Core Scientific
CORZDigital asset mining and high-density data center colocation provider
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About Core Scientific
Core Scientific (NASDAQ: CORZ) is a data center operator that has pivoted from Bitcoin mining to hosting AI and high-performance computing (HPC) workloads. Its core business involves converting existing power infrastructure into high-density colocation facilities for AI customers, with contracts secured with major partners like CoreWeave and AMD. The company's competitive edge lies in its large power capacity (over 1.3 GW leased to customers) and rapid deployment capability, allowing it to deliver AI-ready capacity ahead of schedule. The market pain point it addresses is the urgent need for reliable, scalable data center capacity for AI workloads, which traditional data centers struggle to provide due to power constraints and long construction timelines. Core Scientific solves this by repurposing existing mining sites with access to cheap power. In the past six months (Feb-Aug 2026), the company reported Q2 revenue of $164.2 million, up from $78.6 million a year earlier, with AI hosting contributing $136.7 million. It signed a deal with AMD for over 500 MW of AI-ready capacity starting 2027, expandable to 2.5 GW. However, the company reported a net loss of $1.15 billion in Q2, primarily due to non-cash accounting adjustments related to warrants. In Q1, it sold $208 million worth of Bitcoin and reported a $347.2 million loss, partly due to asset impairments. Customer concentration remains a risk, with one hosting customer accounting for 67% of total revenue in Q1.
Core Scientific (NASDAQ: CORZ), a bitcoin miner, underwent a pivotal transformation after filing for Chapter 11 bankruptcy in December 2022. Emerging in January 2024, it pivoted from mining to AI data centers. Key milestones include: signing a 12-year, 590 MW hosting deal with CoreWeave (worth ~$10.2 billion), issuing $3.3 billion in senior notes in May 2026 to fund expansion, acquiring Polaris for $421 million to expand Oklahoma AI campus, and securing $500 million loans from JPMorgan and Morgan Stanley. Despite Q1 2026 net loss of $347 million on $115.2 million revenue, it sold ~2,500 BTC to support AI transition and now holds 848 BTC. Its high-density hosting revenue reached $136.7 million in Q2 2026, becoming the main profit driver, while mining output fell 62%.
Core Scientific's Q2 2026 (six months ended June 30) results show a major strategic shift. Total revenue reached $164.2M, up 109% YoY, with colocation revenue surging to $136.7M (83% of total) from $10.6M a year ago, driven by AI/HPC hosting. Self-mining revenue fell 66% to $21.5M as capacity pivoted to AI clients. The company reported a net loss of $1.16B, primarily due to a non-cash $1.05B loss from warrant fair value changes amid stock appreciation. Adjusted EBITDA was $41.1M. A partnership with AMD (up to 2.5GW potential, 530MW anchored) and 437MW billing capacity as of mid-July highlight growth momentum. However, customer concentration (77% from CoreWeave) and a material internal control weakness present risks. Overall, the transformation is delivering strong revenue growth, though profitability remains challenged by non-cash items and transition costs.
Co-founders:
Darin Feinstein (Co-founder & Co-Chairman) – Entrepreneur and venture capitalist; founded Core Scientific and Blockcap; also founded El Dorado Cantina and Red Mercury Entertainment.
Mike Levitt (Co-founder & Chairman) – Serves as Chairman of the Board; previously led Core Scientific through its SPAC merger.
Core Executives:
Adam Sullivan (CEO) – Former President; over a decade in financial services, led M&A and capital raises in crypto mining; joined Core in 2023.
Matt Brown (EVP & COO) – 15+ years in operations and engineering; ex-Equinix Senior Director, ex-HP; US Army veteran.
Russell Cann (Chief Development Officer) – 25 years in tech infrastructure; led GPU digital asset cluster growth; ex-Accenture.
Jim Nygaard (CFO) – Nearly 30 years in investment banking; ex-Morgan Stanley, ex-XMS Capital; led Core's financial strategy.