IREN vs CORZ Stock Comparison: AI Score, Valuation, Performance and Upside
IREN and Core Scientific are both evaluated as bitcoin-mining-derived infrastructure companies pivoting toward AI data center hosting, with investors weighing the pace and contract quality of each company's AI conversion. Core Scientific's situation is complicated by shareholders having voted down its proposed acquisition by CoreWeave in late 2025, leaving it to pursue a standalone AI hosting strategy. The choice depends on an investor's view of each company's execution track record and strategic clarity following that outcome.
This comparison suits investors evaluating two former crypto-mining infrastructure companies now competing for AI hosting contracts, where deal uncertainty at Core Scientific versus contracted growth visibility at IREN is a key differentiator.
CORZ holds the edge across 3 of 5 key metrics in this comparison. IREN has delivered stronger 1-year price return (+53.86% vs +15.05%), though CORZ has the better forward P/E setup (117.93x vs -35.33x for IREN). CORZ leads on both revenue growth (108.80%) and operating margin (6.87%), suggesting a stronger fundamental setup on both dimensions. Analyst consensus implies similar upside for both: +126.20% for IREN and +124.86% for CORZ.
- Want exposure to AI Cloud revenue backed by large contracted capacity
- Value a strategic infrastructure partnership with NVIDIA
- Prefer clearer strategic direction over M&A uncertainty
- Can tolerate volatility tied to its bitcoin mining legacy
- Believe Core Scientific is undervalued as a standalone AI hosting company
- Want exposure to large-scale data center conversion from mining to AI use
- Can tolerate strategic uncertainty following the failed CoreWeave deal
- Are comfortable with a company that emerged from bankruptcy
| Metric | IREN | CORZ |
|---|---|---|
| AI score | 34.4 | 46.3 |
| AI rank | #1714 | #639 |
| Latest close | $35.45 | $16.51 |
| 1M return | +20.95% | -8.89% |
| 6M return | -19.87% | -8.18% |
| 1Y return | +53.86% | +15.05% |
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | IREN | CORZ |
|---|---|---|
| 1Y ago | $15.39K (+53.9%) started 2025-08-28 | $11.51K (+15.1%) started 2025-08-28 |
| 5Y ago | $14.5K (+45.0%) started 2021-11-17 | $47.99K (+379.9%) started 2024-01-24 |
| 10Y ago | $14.5K (+45.0%) started 2021-11-17 | $47.99K (+379.9%) started 2024-01-24 |
Hypothetical — past performance does not guarantee future results.
| Metric | IREN | CORZ |
|---|---|---|
| Market cap | $12.67B | $5.31B |
| Trailing P/E | N/A | N/A |
| Forward P/E | -35.33 | 117.93 |
| Price/Sales | 17.92 | 12.05 |
| EV/Revenue | N/A | 18.04 |
| Analyst target | $80.19 | $37.13 |
| Target upside | +126.20% | +124.86% |
| Metric | IREN | CORZ |
|---|---|---|
| Revenue growth | -24.00% | 108.80% |
| Earnings growth | N/A | N/A |
| EPS growth | N/A | N/A |
| FCF margin | -599.42% | +105.57% |
| Operating margin | -105.61% | 6.87% |
| Profit margin | -99.38% | 0.00% |
| ROIC proxy | -23.41% | N/A |
| Return on equity | -23.41% | N/A |
| Dividend yield | 0.00% | 0.00% |
| Beta | 4.29 | 5.59 |
| Debt/equity | 187.30 | N/A |
| Current ratio | 3.55 | 0.89 |
| Quick ratio | 2.75 | 0.65 |
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | IREN | CORZ |
|---|---|---|---|
| 1Y | Growth | +53.86% | +15.05% |
| CAGR | +53.91% | +15.06% | |
| Sharpe ratio | 0.90 | 0.49 | |
| Max drawdown | 61.64% | 43.38% | |
| Max daily drop | 17.37% | 12.65% | |
| Max wkly drop | 33.51% | 26.37% | |
| 5Y | Growth | +44.99% | +379.94% |
| CAGR | +8.09% | +83.12% | |
| Sharpe ratio | 0.60 | 1.08 | |
| Max drawdown | 95.73% | 64.95% | |
| Max daily drop | 36.45% | 29.41% | |
| Max wkly drop | 42.49% | 30.50% | |
| 10Y | Growth | +44.99% | +379.94% |
| CAGR | +8.09% | +83.12% | |
| Sharpe ratio | 0.60 | 1.08 | |
| Max drawdown | 95.73% | 64.95% | |
| Max daily drop | 36.45% | 29.41% | |
| Max wkly drop | 42.49% | 30.50% |
| Category | IREN | CORZ |
|---|---|---|
| Company | IREN Limited | Core Scientific, Inc. |
| Sector | Technology / Data Center Infrastructure | Technology / Data Center Infrastructure |
| Industry | N/A | N/A |
| Core business | IREN operates renewable-powered data centers that have pivoted from bitcoin mining toward AI cloud compute, offering GPU capacity under multi-year contracts. | Core Scientific operates large-scale data centers originally built for bitcoin mining that it is converting to host high-performance computing and AI workloads under hosting contracts. |
| Investor focus | Investors watch AI Cloud revenue growth, contracted capacity buildout, and execution on large infrastructure partnerships such as its NVIDIA agreement. | Investors watch progress converting mining capacity to AI hosting contracts, the aftermath of its terminated CoreWeave acquisition, and its standalone capital allocation strategy. |
- Rapidly scaling AI Cloud revenue with billions in contracted capacity
- Large strategic infrastructure partnership with NVIDIA for GPU deployment
- Access to low-cost renewable power supporting favorable data center economics
- Large existing power and data center footprint suitable for AI hosting conversion
- Established hosting relationships with AI infrastructure customers
- Emerged from bankruptcy with a cleaner balance sheet than in prior years
- Still transitioning from a bitcoin mining legacy with related impairment charges
- Heavy capital spending required to build out contracted AI capacity
- Execution risk in scaling power and infrastructure delivery on schedule
- Shareholders rejected its proposed acquisition by CoreWeave, adding strategic uncertainty
- Ongoing capital needs to convert mining infrastructure for AI hosting use
- Volatility tied to both bitcoin mining economics and AI infrastructure sentiment
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