Shares of Core Scientific Inc (NASDAQ: CORZ) soared 5.37% on Tuesday, as investors reacted positively to the company's Q3 2024 earnings report and analyst ratings maintaining a bullish outlook on the stock.
Despite facing challenges in its Bitcoin mining operations, including a 62% decrease in Bitcoin earned during the quarter and negative gross margins, Core Scientific's focus on high-performance computing (HPC) hosting appears to have buoyed investor sentiment.
The company successfully contracted all 500 megawatts of critical IT load for HPC hosting, securing significant revenue potential estimated at approximately $8.7 billion over 12 years. Additionally, Core Scientific is actively pursuing additional power allocations at existing sites, potentially adding up to 300 megawatts of critical IT load.
Furthermore, the company's capital structure was strengthened through a $460 million convertible note offering, which refinanced debt and increased cash reserves. New site acquisitions and expansions, including a new data center in Alabama, also contributed to the company's growth prospects.
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