Core Scientific (NASDAQ: CORZ) is a data center and digital asset mining company that owns and operates large-scale, high-power data center facilities across the United States. It makes money through three revenue streams: wholesale colocation services to hyperscale cloud providers and AI/HPC operators, bitcoin self-mining, and hosting services for third-party digital asset miners. As of December 31, 2025, the company operated ten data centers across seven U.S. states with approximately 1.4 gigawatts of gross utility power capacity and approximately 920 megawatts of total leasable customer power capacity. Total revenue was $319.0 million in FY2025, down from $510.7 million in FY2024, as the company shifted capital and infrastructure away from digital asset mining toward colocation. Colocation revenue grew to $65.4 million in FY2025 from $24.4 million in FY2024. The company reported an operating loss of $245.6 million and a net loss of $288.6 million in FY2025. Adjusted EBITDA was $29.7 million in FY2025, down from $157.4 million in FY2024.
- Revenue model
- Three revenue streams as of FY2025: (1) colocation services ($65.4M, FY2025), structured as long-term wholesale agreements, often 10-year initial terms, with triple-net or modified gross lease structures and take-or-pay commitments; (2) digital asset self-mining ($229.2M, FY2025), earning bitcoin block rewards; (3) digital asset hosted mining services ($24.4M, FY2025), providing power and infrastructure management for third-party miners. The company has stated it does not expect to expand hosted mining operations in 2026.
- Products and services
- Wholesale high-power colocation: dedicated suites, halls, or entire data center buildings with leased customer power capacity ranging from several megawatts to tens or hundreds of megawatts per customer. Bitcoin self-mining operations generating block rewards. Digital asset hosted mining services including equipment deployment, monitoring, troubleshooting, optimization, maintenance, and power supply for third-party mining customers.
- Customers and end markets
- Wholesale colocation customers are primarily hyperscale cloud providers, AI and HPC operators, and large enterprises capable of managing hardware and networking at scale. Digital asset hosted mining customers are third-party bitcoin miners. Customer agreements are commonly large and limited in number, with individual contracts covering tens to hundreds of megawatts.
- Value-chain role
- Owner and operator of high-power data center infrastructure. Procures and manages grid-scale electrical power through fixed, variable, and interruptible bilateral agreements with electric utilities. Provides physical space, power delivery, and facility services to wholesale colocation customers who self-manage hardware, or manages hardware directly for hosted mining customers.
- Geographic exposure
- United States only. Ten data centers across seven U.S. states as of December 31, 2025.
- Competitors
- Applied Digital Corporation, Bit Digital, Inc., Bitfarms Ltd., Major data center real estate investment trusts, Hyperscale cloud providers building captive capacity, Bitcoin miners with capacity suitable for high-density colocation
