The rapid evolution of Core Scientific from bankruptcy to a multi-billion dollar acquisition target illustrates the fundamental shift occurring in energy-intensive computing infrastructure. The company's journey from cryptocurrency mining operations to artificial intelligence data center services demonstrates how electricity access has become the primary value driver in the sector.

Industry analysts point to severe grid constraints limiting data center expansion nationwide, with new construction declining 17.5% year-over-year despite unprecedented demand. The scarcity has created a premium for companies controlling substantial electrical capacity, with major transactions now measured in gigawatts rather than traditional real estate metrics. McKinsey projects data center power demand will reach 80 gigawatts by 2030, requiring $2.8 trillion in infrastructure investment.

Institutional investors are increasingly targeting acquisitions based on power portfolios, with Apollo, Snowhawk, and Nuveen highlighting multi-gigawatt capacity in recent deals. The CoreWeave-Core Scientific merger would create over 2 gigawatts of combined capacity, equivalent to one-third of New York City's average daily consumption. However, shareholder resistance suggests the market has yet to fully price the strategic value of secured electricity access in an increasingly power-constrained environment.