Core Scientific(NASDAQ) CORZ

Core Scientific, Inc. 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.