Core Scientific

ConvictionModerate

Power-monetization / colocation landlord: repurpose energized, interconnect-queued MW originally secured for Bitcoin mining into long-dated (12-year) contracted AI/HPC hosting leases. The economic engine is the spread between contracted, credit-backstopped colo revenue (~$1.4M/MW/yr at ~243MW billing => ~$350M annualized) and the combined power, build-out and debt-service cost. A capital-intensive real-asset landlord whose value is the site's power, not its ASICs; still carries a shrinking, hash-price-linked self-mining tail as a cash-flow hedge being retired.