Core Scientific (CORZ) bullish case could change following Muskogee’s massive AI infrastructure expansion plans

• Core Scientific recently announced a multi-tiered plan to expand its Muskogee, Oklahoma, campus to approximately 1.5 GW of total power (including approximately 1.0 GW of leasable capacity), supported by an acquisition agreement with Polaris DS LLC and a 440 MW energy agreement with Oklahoma Gas & Electric.
• These moves, along with increasing colocation revenue and expanding ambitions in AI infrastructure, highlight how Core Scientific is restructuring its business around high-performance computing rather than traditional Bitcoin mining.
• Next, we consider how the Muskogee expansion and Polaris DS acquisition could impact Core Scientific’s investment story as it evolves around AI infrastructure.

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Core science investment story summary

To own Core Scientific, you need to believe that despite its current losses and large capital needs, its transition from Bitcoin mining to high-performance computing can ultimately support healthier profits. Muskogee’s expansion and acquisition of Polaris DS directly touch on a key near-term catalyst of expanding AI hosting capabilities, while also amplifying the biggest risks around execution, cost discipline, and utilization of large new power contracts.

In that context, the Q1 2026 update for Muskogee, including the near-term delivery of a 70 MW NVIDIA GB300 building and broader 1.5 GW campus plans, goes hand in hand with this latest Muskogee and Polaris DS news. Together, these indicate how quickly Core Scientific is looking to scale its AI-enabled infrastructure, which could either support a CoreWeave-led growth story or increase focus and balance sheet pressure if implementation is slower than expected.

But behind the growth story, investors also need to understand the risks that large, long-term power contracts can burden…

Read the full story on Core Scientific (it’s free!)

The Core Scientific story projects revenue of $1.4 billion and revenue of $439.9 million by 2029.

We reveal how Core Scientific’s projections yield a fair value of $26.40, which is 5% above the current price.

explore other perspectives

Some of the analysts with the lowest forecasts are already cautious, assuming that revenue could rise to around US$1.3b on revenues of just US$33.7m, and they’re focused on how heavy capital requirements and reliance on major power trades will weigh on earnings, so if you’re considering Muskogee’s expansion this time around, it’s worth seeing how your view compares to those more pessimistic forecasts.

Check out 3 other fair value estimates for Core Scientific – find out why the stock is worth 44% more than its current price.

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

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