📈 Price History

Ratio Health

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By Category

📊 Peer Medians

About

Core Scientific, Inc. provides infrastructure for high-density colocation services and digital asset mining in the United States. It operates through three segments: Colocation, Digital Asset Self-Mining, and Digital Asset Hosted Mining. The company offers space, power, cooling, facilities operations, security, and other services to third-party customers to support workloads for machine learning and artificial intelligence; deployment, monitoring, troubleshooting, optimization, and maintenance of its customers’ digital asset mining equipment; and electrical power, repair, and other infrastructure services for its customers to operate, maintain, and mine digital assets. It is also involved in the deployment and operation of its fleet of miners within its digital infrastructure as part of a pool of users that process transactions conducted on one or more blockchain networks to receive digital assets in the form of bitcoin. It also deploys and operates its fleet of miners within its digital infrastructure as part of a pool of users that process transactions conducted on one or more blockchain networks; and provides hosting services for digital asset mining customers, which include deployment, monitoring, trouble shooting, optimization, and maintenance of its customers’ digital asset mining equipment. Core Scientific, Inc. was founded in 2017 and is headquartered in Dover, Delaware.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding CORZ

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	2.13M	$31.9M	0.05%	Mar 2026
Steve Cohen Point72 Asset Management	689.5K	$10.3M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q4 2024

Confident Specific

Management uses precise figures (e.g., $10B contracted value, 590 MW, $1.5M/MW CapEx), acknowledges delays but with specific causes (permitting, supply chain), and expresses confidence in execution and demand.

Q1 2025

Confident Specific

Management used phrases like 'more confident than I was just two months ago', 'strong and sustained demand', and 'remarkable progress' to convey certainty in execution, milestones, and market positioning, with concrete figures and timelines.

Q4 2025

Confident Specific

Management used concrete metrics (350 MW energized, nearly 200 MW billing) and highlighted execution milestones, but also admitted a key deliverable was missed ('We did not sign one by this call, and we are not satisfied with that'). Overall tone is assured on operational delivery while being candid about a shortfall in customer signing.

Q1 2026 latest

Confident Specific

Management used direct and assured language such as 'we are now earning revenue on approximately 245 MW', 'we closed on a $3.3 billion capital raise', and 'three hyperscalers immediately engaged' to convey execution and demand. The tone was transparent about challenges like the expired exclusivity but quickly pivoted to the positive competitive dynamics.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Core Scientific has demonstrated operational execution by delivering 243 MW to CoreWeave and has a clear path to 590 MW. The $3.3 billion capital raise at attractive terms validates its contracted cash flows and provides funding to pre-build capacity, shortening delivery timelines. Expansion plans to 1.5 GW at multiple sites signal significant growth potential. The quick re-engagement of three hyperscalers after exclusivity expiration underscores strong demand for large-scale, high-density data centers. However, the lack of a signed new contract and vague responses on timing create some uncertainty; investors should watch for new customer announcements, particularly at Pecos and Muskogee, as a catalyst. Next quarter, focus on progress toward the 590 MW CoreWeave delivery and any updates on the exclusivity process with hyperscalers.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Core Scientific scales AI colocation to 243 MW with $3.3B bond financing

Revenue & Profitability

Colocation revenue is annualizing to over $350 million GAAP from the 243 MW currently billing. Cash SG&A for Q1 was approximately $30 million, considered a baseline going forward. No net income, operating income, or growth rates were explicitly disclosed. The company raised its target cash gross profit margin for the CoreWeave contract from 75-80% to 80-85%.

Outlook

Management sees strong and increasing demand from hyperscalers, AI labs, chipmakers, and neocloud providers, with engagements having grown significantly since the beginning of the year. Pricing continues to firm as labor and equipment costs inflate. The industry is focused on securing capacity with near-term delivery, which Core Scientific addresses through proactive development.

Growth Drivers

Key growth levers include expanding the Pecos campus from 300 MW to 1.5 GW and the Muskogee campus to 1.5 GW (approximately 1 GW leasable). The company is advancing multiple sites (Pecos, Muskogee, Hunt, Dalton phase III, Auburn) with first data halls ready for service in 2027. After the expiration of an exclusivity agreement, three hyperscalers immediately engaged on the same assets, indicating strong demand for large-scale capacity.

Balance Sheet & CapEx

Core Scientific expects to deploy roughly $2 billion in total capital expenditures in 2026, including $700 million for the Hunt County site acquisition and the Polaris acquisition at Muskogee. The company is pre-seeding approximately 1 GW of new billable capacity through long-lead equipment procurement and site development. The $3.3 billion bond financing provides the capital to accelerate this buildout.

Margins

The company raised its cash gross profit target for the CoreWeave contract from 75-80% to 80-85%, reflecting greater visibility into actual cost structures after delivering a meaningful portion of the contracted megawatts. As colocation revenue scales, it is covering operating costs and expanding margins. No further margin guidance was provided for other segments.

Key Risks

Risks flagged include labor and supply chain constraints that could impact delivery timelines. The company's behind-the-meter generation strategy requires air quality permits and regulatory support. The expiration of the exclusivity period with a hyperscaler without a signed contract highlights execution risk in customer negotiations, though demand remains strong.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-28

Announced a landmark 15-year, $14B+ partnership with AMD for 530 MW of data center capacity, expanding to 2.5 GW. Q2 saw $137M in colocation revenue and 437 MW billable capacity, with strong liquidity and disciplined capital deployment supporting further growth.

Q1 2026 Q1 2026 2026-05-06

Colocation revenue now covers operating costs, with 243 MW billable and a $3.3B capital raise fueling expansion. Major site developments in Texas and Oklahoma are underway, with strong demand from hyperscalers and AI customers.

Q4 2025 Q4 2025 2026-03-02

Energized 350 MW of capacity and expanded the pipeline by 600 MW, with a strong focus on colocation growth and disciplined capital allocation. Ended the year with $530M liquidity and expect colocation revenue to inflect as more MW begin billing.

Q1 2025 Q1 2025 2025-05-07

AI-driven demand is fueling a shift to high-density data centers, with strong progress on CoreWeave contracts and a growing pipeline of large enterprise customers. Q1 revenue declined 16% sequentially to $79.5M as mining operations wind down, but construction and capital allocation remain on track for long-term growth.

Q4 2024 Q4 2024 2025-02-26

Revenue fell 33% year-over-year in Q4 as the business pivoted from Bitcoin mining to HPC data centers, highlighted by a $10B+ CoreWeave contract and major infrastructure expansion. The company improved its balance sheet, targets further customer diversification, and expects robust HPC growth through 2027.

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