• Core Scientific recently announced a multi-tier plan to expand its Muskogee, Oklahoma campus to about 1.5 GW of gross power, including roughly 1.0 GW of leasable capacity, supported by an agreement to acquire Polaris DS LLC and its 440 MW energy contract with Oklahoma Gas & Electric.
• These moves, alongside stronger colocation revenue and growing AI infrastructure ambitions, highlight how Core Scientific is reshaping its operations around high-performance computing rather than traditional Bitcoin mining.
• Next, we’ll examine how the Muskogee expansion and Polaris DS acquisition could influence Core Scientific’s evolving investment narrative around AI infrastructure.

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Core Scientific Investment Narrative Recap

To own Core Scientific, you need to believe its shift from Bitcoin mining to high-performance computing can eventually support healthier margins, despite current losses and heavy capital needs. The Muskogee expansion and Polaris DS acquisition directly touch the key near term catalyst of ramping AI hosting capacity, while also amplifying the biggest risk around execution, cost discipline and utilization of large new power commitments.

In that context, the Q1 2026 update on Muskogee, including the near term delivery of the 70 MW NVIDIA GB300 building and the broader 1.5 GW campus plan, ties closely to this latest Muskogee and Polaris DS news. Together they frame how quickly Core Scientific is trying to scale AI ready infrastructure, which could either support the CoreWeave driven growth story or magnify concentration and balance sheet pressures if uptake lags expectations.

Yet behind the growth story, investors should also understand the risk that large, long term power contracts could become a burden if...

Core Scientific’s narrative projects $1.4 billion revenue and $439.9 million earnings by 2029.

Uncover how Core Scientific's forecasts yield a $26.40 fair value, a 5% upside to its current price.

Exploring Other Perspectives

Some of the lowest estimate analysts were already cautious, assuming revenue might rise to about US$1.3 billion with only US$33.7 million of earnings, and they focus more on how heavy capital needs and reliance on key power deals could strain returns, so if you are weighing this latest Muskogee expansion it is worth seeing how your view compares with those more pessimistic expectations.

Explore 3 other fair value estimates on Core Scientific - why the stock might be worth as much as 44% more than the current price!

Form Your Own Verdict

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

• A great starting point for your Core Scientific research is our analysis highlighting 1 key reward and 1 important warning sign that could impact your investment decision.
• Our free Core Scientific research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Core Scientific's overall financial health at a glance.

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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.