Key Highlights
- Core Scientific brought approximately 350 megawatts online, marking a 64% increase from the prior year-end, with roughly 200MW generating revenue
- The 590MW CoreWeave partnership is progressing at five locations, accounting for approximately $2 billion in deployed infrastructure
- The development backlog has reached 1.5 gigawatts; CORZ acquired a new 265-acre property in Hunt County, Texas
- The company missed its publicly stated deadline for securing a new customer and revealed an accounting correction with a material internal control deficiency
- Board member Eric Weiss acquired 7,000 CORZ shares on March 9 at $14.53 each, increasing his position to 252,262 shares
Core Scientific (CORZ) continues to accelerate its transformation from cryptocurrency mining to AI-focused data center operations — though recent accounting complications and an unmet customer milestone are creating headwinds.
The organization disclosed approximately 350 megawatts of energized capacity, representing growth from 213MW at the close of the previous year. This translates to approximately 64% expansion. Roughly 200 of these megawatts have entered billing phase, with executives indicating that future reporting will emphasize billable capacity to provide clearer visibility into revenue generation.
Development of the CoreWeave partnership remains the company’s flagship initiative. The 590MW agreement now encompasses five operational AI infrastructure locations representing approximately $2 billion in capital deployment and exceeding five million labor hours. The Denton facility alone accounts for roughly 130 billable megawatts, nearly doubling its Q4 footprint.
Facilities in Marble, Muskogee Phase 1, and Dalton Phase 1 have achieved full energization or entered commissioning phases. Each location is progressing toward revenue-generating status.
The company’s development queue now totals approximately 1.5 gigawatts — limited to projects with secured power agreements or established pathways to procurement. This represents roughly 600MW of incremental growth from the previous reporting period.
Capacity Expansion and Site Additions
CORZ finalized an agreement for a 265-acre property in Hunt County, Texas, projected to deliver approximately 285 megawatts of leasable capacity following interconnection. The Dalton, Georgia operation is undergoing expansion to 450 megawatts gross capacity, while the Pecos, Texas location is transitioning from cryptocurrency operations to 200MW of colocation infrastructure within approximately twelve months.
The organization also presented its “Operation Forward Observer” framework — prioritizing initial data hall completion and early procurement of long-lead equipment to compress revenue timelines. A 30MW Auburn, Alabama facility already has essential equipment delivered, targeting first 10MW deployment in the latter half of 2026.
Available liquidity stands at approximately $530 million, following the January sale of roughly 1,900 Bitcoin for about $175 million. Leadership indicated potential access to up to $4 billion in financing backed by operational CoreWeave infrastructure if required.
Customer Target Shortfall and Financial Restatement
Despite ongoing negotiations, Core Scientific did not secure any new customers by its self-established timeline. Two facilities are currently in limited exclusivity arrangements, but the shortfall represents a metric shareholders will monitor carefully. CORZ continues to derive the majority of revenue from Bitcoin mining operations while AI infrastructure scales.
The company also disclosed a financial restatement. Auditors identified demolition expenditures that were improperly capitalized rather than expensed. Management emphasized that the correction does not impact revenue, adjusted EBITDA, or operating cash flow — however, CORZ will report a material weakness in internal controls for the subsequent four quarters.
Leadership also attributed slower engagement from hyperscale providers to the company’s merger process as contributing to transaction delays. Neocloud and AI laboratory customers increasingly require investment-grade guarantees from major strategic partners, extending negotiation timelines.
Regarding insider activity, Director Eric Weiss purchased 7,000 CORZ shares on March 9, 2026 at $14.53 per share. His aggregate holdings now total 252,262 shares. The company’s P/E ratio of 13.21 trades below both the sector median of 21.65 and its historical average.
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