Core Scientific(NASDAQ) CORZ

Core Scientific, Inc. NASDAQ:CORZ builds specialized data centers for powerful computers. These facilities help clients run advanced artificial intelligence programs. The company also earns rewards by mining digital currency.

Where the Power Goes

• High-Density Colocation: Renting out data center space and power for artificial intelligence and high-performance computing; represented 77% of revenue for the six-month period ended June 30, 2026.
• Digital Asset Self-Mining: Bitcoin earned using the company's own computing hardware and power; accounted for 18% of revenue for the six-month period ended June 30, 2026.
• Hosted Mining Services: Infrastructure and technical support provided to customers who own their own mining equipment; contributed 5% of revenue for the six-month period ended June 30, 2026.

Scaling Up the Network

• Announced a 15-year relationship with AMD on July 28, 2026, to support up to 2.5 gigawatts of potential capacity.
• Purchased land and power rights in Hunt County, Texas, for $233 million in May 2026 to expand data center footprints.
• Entered an agreement to acquire Polaris DS LLC in May 2026 for approximately $421 million to increase utility power capacity.
• Completed a $3.3 billion offering of senior secured notes in May 2026 to restructure debt.
• Expanded a long-term contract with CoreWeave in 2024 to provide high-performance computing services across five sites.

The Infrastructure Advantage

Core Scientific manages a portfolio of 11 data centers across seven states with access to 2.1 gigawatts of utility power. The company uses a pass-through pricing model for electricity to protect its profit margins from fluctuating energy costs.

Measuring Recent Performance

• Total revenue reached $279.4 million for the six-month period ended June 30, 2026, compared to $158.2 million in the prior year.
• Net loss was $1.5 billion for the six-month period ended June 30, 2026, compared to $360.5 million in the same period of 2025.
• Adjusted EBITDA, a non-GAAP measure that excludes interest and non-cash items, was $50.0 million for the six-month period ended June 30, 2026, up from $26.7 million year over year.
• Cash and digital assets totaled $1.8 billion as of June 30, 2026.

Bottom Line

Core Scientific is shifting away from digital asset mining to focus on long-term infrastructure contracts for artificial intelligence. This transition relies on converting existing power capacity into specialized data centers to provide more predictable cash flows.