Core Scientific, Inc.
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Range $16 – $40
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About the company
Core Scientific, Inc. is a North American enterprise primarily engaged in operating facilities for digital asset mining and providing colocation services for distributed ledger technology. The company actively mines various digital currencies for its proprietary accounts, leveraging specialized computing hardware within its owned and operated data centers to process transactions on blockchain networks in exchange for digital asset rewards.
- CEO
- Adam Sullivan
- IPO
- 2024
- Employees
- 325
- HQ
- Dover, DE, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $5.36B
- P/E
- -4.00
- Fwd P/E
- 63.08
- PEG
- -0.00
- P/S
- 12.17
- P/B
- -2.24
- EV/EBITDA
- -5.88
- Div Yield
- 0.00%
- Gross Margin
- 28.26%
- Op Margin
- -33.68%
- Net Margin
- -325.91%
- ROE
- 98.70%
- ROIC
- -5.89%
Latest fiscal year · YoY change
- Revenue
- $319.02M-37.5%
- Gross Profit
- $37.90M-68.7%
- Op Income
- $-224,550,000
- Net Income
- $-288,616,000+78.1%
- EPS
- $-0.88+82.9%
- OCF Growth
- +548.7%
- FCF Growth
- -765.7%
- 52W High
- $30.46
- 52W Low
- $13.36
- 50D MA
- $18.47
- 200D MA
- $19.80
- Beta
- 5.49
- RSI (14)
- 44
- Avg Volume
- 11.94M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Core Scientific said Q1 2026 marked an inflection point as colocation revenue scaled enough to cover operating costs, while a $3.3 billion project bond and expanded site plans set up the next phase of growth.· May 6, 2026
- 243 MW of billable capacity was delivered to CoreWeave in the quarter, with Marble (65 MW) and Dalton Phase I (30 MW) fully handed over.
- Management said billable capacity should exceed 450 MW by the end of the summer and the full 590 MW should be delivered by early 2027.
- The company closed a $3.3 billion CoreWeave project bond at 7.75%, with about $2.9 billion of net proceeds after costs and reserves.
- Core Scientific raised its CoreWeave cash gross profit target to 80%–85% from 75%–80% as visibility into costs improved.
- Beyond CoreWeave, the company is accelerating development at Pecos, Muskogee, Hunt, Dalton Phase III and Auburn, with a broader push into hyperscalers, chip makers, AI labs and neo-clouds.
Core Scientific said first-quarter colocation revenue reached a level sufficient to cover operating costs and begin expanding margins. The company is billing 243 MW today, which management said equates to more than $350 million of annualized colocation GAAP revenue. First-quarter SG&A on a cash basis was just over $30 million. Management also said it closed a $3.3 billion CoreWeave project bond at a 7.75% interest rate, with net proceeds of approximately $2.9 billion after closing costs and the required reserve account. Forward-looking, the company expects more than 450 billable MW by the end of the summer and the full 590 MW by early 2027; it also expects to deploy roughly $2 billion of total capex in 2026, including about $700 million for the Hunt County site acquisition and the Polaris acquisition at Muskogee, plus work toward approximately 1 GW of new billable capacity.
Adam Sullivan framed the quarter as proof that Core Scientific has moved from a single-customer buildout into a repeatable AI infrastructure platform. He emphasized that the company is now developing across five sites, has financing in place to advance projects before contracts are finalized, and is using that capital to speed up timelines and keep assets moving toward readiness. His tone was confident and opportunistic, especially on customer demand, saying the company is engaging from a position of strength and will not keep high-value sites off the market longer than necessary.
James Nygaard said Q1 was an inflection point because colocation revenue has now scaled enough to cover operating costs and start widening margins. He highlighted that 243 MW of billing corresponds to more than $350 million of annualized colocation GAAP revenue, noted cash SG&A was just over $30 million, and said that level is a reasonable baseline going forward. He also stressed the financing milestone: the $3.3 billion bond at 7.75% was described as attractive cost of capital, with about $2.9 billion of net proceeds and a structure that allows most proceeds to move to the corporate level for broader growth investments. He added that 2026 capex should be roughly $2 billion, including about $700 million tied to Hunt County and Polaris and the start of work on about 1 GW of new billable capacity.
Analysts focused on why the Pecos/Muskogee exclusivity expired, whether management was effectively restarting with new counterparties, and whether the company is closer to signing a second tenant. Adam Sullivan said the exclusivity ended because the sites were ready to come back to market and three hyperscalers immediately engaged; he also said the company’s existing relationships with those groups mean it is not starting from scratch. Questions also centered on how much capex Core Scientific is willing to spend before leases are signed, behind-the-meter power economics, and labor constraints. Management said it will typically push the first data hall to RFS while securing labor and long-lead equipment, that behind-the-meter deployment should take about 12 to 14 months, and that labor is a key market constraint but one Core Scientific is trying to manage by securing GCs and mobilizing them early.
The bull case from this call is that Core Scientific has real operating proof now: 243 MW are billable, the CoreWeave build is on track, and margins are improving enough that colocation is covering operating costs. Management also has significant financing flexibility after the $3.3 billion bond, which supports expansion into additional sites and new customer types.
The main risks are execution and timing: the company still needs to convert a large pipeline into signed leases, and management itself said exclusivity ended without a deal on Pecos/Muskogee. Bitcoin mining is still being wound down, meaning a legacy business is shrinking while the company depends on large, capital-intensive builds and on customers accepting long lead times, permitting, labor availability, and behind-the-meter complexity.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 80.6%
- Shares Outstanding
- 321.34M
- Float Shares
- 258.97M
of shares held by institutions
461 13F filers
Buy/sell ratio 0.17. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 33.96M | ▲ 5.36M |
| Blackrock, Inc. | 28.12M | ▲ 3.49M |
| Situational Awareness LP | 26.01M | 0 |
| Jericho Capital Asset Management L.P. | 22.88M | ▲ 11.16M |
| Vanguard Portfolio Management LLC | 18.66M | ▲ 47.25K |
| Ubs Group AG | 15.89M | ▼ 9.64M |
| Vanguard Capital Management LLC | 13.80M | ▲ 432.62K |
| Two Sigma Investments, LP | 10.28M | ▲ 4.69M |
| Value Aligned Research Advisors, LLC | 9.19M | ▲ 1.47M |
| Two Seas Capital LP | 9.03M | ▼ 7.12M |
| Geode Capital Management, LLC | 8.50M | ▲ 691.92K |
| State Street Corp | 7.75M | ▲ 460.75K |
Held by 397 ETFs
Biggest fund positions in CORZ by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Oct 1, 26 | Sullivan Adam Taylor | other | 23,508 |
| Oct 1, 26 | DUCHENE TODD M | other | 8,228 |
| Sep 28, 26 | DUCHENE TODD M | sell | 10,000 |
| Sep 21, 26 | DUCHENE TODD M | sell | 10,000 |
| Sep 15, 26 | Weiss Eric Stanton | buy | 6,000 |
| Sep 14, 26 | DUCHENE TODD M | sell | 10,000 |
| Sep 8, 26 | DUCHENE TODD M | sell | 10,000 |
| Sep 9, 26 | DUCHENE TODD M | other | 95,000 |
| Aug 31, 26 | DUCHENE TODD M | sell | 10,000 |
| Aug 24, 26 | DUCHENE TODD M | sell | 10,000 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our CORZ coverage
Recent articles, reports, and earnings notes.

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