Infrastructure

拒绝90亿美元收购要约后，Core Scientific两个季度净亏15亿美元

投票否决CoreWeave 90亿美元全股票收购要约的股东，已为这个决定付出了两个季度的代价：15亿美元净亏损，借款翻倍至44亿美元；与此同时，AMD用15年期租约锁定529兆瓦电力。至于剩下的产能怎么卖，要从一位新任首席商务官说起。

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Vincent JiangVincent Jiang · 3 min read
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仓库大厅内一排排比特币矿机，绿色指示灯亮起
1 / 7Slide 1 of 7
由工业厂房改造的大厅里，矿机一排排陈列。Core Scientific的园区原为比特币挖矿而建，如今正改造成AI托管设施。摄影：Marko Ahtisaari / Flickr

Core Scientific于9月25日任命Jay Elms为首席商务官，请来这位CyrusOne前全球销售负责人只为办一件事：把一桩被拒绝的收购，变成实实在在的付费客户1。公司自2025年10月30日起维持独立，当天股东否决了CoreWeave的收购要约，代理投票顾问机构ISS和Glass Lewis均支持否决，连CoreWeave自家首席执行官的劝说都未能奏效23。

7月的租约，回应10月的投票

这笔被拒绝的要约价值约90亿美元，宣布时合每股20.40美元，CoreWeave首席执行官Michael Intrator曾称之为"迄今为止最好的选择"42。答案在2026年7月28日落地：AMD在得克萨斯州、俄克拉何马州、亚拉巴马州和佐治亚州的五个园区签下15年期租约，529兆瓦电力对应逾140亿美元的合同基础收入567。已出租电力由此几乎翻倍，达到1.1吉瓦4。

细看条款，规模缩水。AMD直接租下的只有377兆瓦，另外152兆瓦由一家获AMD信贷支持的"新云"（neocloud）企业接手，另有1925兆瓦还停留在预留权上，将于2028年12月到期45。在新机房建成之前，被拒绝的求购方仍主宰着订单簿：CoreWeave租用590兆瓦，贡献了上半年收入的77%4。

晴空下，一座变电站正为一栋大型数据中心建筑供电
一座变电站为数据中心园区供电。Core Scientific与AMD的15年期租约以529兆瓦电力为基础，今年8月公司还斥资4.21亿美元买断了俄克拉何马州的电力安排。摄影：Visitor7 · Visitor7

说"不"的代价，落在了股权上

独立的账单，分期而至。尽管托管收入已从上年同期的860万美元攀升至7750万美元，2026年第一季度仍亏损3.472亿美元，其中2.665亿美元为非现金减值 8。第二季度在1.64亿美元营收的基础上，亏损11.6亿美元 9。

建设，靠的是资产负债表。借款到6月已达44亿美元，其中33亿美元为票面利率7.75%的票据；8月又新增6亿美元信贷，并斥资4.21亿美元买断俄克拉何马州的电力安排 468。单季资本开支达7.96亿美元；而在已承诺投入建设的10亿美元中，预计仅有2.64亿美元将转由客户承担 94。

资本开支自2025年年中起反超营收，如今已达营收的五倍

  • 资本开支
  • 营收
$0B$0.2B$0.4B$0.6B$0.8B2024Q32024Q42025Q12025Q22025Q32025Q42026Q12026Q2$0.8B股东投票选择独立
Data
资本开支营收
2024Q3$0.03B$0.1B
2024Q4$0.03B$0.1B
2025Q1$0.08B$0.08B
2025Q2$0.12B$0.08B
2025Q3$0.24B$0.08B
2025Q4$0.28B$0.08B
2026Q1$0.39B$0.12B
2026Q2$0.8B$0.16B
Core Scientific季度资本开支与总营收（单位：十亿美元），2024年第三季度至2026年第二季度。资料来源：Core Scientific提交美国证券交易委员会（SEC）的文件，经Sharadar整理 [9]9

独立仅两个季度，累计净亏损已达15亿美元

-$1.5B-$1B-$0.5B$0B$0.5B2025Q32025Q42026Q12026Q2-$1.16B股东投票选择独立
Data
净利润
2025Q3-$0.14B
2025Q4$0.22B
2026Q1-$0.35B
2026Q2-$1.16B
Core Scientific季度净利润（单位：十亿美元），2025年第三季度至2026年第二季度。独立后的头两个季度合计亏损15亿美元。资料来源：Core Scientific提交SEC的文件，经Sharadar整理 [9]9

建设速度跑赢经营现金流，借款两个季度翻番

  • 借款
  • 资本开支
$0B$2B$4B$6B2025Q32025Q42026Q12026Q2季度亏损达11.6亿美元峰值
Data
借款资本开支
2025Q3$1.06B$0.24B
2025Q4$1.06B$0.28B
2026Q1$2.06B$0.39B
2026Q2$4.3B$0.8B
季度末借款总额与季度资本开支（单位：十亿美元），2025年第三季度至2026年第二季度。计入图中未显示的8月融资后，借款总额已达44亿美元。资料来源：Core Scientific提交美国证券交易委员会（SEC）的文件，经Sharadar整理 [9]9

看多逻辑照样给风险定价

瑞银9月23日首次覆盖Core Scientific，给出买入评级和24美元目标价，认为有AMD背书的租赁安排分散了租户风险，也打开了通往约3吉瓦容量的路径 10。Compass Point和Canaccord给出的目标价为36美元，Needham为35美元 10。

看多目标价较现价高出7至19美元，也高于被拒要约的价值

  • 股价或目标价
  • Estimate
$0$10$20$30$409月25日收盘价被拒的CoreWeave要约瑞银目标价Needham目标价Compass Point和Canaccord目标价$20.4
Data
股价或目标价
9月25日收盘价$17.34
被拒的CoreWeave要约$20.4
瑞银目标价 (estimate)$24
Needham目标价 (estimate)$35
Compass Point和Canaccord目标价 (estimate)$36
2026年9月25日股价（单位：美元）、CoreWeave被拒要约公布时的价值，以及分析师目标价。目标价为预测值。资料来源：Yahoo Finance / Insider Monkey [4]、Investing.com [10]4,10

作个参照：Digital Realty对外出租3吉瓦容量，企业价值约900亿美元；Core Scientific市值约60亿美元 10。悬而未决的是建设资金由谁来出：此前为CoreWeave所做的改造均由客户出资，AMD园区的项目融资条款则未披露 4。该股9月25日收于17.34美元，低于要约20.40美元的价值 410。

2028年12月，这场押注见分晓

瑞银预计，项目融资和最终承购方（offtaker）的问题数月内就会明朗，管理层则力争在2027年让首批529兆瓦投入运营 104。这正是Elms受聘去推销的窗口期：AMD持有的1925兆瓦预留权将于2028年12月到期，届时AMD要么将其转为租约，要么任由项目储备只卖出一半 45。AMD买下的是电力，Core Scientific的股东买下的则是建设风险。

How this brief was made

01Gathered & sourced380 channels · 2,122 articles▾

Agents swept 380 channels and ingested 2,122 articles, then de-duplicated and ranked them for signal.

02Verified & cross-validated10 claims · 24 data feeds▾

Every one of 10 load-bearing claims was checked against primary sources, with 24 live data feeds reconciling the figures and charts.

  1. 1Core Scientific, Inc., press release, "Core Scientific Appoints Jay Elms as Chief Commercial Officer," 25 September 2026
  2. 2Seeking Alpha News, "CoreWeave CEO calls on Core Scientific shareholders to back acquisition under current terms," 22 October 2025
  3. 3Axios (Dan Primack) on MSN, "Core Scientific, CoreWeave merger fail highlights AI valuation optimism amid bubble talk," 31 October 2025
  4. 4Yahoo Finance / Insider Monkey (Jeff Lewis), "Core Scientific (CORZ) Shareholders Rejected a $9B Sale. Does the AMD Deal Vindicate Them?", 9 August 2026
  5. 5AOL / TheStreet (Opeyemi Babalola), "AMD's Core Scientific deal is bigger than the headline number," 29 July 2026
  6. 6Core Scientific, Inc., investor press-release index, retrieved 28 September 2026
  7. 7Slicast, "AMD AI Infrastructure, September 2026: $14B Core Scientific Deal and $450M LUMI-AI Contract Expand the Challenge to NVIDIA," 21 September 2026
  8. 8CoinMarketCap, "Core Scientific Posts $347.2M Q1 Loss Despite Revenue Growth," May 2026
  9. 9Sharadar quarterly fundamentals, from Core Scientific's SEC filings, retrieved 28 September 2026
  10. 10Investing.com, "UBS initiates Core Scientific stock with buy rating on AMD capacity," 23 September 2026
03Reviewed & edited1 human editor▾

One editor read the draft against the evidence, tuned the framing, and signed off before it shipped.

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