Core Scientific, Inc. Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Strategic and Operational Highlights

  • The company continues transitioning from Bitcoin mining to large-scale, high‑density AI colocation infrastructure, citing strong demand from hyperscalers, chip makers, AI labs, and NeoCloud providers.
  • Core Scientific is now generating revenue from approximately 245 MW of contracted capacity, with an additional 200 MW expected online in the coming months.
  • A major milestone was achieved with the close of a $3.3 billion capital raise, supported by CoreWeave contracts; net proceeds of about $2.9 billion will fund new developments across multiple sites.
  • The company is executing five fully leased CoreWeave facilities and developing one of the largest multisite AI infrastructure footprints in the market.

Commercial and Development Progress

  • CoreWeave:
    • 243 MW now billable (up significantly from prior quarters), equivalent to over $350 million of annualized GAAP revenue.
    • Full turnover of Marble, NC (65 MW) and Dalton Phase I, GA (30 MW).
    • On track to exceed 450 MW billable by end of summer 2026 and to deliver the full 590 MW by early 2027.
  • Pecos, Texas:
    • Scaling from 300 MW to a planned 1.5 GW campus.
    • 431k square foot, 185 MW building in construction with long-lead equipment secured.

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Operator: Greetings. Welcome to the Core Scientific, Inc. Fiscal First Quarter 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. Please note this conference is being recorded. I will now turn the conference over to your host, Jon Charbonneau, SVP, Investor Relations. Please go ahead, sir. Jon Charbonneau: Great. Thank you. Good afternoon, and welcome to Core Scientific, Inc.'s first quarter 2026 earnings call. Before we begin, I need to remind you that statements made on this call other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on our current expectations. Words such as “anticipates,” “estimates,” “expects,” “intends,” and “believes” and similar words and expressions are intended to identify forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ substantially. For further information on these risks and uncertainties, we encourage you to review the risk factors discussed in the company's reports on Form 10-Q and 8-Ks filed today with the SEC and the press release and slide presentation contained therein. The forward-looking statements we make today speak as of today, 05/06/2026, and we do not undertake any obligation to update any such statement to reflect events or circumstances occurring after today. To

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