Core Scientific, Inc./tx (CORZ)

Core Scientific, Inc. designs, builds and operates large-scale, purpose-built data centers that support high-density colocation services and digital asset mining, both for its own account and, to a lesser extent, for third-party customers. Its facilities are optimized for power-intensive, mission-critical computing workloads, with a focus on artificial intelligence (AI) and other high-performance computing (HPC) applications. Founded in 2017, the company initially built data centers for digital asset mining and hosting. In 2024 it announced a strategy to focus its infrastructure and expertise on high-density colocation, and it intends to convert every megawatt in its portfolio to high-density colocation over the next three years. It plans to keep mining digital assets during conversion only to meet existing power commitments or a small number of hosting commitments, and it is evaluating acquisitions of new sites, including land and power capacity.

The company has three operating segments. Colocation provides space, power, cooling, facilities operations and security to third parties for AI and machine learning workloads, with customers paying fixed payments based on electric capacity plus variable payments, and with revenue primarily based on power usage and square footage where office space is leased. Digital Asset Self-Mining generates revenue by operating the company's own fleet of miners, earning bitcoin rewards for validating blockchain transactions as part of a pool. Digital Asset Hosted Mining provides third-party miners with deployment, monitoring, troubleshooting, maintenance, electrical power and repair services under recurring, electricity-consumption-based contracts. The company does not expect to expand hosted mining in 2026 and beyond. Colocation was called HPC Hosting in fiscal 2024. In 2025 most revenue came from self-mining, but the company expects a meaningful share of 2026 revenue to come from high-density colocation as customer power capacity is delivered.

Its colocation business focuses on wholesale colocation: large, long-term agreements, often 10 years or more, with a limited number of customers such as hyperscale cloud providers, AI and HPC operators and large enterprises. Leased capacity per customer can range from several megawatts to hundreds of megawatts, and leases are typically triple-net or modified gross, often with take-or-pay commitments. CoreWeave, Inc. is its key colocation customer. A February 2024 contract covered 16 MW at the Austin, Texas facility, and a June 2024 contract covered 200 MW. Through contractual options exercised during 2024 and early 2025, leased capacity under the CoreWeave relationship grew to approximately 590 MW. The company describes demand for AI compute as growing, with rack densities rising from 5 to 15 kilowatts to 50 to over 100 kilowatts, requiring advanced liquid or hybrid cooling.

As of December 31, 2025, Core Scientific owned or leased ten data centers: one each in Alabama, Kentucky, North Carolina, North Dakota and Oklahoma, two in Georgia and three in Texas. They represent about 1.4 GW of gross utility power and about 920 MW of leasable customer power capacity, with some in operation and the rest under construction or development. The company buys power under fixed, variable and interruptible bilateral supply agreements with electric power suppliers, delivered to dedicated substations owned by the provider, the local utility or the company. Its construction timelines depend on long-lead electrical and mechanical equipment, such as transformers, switchgear, generators and cooling systems, which can take 12 to 18 months or longer, and on skilled labor availability. The text does not identify its headquarters or specific competitors.