Core Scientific, a power provider for data centers, saw its stock jump 75.8% in the first half of 2026 as it transitioned from cryptocurrency mining to supplying electricity for AI infrastructure.
After a proposed $8.7 billion（約1.4兆円） merger with CoreWeave fell through, the company is now securing long-term contracts and has raised $3.3 billion（約5300億円） in bonds to expand its power capacity to 4.5 gigawatts.
While the shift positions Core Scientific to capture growth from AI data center buildout, the stock's current $7 billion（約1.1兆円） valuation appears stretched relative to its $355 million（約570億円） annual revenue and $471 million（約750億円） free cash flow burn over the last twelve months.
What happened
Core Scientific shares rose 75.8% in the first half of 2026, according to S&P Global Market Intelligence data. The power provider for data centers had abandoned its proposed $8.7 billion（約1.4兆円） merger with CoreWeave and is now securing long-term power contracts to fuel AI infrastructure instead of operating as a Bitcoin miner.
Why it matters
Electric power has become a major bottleneck for expanding data center capacity as AI deployment accelerates. Core Scientific's shift from cryptocurrency mining to providing power infrastructure for AI data centers positions it to benefit directly from the ongoing buildout—the company raised $3.3 billion（約5300億円） in bonds and has a pipeline of power capacity of up to 4.5 gigawatts as of last quarter.
What to watch
Core Scientific's revenue grew to $115 million（約180億円） last quarter, driven mainly by colocation data center revenue. However, the stock now trades at a $7 billion（約1.1兆円） market cap while burning $471 million（約750億円） in free cash flow over the last twelve months against $355 million（約570億円） in revenue, suggesting valuation risk if AI data center demand slows or unit economics deteriorate.
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Core Scientific's stock surge reflects a fundamental shift in its business model away from cryptocurrency mining toward providing power infrastructure for AI data centers. The original business of mining Bitcoin required enormous electricity but became unprofitable as cryptocurrency prices declined. The emergence of AI as a major power consumer created a new market for Core Scientific's core competency—securing and delivering large-scale electrical capacity. The failed $8.7 billion（約1.4兆円） merger with CoreWeave, despite its disappointment, has not derailed the company's strategy; instead, Core Scientific is building its position through long-term power contracts that lock in revenue streams independent of any single buyer.
The metrics show momentum but also risk. Revenue of $115 million（約180億円） last quarter represents growth driven by colocation data center services, and the pipeline of 4.5 gigawatts signals substantial future demand. The $3.3 billion（約5300億円） in fresh bond financing gives the company capital to invest in expansion. However, the company's current $7 billion（約1.1兆円） valuation is being applied to a business that is still cash-flow negative (burning $471 million（約750億円） in free cash flow against $355 million（約570億円） in annual revenue), implying that investors are betting almost entirely on future growth and improved unit economics as the AI data center buildout accelerates.
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