Core Scientific Inc
corescientific.comWhat Do They Do?
Mines digital assets for its own account, and designs, builds and operates data centers for high-density colocation customers such as cloud providers, AI and other high-performance computing operators, and large enterprises.
10-K for FY2025, filed Mar 2, 2026OverviewView ↗
In 2025, we derived the majority of our revenue from earning digital assets for our own account but expect that a meaningful amount of our…View ↗
Within the third-party colocation market, providers offer wholesale, retail or hybrid colocation services, which differ primarily based on…View ↗
How Do They Make Money?
Mining pool operators compensate Core Scientific in digital assets for computing work, with rewards and transaction fees determined daily. Colocation customers pay to use data-center space over lease terms; hosted-mining customers are billed in advance based on estimated resource use and later adjusted to actual consumption.
10-K for FY2025, filed Mar 2, 2026One of the Company’s ongoing major or central operations is to provide hash calculations to third-party pool operators as a participant in…View ↗
The Company is entitled to non-cash compensation based on the Full-Pay-Per-Share (“FPPS”) model of the mining pool in which it…View ↗
The non-cash consideration in the form of transaction fees paid by transaction requestors is based on the share of total actualView ↗
The Company’s Colocation segment generates revenue by licensing data center space to customers under licensing agreements.View ↗
The Company has concluded that it is probable that substantially all of the payments will be collected over the term of the arrangements…View ↗
Company generally bills its customers in advance based on estimated consumption under the contract. The Company recognizes revenue based on…View ↗
$319M
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10-K for FY2025, filed Mar 2, 2026
$319M ↗
Who Are Their Customers?
Mining pool operators pay for its computing work; hosted-mining customers use its facilities to run blockchain and high-performance computing operations.
10-K for FY2025, filed Mar 2, 2026
Do Revenues Turn Into Profits?
No. It lost $288.6M in FY2025.
10-K for FY2025, filed Mar 2, 2026
−$245.6MView ↗
10-K for FY2025, filed Mar 2, 2026
−$288.6MView ↗
10-K for FY2025, filed Mar 2, 2026
−$450.8MView ↗
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Jul 28, 2026
−$1.2BView ↗
- ▲ +23% (Loss)
- vs −$936.8M in Q2 FY2025
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Aug 14, 2026
Completed acquisition of Polaris DS
Completed the acquisition for approximately $444.3 million in cash.
Sources
8-K, filed Aug 14, 2026
On August 13, 2026, Core Scientific, Inc., a Delaware corporation (the “Company”), completed the previously announced acquisition of…View ↗
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Jul 28, 2026
Signed long-term data center leases with AMD and Neocloud
Leases cover 377 MW with AMD and 152 MW with Neocloud, each for a fifteen year term.
Sources
8-K, filed Jul 28, 2026
On July 27, 2026, the Company entered into Lease Agreements (collectively, the “AMD Leases”) with Advanced Micro Devices, Inc. (“AMD”) for…View ↗
Shrinking. Revenue fell 41% in 4 years, from $544.5M in FY2021 to $319M in FY2025, about 13% a year.
Shift toward AI colocation
The older report centered on mining for its own account and hosting services for other miners, with associated equipment sales. The latest report adds a strategic move toward high-density colocation for AI and other high-performance computing, using converted mining facilities.
10-K for FY2022, filed Apr 4, 2023 10-K for FY2025, filed Mar 2, 2026Since its inception in 2017, Core Scientific has been focused on building and operating high-power, purpose-built data centers, initially…View ↗
In 2024, the Company announced its strategy to focus its data center infrastructure and expertise to the high-density colocation compute…View ↗
In 2025, we derived the majority of our revenue from earning digital assets for our own account but expect that a meaningful amount of our…View ↗
Who Do They Compete With?
Competes with Aligned Data Centers, Compass Datacenters, Equinix, Digital Realty Trust, NTT, QTS, Switch, Vantage Data Centers, CyrusOne, Applied Digital, Cipher Mining, Galaxy Digital, Hut 8, IREN, Terawulf, Bit Digital, Bitfarms, and CleanSpark
10-K for FY2025, filed Mar 2, 2026Aligned Data Centers; Compass Datacenters; Equinix, Inc.; Digital Realty Trust; NTT; QTS; Switch, Inc.; Vantage Data Centers; and CyrusOne…View ↗
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