Share this article
Core Scientific Upgraded to Outperform Following Failed CoreWeave Merger: Macquarie
The bitcoin miner turned AI infrastructure play has more than 50% upside, said the bank.
Oct 31, 2025, 2:32 p.m.
Make us preferred on Google
What to know:
- Macquarie upgraded Core Scientific to outperform from neutral and hiked its price target on the stock to $34 after the collapse of the CoreWeave merger.
- The deal failing was seen as a positive outcome as it gives Core Scientific more flexibility to lease its near-term power capacity to AI tenants, the report said.
- Jefferies said the the signing of a new tenant would be a key milestone for diversifying revenue and reducing dependence on CoreWeave.
Investment bank Macquarie upgraded Core Scientific (CORZ) to outperform from neutral and hiked its price target on the stock nearly 90% to $34 from $18 following the collapse of the CoreWeave (CRWV) deal.
The failed merger between Core Scientific and CoreWeave came as no surprise after reports and proxy recommendations pointed to shareholder opposition, analysts Paul Golding and Marni Lysaght wrote in the report on Thursday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The bank's analysts viewed the outcome as a positive, giving Core Scientific more flexibility to lease its near-term power capacity to AI tenants.
Core Scientific shares were 4.5% higher in early trading, around $21.70.
The analysts noted that the bitcoin miner's 1.5 gigawatt (GW) portfolio includes 590 megawatts (MW) leased to CoreWeave and another 1 GW gross, roughly 700 MW billable, under load study.
Management expects to sign at least one new colocation customer by fourth-quarter earnings, a move Macquarie said could accelerate revenue diversification and highlight the company's advantage in high-performance computing buildouts.
Jefferies said Core Scientific is moving forward with renewed focus after shareholders voted down its proposed merger with CoreWeave.
The bank noted that Core Scientific exits the process with 1.5 GW of existing and planned billable power capacity and little capital expenditure tied to the now-defunct deal.
Throughout the merger talks, the miner continued expanding its data center business and is now positioned to sign new tenants and power contracts by the end of the year, analysts led by Jonathan Petersen wrote in the Thursday report.
The signing of a new tenant would be a key milestone for diversifying revenue and reducing dependence on CoreWeave, the report said.
Jefferies has a buy rating on Core Scientific shares with a $28 price target.
Read more: Core Scientific Holders Poised to Reject CoreWeave Merger, Jefferies Says
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
XRP drops 4% as traders watch whether $1.88 support holds
Price stabilizes near recent lows after a volatile pullback from above $2.
What to know:
- XRP slipped nearly 4% as bitcoin fell below $88,000, with price action driven more by market structure and positioning than by changes to Ripple’s fundamentals.
- Spot XRP ETFs saw about $40.6 million in weekly outflows, suggesting institutional profit-taking and rotation rather than a loss of confidence in the asset.
- XRP remains range-bound in a tight consolidation between support around $1.88 and resistance near $1.93–$1.95, with fading volume pointing to a larger move once the current stalemate resolves.
Top Stories
