Core Scientific, Inc. (CORZ) saw its stock price soar 10.55% during intraday trading on Wednesday, driven by multiple positive catalysts including a strategic acquisition, an analyst price target increase, and optimistic earnings expectations.

The surge follows the company's announcement that it has agreed to acquire Polaris DS, adding 440 MW of contracted gross power tied to an Oklahoma energy agreement. The acquisition, with a purchase price of $421 million in cash and a potential $40 million increase if certain capacity targets are met, is expected to accelerate the expansion of Core Scientific's Muskogee, Oklahoma campus toward approximately 1.5 gigawatts of gross power. The transaction is targeted to close in the third quarter of 2026.

Additionally, Jefferies raised its price target on Core Scientific from $20 to $24, reflecting a positive reassessment of the company's business prospects. The company also has a 70 MW building for the Nvidia GB300 platform on track for delivery in the second quarter of 2026. Market consensus projects the company's upcoming quarterly revenue to show a 27.73% year-over-year increase, with adjusted earnings per share expected to improve by 36.95%, further bolstering investor confidence.