Core Scientific Inc. Surges After Macquarie Upgrade and Merger Rejection

Core Scientific Inc. (NASDAQ: CORZ), a leading provider of blockchain and artificial‑intelligence infrastructure, experienced a notable uptick in its share price on Friday, October 31, 2025. The rally was driven by a series of events that reshaped market sentiment around the company’s valuation and strategic direction.

1. Macquarie Equity Research Raises Target from $15 to $34

Macquarie Equity Research, a respected analyst house, upgraded Core Scientific from a Hold to a Buy and lifted its price target to $34. The upgrade, announced on Friday’s trading session, followed Core Scientific’s announcement of a new partnership that bolstered the firm’s positioning in the high‑density colocation and digital‑asset mining markets. The analyst’s report emphasized Core Scientific’s strong technology stack and the potential upside in its managed hosting services, leading to a more than 130 % increase in the target valuation. The recommendation was echoed by H.C. Wainwright, who also moved the stock to Buy with a price target of $25, reinforcing bullish sentiment.

2. Shareholders Reject Proposed $9 B Merger with CoreWeave

Earlier in the week, Core Scientific’s shareholders voted against a $9 billion all‑stock merger with CoreWeave (NASDAQ: CRWV). The rejection was a decisive moment, as the merger had been touted as a way to combine Core Scientific’s data‑center capabilities with CoreWeave’s AI‑infrastructure assets. The termination of the merger agreement was announced on October 30, and the news sent a positive shock through the market, as investors perceived it as a signal that Core Scientific would remain focused on its core operations rather than diverting resources toward an integration effort.

3. Surge in Options Activity

The day following the merger vote, Core Scientific saw a 204 % increase in call‑option volume, with investors purchasing 445,716 contracts—up from an average of 146,799 the previous week. The spike suggests growing confidence among traders that the company’s valuation will continue to rise, particularly after the Macquarie upgrade. Unusual options activity often precedes significant price movements, and the data points to heightened speculation that the $34 target is within reach.

4. Market Context and Current Valuation

  • Last close (October 29, 2025): $20.74
  • 52‑week high: $22.12
  • 52‑week low: $6.20
  • Market cap: $6.44 billion
  • Price‑earnings ratio: –8.99 (negative, reflecting the company’s investment‑heavy growth phase)

Given that the current share price sits roughly 41 % below the newly set $34 target, the recent events have created an attractive entry point for long‑term investors who believe in Core Scientific’s growth trajectory.

5. Strategic Outlook

Core Scientific’s focus remains on expanding its high‑density colocation services and digital‑asset mining capabilities. By rejecting the CoreWeave merger, the company signals a preference for organic growth and tighter control over its technology roadmap. The partnership highlighted by Macquarie’s upgrade suggests that Core Scientific is positioning itself to capture a larger share of the blockchain and AI infrastructure market, potentially unlocking new revenue streams in managed hosting and digital‑asset self‑mining.

6. Bottom Line

Core Scientific’s share price rally was propelled by a confluence of positive catalysts: a significant analyst upgrade, the dismissal of a large merger offer that could have diluted management focus, and a sharp increase in options activity reflecting renewed investor confidence. With a price target more than 60 % above the current market level, the company presents a compelling case for investors who are comfortable with its growth‑phase valuation metrics.