Core Scientific (CORZ) is back in focus after a series of events underscored its shift from crypto mining toward AI infrastructure, including new long-term hosting contracts, expanded power capacity, and a large Texas facility.

Those AI focused contracts and power expansions sit alongside sharp share price momentum. The stock’s 30 day share price return of 37.11% and year to date share price return of 80.93% have contributed to a 1 year total shareholder return of 130.33% at a current share price of US$28.93.

If Core Scientific’s pivot has caught your eye, it can be useful to see what else is moving in AI infrastructure, starting with 48 AI infrastructure stocks

After that kind of run, with Core Scientific trading near US$28.93 and sitting roughly 11% below one analyst price target of US$32.05, you have to ask: is there still a mispricing here, or is the market already baking in everything AI related?

Most Popular Narrative: 10% Undervalued

Compared to Core Scientific’s last close of $28.93, the most widely followed narrative points to a fair value of about $32.05, framing the recent AI pivot in a very specific way.

The company is expanding HPC infrastructure capacity by reallocating resources from Bitcoin mining, adding new sites, and extending existing ones, expecting to drive future revenue growth as data center needs rise. Core Scientific’s ability to diversify its customer base and reduce reliance on CoreWeave as a primary client could improve margins and provide more stable revenue streams in the long term.

Curious what kind of revenue ramp, margin shift, and long term profit multiple are baked into that fair value story? The key assumptions behind this view rest on rapid top line expansion, a swing from heavy losses to profits, and a valuation framework that leans on future earnings power rather than today’s balance sheet. Want to see exactly how those moving parts are stitched together in the full narrative?

Result: Fair Value of $32.05 (UNDERVALUED)

However, there is still plenty that could upset this picture, including heavy reliance on CoreWeave and ongoing losses tied to the Bitcoin mining footprint.

Another Angle: What The P/S Ratio Is Saying

The fair value story leans on future earnings, but today the stock trades on a P/S ratio of 25.9x, compared with 3.7x for the wider US Software industry and 4.3x for peers, while the fair ratio sits at 7.9x. That is a wide gap. How comfortable are you paying up for this pivot?

Next Steps

With sentiment split between opportunity and concern, this is a moment to move quickly, review the data firsthand, and weigh the 1 key reward and 1 important warning sign.

Looking for more investment ideas?

If Core Scientific has sharpened your interest in AI and infrastructure, do not stop here, the broader market holds plenty of other angles worth your attention.

• Spot potential value plays early by scanning companies that screen as 47 high quality undervalued stocks before the crowd fully wakes up to them.
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• Hunt for lesser known opportunities by combing through the screener containing 22 high quality undiscovered gems that combine strong fundamentals with lower market attention.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.