CORE SCIENTIFIC, INC.
| Revenue | $440.3M |
|---|---|
| Operating income | $-388.9M |
| Net income | $-1.4B |
| Free cash flow | $-723.3M |
| Operating margin | -88.3% |
| Net margin | -313.9% |
| Period | TTM 2026-06-30 |
OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong contracted growth, but leverage, financing execution, concentration and uncontracted expansion options remain material.
Core Scientific’s AMD agreement materially strengthens its AI-infrastructure backlog:
530 MW across five sites, more than $14 billion of base contracted revenue over 15 years, and 1.1 GW of total contracted billable capacity worth over $24 billion. However, the initial AMD buildout requires roughly $6 billion of capex against $1.8 billion of liquidity and depends on project-level bond financing, while much of the growth remains concentrated in AMD and CoreWeave; the risk/reward is attractive but not yet a clean buy.
- Amd Partnership
- Coreweave Colocation
- Ai Infrastructure
- Contracted Capacity
- Project Financing
- Bitcoin Mining Winddown
Near term
CoreWeave billing reached 437 MW in mid-July, nearly 200 MW above Q1, with management expecting another meaningful colocation revenue increase in Q3.
Project-level bond financing terms and availability will determine whether the approximately $6 billion AMD buildout can proceed without substantial equity dilution or balance-sheet strain.
Pecos is scheduled for initial AMD megawatt delivery in the first half of 2027; delays or cost escalation would likely pressure the shares.
Bitcoin mining is being wound down, reducing exposure to mining volatility but also removing a source of operating activity and potentially increasing reliance on colocation execution.
Longer term
The AMD relationship includes an exclusive reservation right for up to an additional 2 GW, but this is an option rather than contracted revenue and depends on incremental grid-connected and behind-the-meter power.
The company is targeting a repeatable multi-site deployment model at estimated build costs of $11 million-$12 million per MW; sustained cost control and commissioning performance are central to the thesis.
Customer concentration remains significant: AMD and CoreWeave each have committed more than 500 MW, making credit quality, renewal economics and customer technology decisions important long-term risks.
The proposed pipeline of more than 2 GW of incremental power is not expected to become available until late 2028-2030, leaving a long duration between investment and potential monetization.
Red flags
The call provided no explicit guidance for revenue, margins, EPS or cash flow, limiting near-term valuation discipline.
The $6 billion AMD capex requirement is more than three times current liquidity, and management did not quantify expected project-level debt pricing, leverage, covenants or equity funding needs.
The $14 billion AMD figure is base contracted revenue, but the economics of the AMD warrant and the modified-gross lease supporting a neocloud were not quantified.
Management emphasized expansion potential and reservation rights, but the additional 2 GW and the broader 2 GW site pipeline remain contingent and uncontracted.
No analyst Q&A was provided, so there was no pushback on competitive displacement, AMD platform adoption, customer concentration or financing risk.
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest 10-K · 2026-03-02
- Sbc Revenue High
- Net Margin Sharply Negative
- Cash Runway Low
Red flags
- Sbc Revenue High — SBC/Revenue 30.8%
- Net Margin Sharply Negative — Net margin -88.0%
- Cash Runway Low — Cash runway ~0.7 years