Core Scientific Rated ‘Buy’ by H.C. Wainwright as AI Infrastructure Demand Surges

Core Scientific Upgraded to ‘Buy’ at H.C. Wainwright Amid AI Data Center Expansion
October 28, 2025

Investment bank H.C. Wainwright upgraded Core Scientific (CORZ) from neutral to buy and set a price target of $25, citing strong tailwinds from accelerating demand for AI-focused data center infrastructure.

Shares of the bitcoin miner rose about 1.2% in early trading Tuesday to around $20.10 following the call.

According to H.C. Wainwright, Core Scientific’s established track record in building and operating large-scale facilities for both crypto mining and artificial intelligence workloads gives it a critical advantage in the fast-growing high-performance computing (HPC) market.

The bank’s $25 target is based on projected fiscal 2026 revenue of $424 million, implying a market-cap-to-sales multiple of roughly 19x. Analysts said this premium valuation is justified by the company’s robust growth prospects extending into 2027.

While noting the usual crypto-sector risks—such as hashrate fluctuations, digital asset price swings, and regulatory uncertainty—H.C. Wainwright said Core’s expanding HPC segment provides balance and resilience against volatility in crypto markets.

The upgrade follows recommendations from ISS and Glass Lewis urging shareholders to reject CoreWeave’s proposed acquisition of the company ahead of an October 30 vote. H.C. Wainwright believes this outcome effectively ends the deal, a move it views as positive for Core Scientific’s independence and strategic focus.

“With a $10.2 billion, 12-year hosting agreement with CoreWeave and a proven ability to execute large-scale buildouts, Core Scientific remains one of the best-positioned firms to capitalize on the AI-driven data center expansion,” the analysts wrote.

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