CORZ · Core Scientific
Crypto-miner-turned-AI-DC colocation & HPC hosting (Layer 3 of the compute-capacity stack)
CORZ·Crypto-miner-turned-AI-DC colocation & HPC hosting (Layer 3 of the compute-capacity stack)
Core Scientific

Core Scientific

ConvictionModerate

Power-monetization / colocation landlord: repurpose energized, interconnect-queued MW originally secured for Bitcoin mining into long-dated (12-year) contracted AI/HPC hosting leases. The economic engine is the spread between contracted, credit-backstopped colo revenue (~$1.4M/MW/yr at ~243MW billing => ~$350M annualized) and the combined power, build-out and debt-service cost. A capital-intensive real-asset landlord whose value is the site's power, not its ASICs; still carries a shrinking, hash-price-linked self-mining tail as a cash-flow hedge being retired.

Revenue
$115.2MQ1 FY26) — colocation $77.5M (+~800% YoY) + digital-asset self-mining $30.1M (-55% YoY); Q4 FY25 $79.8M [fact]
Rev growth
+~45% YoY totalQ1 FY26 $115.2M vs $79.5M) — mix shift is the story: colo up ~800% YoY while self-mining fell 55% [fact]
Gross margin
Not cleanly disclosed as a single figurecolocation carries much higher, contracted margins than the retired self-mining book — margin quality is improving as the mix shifts to colo [estimate]
Op margin
Deeply GAAP-negative: Q1 FY26 net loss -$347.2M including a $266.5M non-cash impairmentadjusted EBITDA a thin +$4.4M (vs -$6.1M a year ago) [fact]
Capex intensity
Very high: Q1 FY26 capex $389.2M vs $115.2M revenue~3.4x); the CoreWeave-funded portion (~$130M) partially offsets, but the build-out to ~590MW is capex-led [fact]
Market cap
~$8.4B equity capMay 2026); ~$11.2B fully-diluted on ~505M FD shares [fact]
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Scaling the AI Cloud

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Not investment advice — analyst work product for a qualified professional.· intel vintage Jul 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence
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