Core Scientific . Tranche 2 Warrants Stock Earnings Reports

Core Scientific reported strong execution and a major financing milestone in Q1 2026. The company is currently billing ~243 MW (annualized colocation GAAP revenue >$350M) with roughly another 200 MW expected to begin billing in the coming months, targeting >450 MW billable by end of summer and the full 590 MW under the CoreWeave contract by early 2027. Management closed a $3.3 billion project bond financing (7.75% coupon, ~ $2.9B net) tied to CoreWeave contracted assets, providing capital to accelerate development across multiple sites and to fund ~ $2B of 2026 capex (including Hunt County acquisition and Polaris acquisition at Muskogee). Key development priorities include scaling Pecos and Muskogee toward ~1.5 GW gross power (pathways include grid expansion and behind-the-meter generation), advancing other sites (Hunt, Dalton Phase III, Auburn), and proactively investing in site readiness (labor, long-lead equipment) to compress RFS timelines to ~12–14 months. Commercially, exclusivity on Pecos/Muskogee expired but multiple hyperscalers are actively engaged; management is moving to milestone-driven exclusivity to avoid tying up high-value assets. Financially, colocation revenue has reached a level that covers operating costs and expands margins; CoreWeave cash gross profit target was raised to 80–85% (from 75–80%). Bitcoin mining is being wound down through the year and mined holdings were largely monetized. SG&A cash was ~ $30M in Q1 and is presented as a baseline corporate expense. Risks noted include forward-looking uncertainties related to customer contracts, permitting, power solutions and execution timelines.