Core Scientific, Inc. (CORZ)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$440.3M

Revenue growth

26.4%

Gross margin

28.3%

Free cash flow

-$957.7M

Market value

$4.8B

Cash

$1.8B

Debt

$4.3B

Shares outstanding

319.6M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 28 July 2026.

• Revenue rose to $164.2 million. Total revenue was $164.2 million, up from $115.2 million in the first quarter and $78.6 million a year earlier. Colocation revenue was $136.7 million, against $77.5 million in the first quarter.
• Colocation drove most of the increase. Colocation revenue accounted for most of the increase. Digital asset self-mining revenue fell to $21.5 million from $30.1 million in the first quarter, and hosted mining revenue from customers was $6.0 million.
• Net loss widened to $1,155.3 million. Net loss was $1,155.3 million, or $(3.32) per share, against $347.2 million in the first quarter and $936.8 million a year earlier.
• Adjusted EBITDA reached $41.1 million. Adjusted EBITDA was $41.1 million. This release shows first-quarter Adjusted EBITDA as $8.9 million, while the first-quarter release reported $4.4 million.
• Colocation gross margin reached 59%. Colocation gross profit was $80.0 million, with gross margin of 59%, against 57% in the first quarter and 11% a year earlier.
• Self-mining gross loss was smaller. Digital asset self-mining gross loss was $(12.2) million, a margin of (56)%, compared with (57)% in the first quarter. Hosted mining gross profit was $2.2 million at a 37% margin.
• Eleven facilities across seven states. Facilities are in Alabama, Georgia, Kentucky, North Carolina, North Dakota, Oklahoma and Texas, the same site count as the first-quarter release.
• License fees led colocation revenue. License fees were $98.8 million of colocation revenue for the quarter, against $59.2 million in the first quarter.
• Power fees passed through to customers. Power fees passed through to customers were $35.1 million in the quarter, up from $21.1 million in the first quarter.
• Hosted mining revenue eased slightly. Digital asset hosted mining revenue from customers was $6.0 million, against $7.6 million in the first quarter and $5.6 million a year earlier.
• Colocation cost of services rose. Total cost of colocation services was $56.7 million, against $33.6 million in the first quarter, as colocation revenue grew.
• Site startup costs rose to $27.0 million. Colocation organizational and site startup costs were $27.0 million, compared with $8.7 million in the first quarter and $11.7 million a year earlier.
• Selling and administrative costs were $49.4 million. Selling, general and administrative expense was $49.4 million, compared with $45.2 million in the first quarter and $45.3 million a year earlier.
• Consolidated gross margin reached 43%. Consolidated gross margin was 43%, against 26% in the first quarter, after the first-quarter impairment of $266.5 million was not repeated.

Company events

The newest 8-K filings of 167 held.

Every filing

The newest filings with the SEC of 328 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

477 funds held it at 30 Jun 2026: 215 added and 124 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• American Express Co. (AXP): revenue $77.6B, market value $213.5B
• Nu Holdings Ltd. (NU): revenue $15.8B, market value $58.1B
• Strategy Inc. (MSTR): revenue $498.3M, market value $51.2B
• Coinbase Global, Inc. (COIN): revenue $6.3B, market value $42.8B
• Synchrony Financial (SYF): revenue $15.0B, market value $23.4B
• SoFi Technologies, Inc. (SOFI): revenue $4.3B, market value $22.1B
• Circle Internet Group, Inc. (CRCL): revenue $2.9B, market value $22.0B
• Chime Financial, Inc. (CHYM): revenue $2.5B, market value $11.3B
• Iren Ltd. (IREN): revenue $707.0M, market value $10.3B
• Hut 8 Corp. (HUT): revenue $318.0M, market value $8.6B

What the company does

Core Scientific designs, builds and operates purpose-built data centers that provide high-density colocation services and digital asset mining, mainly for its own account and to a lesser extent for third-party customers. The facilities are built for power-intensive computing, with a focus on artificial intelligence (AI) and other high-performance computing (HPC) workloads. As of 31 December 2025 it owned or leased ten data centers across seven United States states, with about 1.4 gigawatts of gross utility power capacity, or about 920 megawatts (MW) of total leasable customer power capacity. The company began in 2017 by building sites for bitcoin mining and for hosting other miners. In 2025 most of its revenue still came from earning bitcoin for its own account.

How the business is organised

The company reports three segments. Colocation provides space, power, cooling, facilities operations and security to third parties running AI and HPC workloads. Digital Asset Self-Mining runs the company's own fleet of mining computers. Digital Asset Hosted Mining hosts mining equipment owned by other parties. In 2025 these segments made up 20%, 72% and 8% of total revenue respectively.

Colocation customers pay fixed amounts based on electric capacity plus variable usage-based charges. Power fees are passed through to customers without markup. In self-mining, the company's machines join a pool that validates transactions on the Bitcoin network, and the company receives bitcoin as a reward. Hosted mining customers get deployment, monitoring, troubleshooting, maintenance and electrical power for their machines, and are billed mainly on power capacity or consumption under terms of one to three years.

The company says it intends to convert every megawatt in its portfolio to high-density colocation over the next three years. It says it will keep mining during conversion only to meet existing power commitments or a small number of hosting commitments. It also says it does not expect to expand hosted mining further.

Where it operates

The ten data centers are in Alabama (1), Georgia (2), Kentucky (1), North Carolina (1), North Dakota (1), Oklahoma (1) and Texas (3).

- Denton Municipal Electric, 394 MW, Dallas-Denton, Texas - Texas New-Mexico Power, 300 MW, Pecos, Texas - Dalton Utilities, 195 MW, Dalton, Georgia - Tennessee Valley Authority, 150 MW, Paducah-Calvert City, Kentucky - Nodak Electric Cooperative, 100 MW, Grand Forks, North Dakota - Oklahoma Gas & Electric, 100 MW, Muskogee, Oklahoma - Duke Energy, 82 MW, and Murphy Electric Power Board, 35 MW, Marble, North Carolina - Alabama Power Company, 50 MW, Auburn, Alabama - Austin Energy, 20 MW, Austin, Texas

Of the 920 MW of total leasable customer power capacity, 590 MW is leased under signed contracts, 330 MW is unleased and 120 MW was billable at year end. The company has fixed, variable and interruptible power supply agreements, and its data centers have backup generators for critical facility infrastructure.

Who it sells to

The company's colocation work is mostly wholesale, which typically means long agreements with a limited number of customers, often with initial terms of 10 years or more. The company describes its colocation contracts as spanning 10+ years. A contract signed in February 2024 covered 16 MW at the Austin, Texas facility, and another in June 2024 covered 200 MW. Contractual options since then brought leased capacity under the relationship to about 590 MW.

The company says it targets hyperscale cloud providers, neoclouds and enterprises for further colocation customers. It also says it is evaluating acquisitions of new sites, including land and power capacity.

Mining operations

As of 31 December 2025 the company had about 151,400 bitcoin miners deployed. Of these, about 135,500 were its own machines, representing 15.7 exahash per second, and about 15,900 were hosted machines, representing 2.2 exahash per second. It has historically bought substantially all of its miners from Bitmain Technologies Limited. In 2024 it also agreed to acquire 3 nm chips customized for bitcoin mining from Block. Electricity is the major operating cost of the mining fleet.

How it competes

The company describes both the colocation and bitcoin mining markets as highly competitive. In colocation it names rivals including Aligned Data Centers, Compass Datacenters, Equinix, Digital Realty Trust, NTT, QTS, Switch, Vantage Data Centers and CyrusOne. It also names miners that are converting sites for AI and HPC customers, including Applied Digital, Cipher Mining, Galaxy Digital, Hut 8, IREN and Terawulf. Competitors compete on price, facility location, reputation and perceived skill, and for the same power, equipment and customers.

In self-mining the company competes on its number of miners, its hash rate, the size and skill of its mining pool and the efficiency of its operations.

People, patents and rules

The company had 325 full-time employees on 31 December 2025, located in 26 states. None are represented by a labor union. It has filed over 130 patent applications covering areas such as blockchain, data center management, infrastructure and cooling.

State rules affect its sites. Texas Senate Bill 6 applies to customers with loads above 75 megawatts at a single site within the Electric Reliability Council of Texas region. It requires those customers to share transmission interconnection costs and to maintain backup generation or load curtailment capability. Under the company's colocation customer agreements, curtailment ordered by a grid operator counts as a force majeure event.

*From Core Scientific's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1839341/000162828026013305/core-20251231.htm)*

From the company's 10-K.