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Business Description
Core Scientific (Nasdaq: CORZ), founded in 2017 and headquartered in Austin, Texas, operates purpose-built high-density data centers across four U.S. states, serving both self-operated Bitcoin mining and third-party high-performance computing (HPC) hosting under a dual-revenue infrastructure model.
The operating portfolio spans five campuses totaling approximately 991 MW of operating capacity: Denton, Texas (324 MW operating, 70 MW under development); Cottonwood, Texas (300 MW); Calvert, Kentucky (150 MW); Marble, North Carolina (117 MW); and Grand Forks, North Dakota (100 MW), with total contracted power exceeding 1.3 GW. As of December 31, 2025, Core Scientific maintained an operating Bitcoin mining hashrate of 15.70 EH/s and an installed hashrate of 17.90 EH/s, according to BitcoinMiningStock.io data. BTC production totaled 140.67 BTC in December 2025, down from 211.33 BTC in June 2025 as Core Scientific shifted increasing capacity toward HPC hosting. Treasury holdings stood at 547.25 BTC as of March 31, 2026.
Core Scientific's HPC pivot is anchored by a multi-year hosting partnership with GPU cloud provider CoreWeave. The two companies executed a series of contract expansions covering approximately 590 MW of infrastructure across six sites, with total contracted revenue reaching $10.2 billion over 12-year terms. HPC colocation revenue in Q1 fiscal 2026 reached $77.5 million, up from $8.6 million in Q1 2025, driving total Q1 2026 revenue to $115.2 million versus $79.5 million a year earlier. CoreWeave proposed an all-stock acquisition of Core Scientific in July 2025 at an implied equity value of approximately $9 billion; Core Scientific shareholders voted to reject the transaction, and the merger agreement was terminated.
Core Scientific filed for Chapter 11 bankruptcy protection in December 2022 following a liquidity crisis tied to collapsing cryptocurrency prices. Core Scientific emerged from bankruptcy and relisted on Nasdaq under the CORZ ticker in January 2024 after its reorganization plan, which eliminated approximately $400 million in debt, received court confirmation. The enterprise value stands at $8.06 billion as of May 8, 2026.
Expansion plans announced in April and May 2026 target 1.5 gigawatts of gross power capacity at a campus in Pecos, Texas (scaling from an existing 300 MW footprint, with a 185 MW building under active construction) and a parallel 1.5-gigawatt development at a new campus in Muskogee, Oklahoma, where Core Scientific broke ground alongside Port Muskogee on a 100 MW HPC data center. A $233 million land and power acquisition in Texas, completed in Q1 2026, is expected to support approximately 430 MW of additional capacity. Core Scientific's total gross power pipeline across all planned sites now stands at approximately 4.5 GW.
