Core Scientific Stock Earnings Reports

Core Scientific reported strong operational and financing progress in Q1 2026. They are currently billing ~243–245 MW (more than $350M annualized colocation GAAP revenue) under the CoreWeave relationship and expect another ~200 MW to begin billing in the coming months, with a plan to deliver the full 590 MW under CoreWeave by early 2027. Management closed a $3.3 billion CoreWeave-backed bond financing (net ~ $2.9B) that materially strengthens the company’s capital position and enables accelerated development across multiple sites (Pecos, Muskogee, Hunt, Dalton Phase III, Auburn). Core is advancing large-scale greenfield expansions (pathways to ~1.5 GW at Muskogee and Pecos) and pursuing behind-the-meter power and gas infrastructure to speed time-to-power and support high-density customers. Commercial activity is increasing: hyperscalers, chip makers, AI labs and neo-clouds are engaging, and management expects pricing to firm as equipment and labor costs rise. They have raised the target cash gross profit range on the CoreWeave contract to 80%–85% (from 75%–80%) based on real-world cost visibility. The Bitcoin-mining business will continue to wind down during 2026 and will play a smaller role, while colocation becomes the primary growth and margin driver. Expected 2026 capex is roughly $2.0B, including $700M tied to recent site acquisitions (Hunt County and Polaris at Muskogee) and initial buildouts targeted to deliver new capacity by early 2027. Management emphasizes execution advantages from repeatable greenfield designs, secured supply chains and proactively investing ahead of signed leases (limited to first data halls and with guardrails) to shorten RFS timelines. Key risks remain execution, permitting (including emissions for behind-the-meter generation), customer credit, and the pace/timing of large hyperscaler deals.