Core Scientific now has a visible colocation business rather than merely a mining conversion story. Q2 2026 revenue rose to $164.2 million from $78.6 million, colocation contributed $136.7 million, gross profit reached $70 million and non-GAAP adjusted EBITDA was $41.1 million. Billing capacity was 395 MW in Q2 and 437 MW by mid-July, supporting an annualized colocation GAAP revenue run rate near $635 million. The AMD partnership adds a 530 MW, 15-year anchor with more than $14 billion of potential base contract value, taking total leased power to 1.1 GW. The contradiction is cash intensity: Q2 capex was $797.5 million, trailing EBITDA remains negative in the point-in-time bundle, and the $1.155 billion GAAP net loss was distorted by fair-value changes on pre-existing warrants. An August facility added a $100 million revolver and $500 million letter-of-credit line with a $150 million liquidity floor but no new warrants. The C+ grade recognizes operating conversion but not yet mature returns. Trade status remains watch above $17.45.
Core Scientific develops high-density datacenters and sells colocation capacity under long-term contracts, while retaining a smaller digital-asset mining operation. Revenue is driven by billable megawatts, contractual pricing, power pass-throughs, uptime and residual mining hash economics.
The AI transmission channel is direct: customers such as CoreWeave and AMD reserve power and datacenter infrastructure, Core Scientific funds the conversion and build, and contracted fees begin as capacity is delivered. Billing power of 437 MW in mid-July versus 1.1 GW leased quantifies the remaining conversion runway.
The model breaks if construction is late, customer credit weakens, equipment or grid delivery fails, or financing covenants constrain the build. Potential contract value above $24B is undiscounted and delivered over many years. Warrant accounting can obscure operating results, while actual capex and liquidity determine whether common shareholders capture the residual economics. Investors should therefore track billing megawatts, customer acceptance, incremental rent and remaining construction cost together, rather than valuing the entire leased pipeline at an undiscounted contract headline.
| Segment | Revenue | Description |
|---|---|---|
| Colocation | Issuer-reported operating segment providing high-density services to AI and HPC customers. | |
| Digital Asset Self-Mining | Issuer-reported operating segment using owned machines to mine bitcoin. | |
| Digital Asset Hosted Mining | Issuer-reported operating segment hosting third-party mining equipment. |
| Metric | Value | Signal |
|---|---|---|
| Q2 revenue | $164.2M | +109% YoY |
| Q2 colocation revenue | $136.7M | 83% of total |
| Q2 adjusted EBITDA | $41.1M | Non-GAAP |
| Q2 capital expenditure | $797.5M | Buildout burden |
| Price/Sales | ~12.5x trailing | August 28, 2026 basis; 12.5x versus APLD 12.5x and CRWV 5.3x trailing sales |
| EV/Revenue | ~18.7x trailing | August 28, 2026 basis; 18.7x versus APLD 21.9x and CRWV 12.4x trailing EV/revenue |
| Revenue (TTM) | $440.3M | 108.8% YoY |
| Gross Margin | 32.1% | Reported |
| Operating Margin | 6.9% | Profitable |
| Net Margin | N/A | Not reliably available |
| ROE | 0.0% | Capital efficiency |
| Cash | $1.77B | Liquidity; sector accounting may limit direct debt netting |
| Debt | $4.41B | Balance-sheet claim |
| Intrinsic-value model | N/A | Fail-closed: insufficient or non-economic output |
| Value / quality panel | 0 positive / 5 negative / 0 neutral | bearish / confidence 52 |
| Fundamental grade audit | 59/100 (C+) | base +55, growth +14, grossMargin +2, operatingMargin +5, earningsGrowth +0, roe +0, balanceSheet +0, qualityBoard -6, capitalStructure -1, controls -8; capped score 59/100 |
| Quarter | EPS Actual | EPS Est. | Surprise | Revenue |
|---|---|---|---|---|
| 3Q2025 | $-0.20 | $0.07 | -382.9% | - |
| 4Q2025 | $-0.18 | $-0.12 | -53.4% | - |
| 1Q2026 | $-0.11 | $-0.05 | -119.6% | - |
| 2Q2026 | $-0.04 | $-0.06 | 27.2% | - |
Q2 2026 revenue was $164.2M versus $78.6M, with colocation revenue of $136.7M versus $10.6M. Gross profit increased to $70M from $5M, and non-GAAP adjusted EBITDA reached $41.1M versus $28.5M. GAAP net loss was $1.155B, primarily reflecting non-cash warrant fair-value movements rather than operating cash burn. Billing capacity was 395 MW in Q2 and 437 MW by mid-July, equivalent to approximately $635M of annualized colocation GAAP revenue. Core Scientific reported billing-run-rate milestones but no formal consolidated revenue or EBITDA guidance. The caveat is investment intensity: Q2 capex was $797.5M, and the 530 MW AMD build must be financed and delivered before its potential value is earned. No confirmed Core Scientific next-results date was shown in the official investor calendar reviewed. — Next: Not confirmed
| Date | Insider | Type | Shares | Value |
|---|---|---|---|---|
| 2026-08-20 | CRAIN ELIZABETH | buy | 6,000 | $109,980 |
| 2026-08-18 | Weiss Eric Stanton | buy | 7,000 | $134,330 |
| 2026-08-17 | DUCHENE TODD M | sell | 10,000 | $201,000 |
| 2026-08-10 | DUCHENE TODD M | sell | 10,000 | $199,700 |
| 2026-08-03 | DUCHENE TODD M | sell | 10,000 | $222,300 |
| 2026-07-27 | DUCHENE TODD M | sell | 10,000 | $209,500 |
| 2026-07-20 | DUCHENE TODD M | sell | 10,000 | $223,000 |
| 2026-07-13 | DUCHENE TODD M | sell | 10,000 | $224,500 |
Structured transactions shown; grants and sales are not treated as thesis confirmation.
Core Scientific's June filing used 325.3M weighted-average basic shares and listed 182.7M potentially dilutive shares excluded from EPS: 69.6M from converts, 16.4M awards, 0.3M options and 96.4M Tranche 1 warrants. That produces an approximately 508.0M minimum observable diluted pro-forma denominator, 56.2% above basic; 6.6M penny-warrant shares were already included in basic EPS. The August $100M revolver and $500M letter-of-credit facility had no amount drawn at closing and issued no new warrants. The two listed warrant classes are 2024 restructuring securities, not financing-linked August instruments.
3 decision-relevant primary filing(s) are displayed with accession-specific findings. Grade C+ measures fundamentals; trade state watch measures timing and is evaluated separately.
| Date | Form | Accession | What the filing changes |
|---|---|---|---|
| 2026-07-28 | 10-Q | 0001839341-26-000014 | The June Form 10-Q reports Q2 revenue of $164.2M, colocation revenue of $136.7M, project spending and warrant accounting, establishing current operating and liquidity risk. This classification controls the editorial conclusion. |
| 2026-03-18 | 10-K/A | 0001628280-26-019505 | The amended 2025 Form 10-K establishes Core Scientific's annual controls, warrants, debt and post-reorganization baseline; it predates the Q2 AMD lease and August credit facilities. |
| 2026-08-27 | 8-K | 0001839341-26-000021 | The August Form 8-K documents an undrawn-at-closing $100M secured revolver and $500M letter-of-credit facility plus a $150M liquidity floor. It creates debt and covenant capacity but discloses no new financing-linked warrant issuance; existing CORZW and CORZZ are pre-existing restructuring warrants. |
CORZ point-in-time short-interest context only; no acceleration claim without a comparable dated series.
Unusual Activity: No unusual activity confirmed
| RSI (14) | 31.1 |
| EMA 20 | $19.39 |
| EMA 50 | $21.19 |
| EMA 200 | $20.05 |
| MACD | -1.326 |
| Signal | -1.217 |
| ATR (14) | $1.23 |
| Wyckoff | Transitional |
CORZ activates only on a completed 15-minute close beyond $17.45 with non-zero RTH volume. The structural stop is the published $16.91 support, traced to the October 23, 2025 low at $16.9099; targets are the August 27 high at $18.52 and August 12 high at $21.6599. Core Scientific printed $17.11 at 2026-08-28T13:45:03Z; no later bar enters the structure. Financing news vetoes activation. Daily indicators and pivots run only through the 2026-08-27 close.
| Indicator | Value | Signal |
|---|---|---|
| Reference close | 2026-08-27 | Daily structure is point-in-time controlled |
| Quote snapshot | 2026-08-28T13:45:03Z | Exact timestamp; not represented as a publication-time live quote |
| Opening observation | 2026-08-28T13:30:00Z | Regular-session range used for the single activation level |
Regime: risk-on
Core Scientific converts existing grid access from bitcoin mining into long-duration AI colocation. Hyperscaler demand drives leasing, but transformer availability, construction inflation and credit spreads determine delivery cost; bitcoin price still affects residual mining cash flow.
Core Scientific has validated colocation demand, but 1.1 GW leased greatly exceeds current billing capacity and requires sustained capital. Warrants, covenants and large capex can prevent contract growth from translating cleanly into per-share cash flow.
Separate contracted from billing megawatts. Retail war-room: use a small position and limit only after $17.45 confirms, budget spread and slippage through $16.91, and never chase an AMD headline. A financing-filing event, customer gap or thin opening book cancels the trade until terms and regular-session liquidity are reviewed.
CORZ: directional flow remains unscored because no dated, inspectable transaction-level source was captured.
Keep the setup inactive until a completed 15-minute close above $17.45 with non-zero regular-session volume confirms sponsorship. Only then do the $16.91 structural stop and $18.52/$21.6599 dated-pivot targets govern. Reduce size for $797.5M quarterly capex, the leased-versus-billing gap and another covenant-bearing funding event. Undelivered megawatts do not fund near-term obligations.
Separate contracted from billing megawatts. Current trade state: watch.
This analysis is provided for informational and educational purposes only. It does not constitute financial advice, investment recommendation, or solicitation to buy or sell any security.
Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Always conduct your own research and consult a licensed financial advisor before making investment decisions.
Data comes from point-in-time market snapshots, company filings, Yahoo Finance, SEC EDGAR, and public market data. Accuracy is not guaranteed.
Social Radar
Pump & Dump Score: 4/6
Alert P&D