CORZ

Growth Opportunities

Catalyst: Expansion of HPC Hosting Capacity (8 MW Tranche & 250 MW–300 MW Capacity Targets)

Certainty: 90% | Timing: First tranche of 8 MW by end of May 2025; overall targets by end of 2025 and capacity expansion through 2027
Impact: Increased billable capacity to serve a broader customer base in high‑performance computing hosting, driving revenue growth and market diversification
Reasoning: The Q1 2025 Earnings Call (Document 4, Published 2025‑05‑07) states that “the first tranche of 8 MW of billable capacity is expected this month” and additional documents (Document 5, Published 2025‑05‑07 and Document 10, Published 2025‑02‑26) reiterate the company’s goal to deliver 250 MW by year‑end 2025 and expand by an additional 300 MW across its sites by the end of 2027.

Catalyst: $1.2 Billion Expansion at the Denton, TX Site

Certainty: 90% | Timing: Expansion is announced with capital commitments now underway; associated revenue impact projected over a 12‑year term
Impact: Enhanced HPC infrastructure capabilities and increased contracted power (~70 MW additional at Denton) to boost long‑term revenue projections
Reasoning: Document 11 (Published 2025‑02‑26) details the $1.2 billion expansion, noting increased contracted power and a significant boost to projected revenue, positioning the company for improved market leadership.

Catalyst: Launch of New HPC Facility in Auburn, Alabama

Certainty: 90% | Timing: Projected near‑term launch with initial capacity of 16 MW, with further expansion anticipated
Impact: Entry into a new geographic market to support AI and enterprise customers, enhancing the company’s nationwide HPC footprint
Reasoning: Document 13 (Published 2025‑02‑19) describes the expansion into Auburn, AL, including initial investment details and capacity projections, making this a clear growth catalyst.

Catalyst: Groundbreaking for 100 MW HPC Data Center in Muskogee, Oklahoma

Certainty: 90% | Timing: Facility expected to be operational by 2026
Impact: Establishment of a major data center that will drive AI computing and technological development locally, contributing to long‑term revenue and job creation
Reasoning: Document 24 (Published 2024‑11‑18) reports the groundbreaking, noting partnership details and projected operational timeline, marking the project as an actionable upcoming milestone.

Catalyst: Exercise of Final Contract Option for an Additional 120 MW with CoreWeave

Certainty: 90% | Timing: Infrastructure modifications to begin in the second half of 2025 with operations anticipated in the second half of 2026
Impact: Enhanced contracting and increased capacity for HPC hosting that will generate substantial cumulative revenue over the term of the new 12‑year contract
Reasoning: Document 28 (Published 2024‑10‑22) announces that CoreWeave’s final option has been exercised, with clear timelines for modifications and expected operational status, underscoring strong execution on expansion plans.

Catalyst: New Contract for an Additional 70 MW HPC Hosting Capacity with CoreWeave

Certainty: 90% | Timing: Site modifications projected to begin in the second half of 2024; operational status anticipated in the second half of 2025
Impact: Further increases the company’s HPC hosting capacity, driving growth through expanded revenue-generating contracts
Reasoning: Document 45 (Published 2024‑06‑25) explains the new contract details and associated revenue projections, making it an actionable catalyst pending the execution of site modifications.

Catalyst: Completion of 100 MW Partially Built Infrastructure at the Pecos, TX Data Center

Certainty: 90% | Timing: Planned completion in the near term as part of ongoing capacity enhancements
Impact: Optimizes existing infrastructure to further boost mining and HPC capabilities, contributing to operational efficiency and future revenue
Reasoning: Document 44 (Published 2024‑07‑05) mentions plans to complete 100 MW of partially built infrastructure at the Pecos site, thus reinforcing ongoing capacity expansion.

Catalyst: Finalizing Contract Discussions for an Additional 118 MW of HPC Capacity

Certainty: 75% | Timing: Expected to be finalized following ongoing discussions in the near future
Impact: Securing this additional capacity would further expand the firm’s digital infrastructure portfolio and contract base
Reasoning: Document 38 (Published 2024‑08‑07) refers to ongoing discussions to contract the remaining 118 MW of infrastructure for HPC hosting, marking it as an actionable, though less certain, future event.

Shareholder Actions and Leadership Changes

Catalyst: Search for a New Independent Director to Fill Board Vacancy

Certainty: 90% | Timing: Ongoing, with the company actively pursuing candidates shortly after the board member’s departure
Impact: Strengthening corporate governance and ensuring continuity in board-level oversight during a period of strategic transition
Reasoning: Document 2 (Published 2025‑05‑13) explicitly notes that the company is searching for a new independent director following Todd Becker’s departure, making this an immediate pending action.

Catalyst: CFO Transition with Appointment of Jim Nygaard as New CFO

Certainty: 90% | Timing: Effective March 17, 2025
Impact: Leadership transition aimed at reinforcing financial strategy and flexibility to support future growth initiatives
Reasoning: Document 8 (Published 2025‑03‑03) details the appointment of Jim Nygaard as the new CFO, with supporting context in Document 31 (Published 2024‑09‑06), confirming the planned leadership change as a near‑term catalyst.

Testing and Development

Catalyst: Integration of Block’s New 3 Nanometer ASIC Chip

Certainty: 90% | Timing: Planned for next year
Impact: Expected to drive miner refresh and hash rate growth, enhancing operational efficiency and competitive advantage in the bitcoin mining segment
Reasoning: Document 40 (Published 2024‑08‑05) states that the company plans to integrate Block’s new 3 nm ASIC chip next year to support miner performance, marking it as an important technological development catalyst.

Catalyst: Delivery of Advanced, AI GPU‑Optimized Infrastructure in H1 2025

Certainty: 90% | Timing: Expected in the first half of 2025
Impact: Provides enhanced infrastructure optimized for AI workloads, positioning the company to capture growth in high‑performance computing and AI applications
Reasoning: Document 29 (Published 2024‑10‑30) indicates that Core Scientific is working on delivering advanced infrastructure optimized for AI GPU workloads in H1 2025, identifying this as a key upcoming development milestone.