Core Scientific, Inc.

AI-generated fair value estimate for this company.

Method: 10-year contracted-capacity revenue-ramp valuation rather than a trailing-FCF DCF: revenue ramps from $676M (FY2026 consensus) to a $2.5B normalized run-rate by year 5 as CoreWeave-contracted AI/HPC hosting capacity reaches full utilization, with FCF margin improving from -25% (construction-phase capex) to a steady-state 25% by year 5, then 4% revenue growth years 6-10; 12% discount rate reflecting heavy leverage (~$4.4B total debt after the May 2026 $3.3B note issuance) and customer concentration; 3% terminal growth; net debt ~$2.64B; 321.3M diluted shares.

Reasoning: Core Scientific's trailing financials are not representative of steady-state economics because the company is mid-way through a debt-funded, multi-billion-dollar AI data-center build-out for its anchor customer CoreWeave following its 2024 bankruptcy emergence; valuing off a normalized, fully-utilized capacity run-rate is more appropriate than trailing FCF, though unusually high leverage and counterparty concentration keep the resulting value well below both the current share price and bullish sell-side targets.