32.62 (range 16–47).
- Total return with dividends: 1Y -26.9% vs S&P 500 +14.9%; 5Y +281.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -0, revenue estimate $194M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $544M | $640M | $502M | $511M | $319M | $440M |
| Gross profit | $239M | $8.4M | $123M | $121M | $37.9M | — |
| Operating income | $131M | -$2.11B | $9.0M | -$142M | -$246M | -$561M |
| Net income | $47.3M | -$2.15B | -$246M | -$1.44B | -$289M | -$1.43B |
| EPS (diluted) | $0.20 | -$6.30 | -$0.65 | -$4.87 | -$0.88 | — |
| Free cash flow | -$56.7M | -$179M | $49.0M | -$52.1M | -$451M | -$958M |
| Gross margin | 43.9% | 1.3% | 24.6% | 23.7% | 11.9% | — |
| Operating margin | 24.2% | -329.5% | 1.8% | -27.8% | -77.0% | -127.4% |
| Net margin | 8.7% | -335.2% | -49.1% | -281.6% | -90.5% | -324.9% |
| Revenue growth | +802.7% | +17.6% | -21.5% | +1.6% | -37.5% | — |
| Cash + short-term investments | $118M | $15.9M | $50.4M | $836M | $311M | — |
| Total debt | $652M | $0K | $684M | $1.07B | $1.06B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 9.6x · FCF yield -22.58% · Earnings yield -33.73%

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold CORZ. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Howard Marks | Oaktree Capital | 3.38% | $128M | Reduced -46.9% |
| Chase Coleman | Tiger Global Management | 0.09% | $20.9M | New position |
| Daniel Loeb | Third Point | 0.03% | $1.4M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
29 of 29 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-19 | Duchene Todd M | See remarks | 10,000 | $139K | 0.5% | Yes (adopted December 5, 2025) | Too little history (no open-market trades in 2023) |
| 2026-10-12 | Duchene Todd M | See remarks | 10,000 | $151K | 0.5% | Yes (adopted December 5, 2025) | Too little history (no open-market trades in 2023) |
| 2026-10-05 | Duchene Todd M | See remarks | 10,000 | $163K | 0.5% | Yes (adopted December 5, 2025) | Too little history (no open-market trades in 2023) |
| 2026-09-28 | Duchene Todd M | See remarks | 10,000 | $168K | 0.5% | Yes (adopted December 5, 2025) | Too little history (no open-market trades in 2023) |
| 2026-09-21 | Duchene Todd M | See remarks | 10,000 | $184K | 0.5% | Yes (adopted December 5, 2025) | Too little history (no open-market trades in 2023) |
| 2026-09-14 | Duchene Todd M | See remarks | 10,000 | $171K | 0.5% | Yes (adopted December 5, 2025) | Too little history (no open-market trades in 2023) |
| 2026-09-08 | Duchene Todd M | See remarks | 10,000 | $187K | 0.5% | Yes (adopted December 5, 2025) | Too little history (no open-market trades in 2023) |
| 2026-08-31 | Duchene Todd M | See remarks | 10,000 | $162K | 0.5% | Yes (adopted December 5, 2025) | Too little history (no open-market trades in 2023) |
| 2026-08-24 | Duchene Todd M | See remarks | 10,000 | $174K | 0.5% | Yes (adopted December 5, 2025) | Too little history (no open-market trades in 2023) |
| 2026-08-17 | Duchene Todd M | See remarks | 10,000 | $201K | 0.5% | Yes (adopted December 5, 2025) | Too little history (no open-market trades in 2023) |
| 2026-08-10 | Duchene Todd M | See remarks | 10,000 | $200K | 0.5% | Yes (adopted December 5, 2025) | Too little history (no open-market trades in 2023) |
| 2026-08-03 | Duchene Todd M | See remarks | 10,000 | $222K | 0.5% | Yes (adopted December 5, 2025) | Too little history (no open-market trades in 2023) |
| 2026-07-27 | Duchene Todd M | See remarks | 10,000 | $209K | 0.5% | Yes (adopted December 5, 2025) | Too little history (no open-market trades in 2023) |
| 2026-07-20 | Duchene Todd M | See remarks | 10,000 | $223K | 0.5% | Yes (adopted December 5, 2025) | Too little history (no open-market trades in 2023) |
| 2026-07-13 | Duchene Todd M | See remarks | 10,000 | $224K | 0.5% | Yes (adopted December 5, 2025) | Too little history (no open-market trades in 2023) |
| 2026-07-06 | Duchene Todd M | See remarks | 10,000 | $226K | 0.5% | Yes (adopted December 5, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-29 | Duchene Todd M | See remarks | 10,000 | $262K | 0.5% | Yes (adopted December 5, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-22 | Duchene Todd M | See remarks | 10,000 | $293K | 0.5% | Yes (adopted December 5, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-15 | Duchene Todd M | See remarks | 10,000 | $282K | 0.5% | Yes (adopted December 5, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-08 | Duchene Todd M | See remarks | 10,000 | $268K | 0.5% | Yes (adopted December 5, 2025) | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
3 purchases, $342K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-15 | Weiss Eric Stanton | Director | 6,000 | $98K | 16.33 | Too little history (no open-market trades in 2023) |
| 2026-08-20 | Crain Elizabeth | Director | 6,000 | $110K | 18.33 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-18 | Weiss Eric Stanton | Director | 7,000 | $134K | 19.19 | Too little history (no open-market trades in 2023) |

## Analysts
Consensus Buy (mean 1.95 on a 1–5 scale), 22 analysts; mean target USD 32.62 (low 16, high 47).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Cantor Fitzgerald | Target lowered | Overweight | $39 → $30 |
| 2026-10-15 | Canaccord Genuity | Maintained | Buy | $36 |
| 2026-10-15 | BTIG | Reiterated | Buy | $38 |
| 2026-10-14 | Cantor Fitzgerald | Reiterated | Overweight | $39 |
| 2026-09-23 | UBS | Initiated | Buy | $24 |
| 2026-09-21 | Rothschild & Co | Initiated | Neutral | $16 |
| 2026-09-17 | Wells Fargo | Initiated | Overweight | $28 |
| 2026-08-03 | B. Riley Securities | Target raised | Buy | $33 → $42 |
| 2026-07-30 | Keefe, Bruyette & Woods | Upgrade | Market Perform → Outperform | $25 → $28 |
| 2026-07-29 | Macquarie | Target raised | Outperform | $35 → $38 |
| 2026-07-29 | Needham | Target raised | Buy | $29 → $35 |
| 2026-07-29 | Canaccord Genuity | Target raised | Buy | $30 → $36 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2024-01-22) |
|---|---|---|
| Total return | -26.9% | +281.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -27.0% | +62.7% |
| Volatility (annualized) | 72.8% | 84.2% |
| Max drawdown | -54.7% (Jun 2026→Oct 2026) | -63.6% (Nov 2024→Apr 2025) |

## Peers (Software - Infrastructure)
PAY (Paymentus Holdings, Inc.) USD 34.07 +3.06% · DLO (DLocal Limited) USD 14.84 -2.05% · BLSH (Bullish) USD 29.19 -1.95% · TENB (Tenable Holdings, Inc.) USD 42 +3.27% · BB (BlackBerry Limited) USD 8.59 -8.71% · RELY (Remitly Global, Inc.) USD 25.32 -0.39%

## More
Full page: https://nexqual.com/CORZ · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CORZ's own 10-K filed 2026-03-02 (https://www.sec.gov/Archives/edgar/data/1839341/000162828026013305/core-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | CoreWeave (CRWV) | "CoreWeave for 200 MW of leased customer power capacity." |
| Partner | Block, Inc. (XYZ) | "we entered into an agreement with Block, Inc. a technology company developing ASICs, to acquire 3 nm ASICs customized for" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Colocation Service | $136.7M | 83.2% | +1194.2% |
| Digital Asset Self Mining Service | $21.5M | 13.1% | -65.5% |
| Digital Asset Hosted Mining Service | $6.0M | 3.7% | +6.3% |
| Total revenue | $164.2M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 13% of revenue from unnamed direct customers (10-Q, filed 2026-07-28).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.00 | $-0.06 | -92.5% | $193.8M | 4 |
| Next quarter (ends 2026-12-31) | $-0.03 | $-0.01 | +479.0% | $205.8M | 4 |
| Current fiscal year (ends 2026-12-31) | $-3.79 | $-1.04 | +264.6% | $675.6M | 3 |
| Next fiscal year (ends 2027-12-31) | $0.16 | $0.30 | -45.1% | $1.15B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±17.3%; earnings reaction alone ±9.4%; last 8 reports averaged ±9.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 92.2% | ±11.0% |
| 2026-11-06 | 14 | 106.6% | ±17.3% |
| 2026-11-13 | 21 | 94.3% | ±18.5% |
| 2026-11-20 | 28 | 91.9% | ±20.7% |
| 2026-11-27 | 35 | 91.4% | ±22.9% |
| 2026-12-04 | 42 | 121.0% | ±33.1% |
| 2026-12-18 | 56 | 84.3% | ±26.6% |
| 2027-01-15 | 84 | 83.6% | ±32.0% |