Key Takeaways
- CoreWeave stock jumped 24.7% on Nov. 11 after third-quarter revenue rose to $3.66 billion and 2026 guidance went up.
- All of Core Scientific’s colocation revenue still comes from CoreWeave, under take-or-pay contracts worth about $10.2 billion.
- CoreWeave expects about $9 billion in prepayments over the next three months, making its rent safer.
- Core Scientific’s own risk is building on time, with total debt roughly quadrupled since December.
CoreWeave (CRWV) stock jumped 24.7% on Nov. 11 after a third quarter that beat its own guidance, and AI data center landlords rallied with it.
None has more riding on CoreWeave than Core Scientific (CORZ), which closed up about 11% at $14.57. All of its colocation revenue comes from CoreWeave, so the tenant’s credit is, in effect, Core Scientific’s.
A Blowout Quarter, With Cash Attached
CoreWeave’s revenue rose to $3.66 billion from $1.36 billion a year earlier, its backlog reached about $132.5 billion, and full-year revenue guidance rose to $13.0 billion to $13.3 billion.
For a landlord, the key line came from CEO Michael Intrator on the third-quarter call: “In the next three months alone, we will collect approximately $9 billion in prepayments and deposits from signed customer contracts.”
One Tenant, $10.2 Billion of Rent
Core Scientific leases about 590 MW to CoreWeave under take-or-pay contracts, mostly 12 years long, worth $10.2 billion, or about $850 million a year of GAAP revenue on average. Cash runs lower at first: construction credits offset up to half of monthly fees until repaid.
Third-quarter colocation revenue rose nearly 60% sequentially to $215.4 million, more than 90% of total revenue. The 485 MW billing at Sept. 30 represents over $700 million a year of GAAP revenue, the third-quarter release said.
Analysts expect more:
Consensus sits at $1.26 billion for 2027 and $1.95 billion for 2028, from $319 million in 2025. That consensus includes power costs passed through to the tenant ($57.6 million last quarter), so CoreWeave’s average isn’t a clean floor. The 2028 jump lines up with the 530 MW AMD and neocloud contract, which isn’t producing revenue yet, per the 10-Q.
Take-or-Pay Is Only as Good as the Tenant
On paper, the quarter doesn’t change the rent. It changes the odds CoreWeave can pay: its $846 million of interest expense was still more than twice its adjusted operating income.
Cash from operations has been rising, but capex has run far larger:
Operating cash flow totaled $7.2 billion over four quarters. The $9 billion due in the next three months beats that, and Intrator said contract cash has already paid down more than $4 billion of debt.
TIKR Tracks 22 Analysts on Core Scientific. How Many Say “Buy”?
See the full breakdown of Buy, Hold, and Sell ratings on Core Scientific, along with Wall Street’s revenue and earnings estimates, all in one place. More than 500,000 investors use TIKR to research stocks like this one. See Core Scientific’s Analyst Ratings
Now It’s on Core Scientific to Build
The other risk is Core Scientific’s own. “We are nearing full delivery under our first colocation agreement while construction under our second is underway across five campuses,” CEO Adam Sullivan said in the release.
It hasn’t been cheap:
Most of the jump is $3.3 billion of 7.75% senior secured notes sold this spring, which funded a debt service reserve and repaid a $1 billion term loan.
The Bottom Line on Core Scientific Stock
I think CoreWeave’s quarter eased Core Scientific’s biggest outside risk: whether its tenant can keep paying. Shareholders chose that exposure when they voted down CoreWeave’s roughly $9 billion offer on Oct. 30, 2025, and big funds have taken opposite sides of the stock since. What Core Scientific controls is the build: the last 105 MW for CoreWeave, then the AMD sites.
So What Is Core Scientific Stock Actually Worth?
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