According to CoinDesk, B Riley has upgraded Core Scientific to a buy rating from neutral and increased its price target to $13 from $0.50. The report highlights Core Scientific as a future leader in high-performance computing (HPC) hosting, citing lucrative deals with CoreWeave and the company's experienced management in operating enterprise data centers.

The Dover, Delaware-based bitcoin miner has been recognized for its potential to achieve economies of scope through its agreement with CoreWeave. B Riley's research report notes that Core Scientific's shares were trading 1.5% lower at $11.53 at the time of publication. The broker updated its estimates for Core Scientific to reflect the CoreWeave deal and potential future HPC agreements, valuing the already announced agreements, excluding the Austin contract, at $2.3 billion for the committed 270 megawatts (MW). This valuation does not include possible extension options for both contracts.

Analysts Lucas Pipes and Nick Giles emphasized the importance of economies of scope for digital miners, noting that with 1.23 million bitcoin left to be mined, the industry's size, excluding transaction fees, is around $80 billion at current BTC prices. The report also mentioned that Core Scientific has exceeded expectations with the structure of its AI deal, as CoreWeave will fund all capital costs arising from HPC upgrades.