Quick Summary
- Core Scientific brought approximately 350 megawatts online, representing a 64% increase from the end of last year, with roughly 200MW generating revenue
- The company’s 590MW CoreWeave partnership is progressing at five locations, totaling approximately $2 billion in built infrastructure
- The development queue has reached 1.5 gigawatts; a new 265-acre property was acquired in Hunt County, Texas
- The company missed its publicly announced deadline for securing a new customer and revealed an accounting correction involving a material weakness in internal controls
- On March 9, Director Eric Weiss acquired 7,000 shares of CORZ at $14.53 each, increasing his stake to 252,262 shares
Core Scientific (CORZ) is aggressively executing its transformation from cryptocurrency mining operations to artificial intelligence data center infrastructure — though a customer acquisition shortfall and accounting correction add complexity to the story.
The firm disclosed approximately 350 megawatts now energized, compared to 213MW at the conclusion of the previous year. This represents roughly a 64% increase. Approximately 200 of those megawatts are currently generating revenue, and executives indicated they will shift future reporting to emphasize billable megawatts to provide clearer visibility into commercial traction.
The CoreWeave partnership remains the central narrative. The 590MW agreement now encompasses five operational AI data center locations with approximately $2 billion in deployed infrastructure and over five million labor hours completed. The Denton facility alone has approximately 130 revenue-generating megawatts, nearly doubling its Q4 capacity.
Facilities at Marble, Muskogee Phase 1, and Dalton Phase 1 are either fully energized or undergoing final commissioning. All locations are transitioning to billing status.
The company’s development queue now totals approximately 1.5 gigawatts — limited to projects with secured power agreements or established pathways. This reflects an increase of roughly 600MW from the prior reporting period.
Facility Additions and Capacity Expansion
CORZ finalized an agreement for a 265-acre property in Hunt County, Texas, projected to deliver around 285 megawatts of leasable capacity following interconnection. The Dalton, Georgia operation is being scaled to 450 megawatts gross capacity, while the Pecos, Texas location is transitioning from cryptocurrency mining to 200MW of colocation infrastructure within approximately twelve months.
Leadership also detailed its “Operation Forward Observer” approach — commissioning initial data halls and securing long-lead equipment in advance to compress time-to-revenue cycles. A 30MW Auburn, Alabama facility already has critical hardware delivered on-site, with the initial 10MW phase targeted for the latter half of 2026.
Available liquidity stands at approximately $530 million, following the January sale of roughly 1,900 Bitcoin generating about $175 million. Executives indicated the company could potentially access up to $4 billion against stabilized CoreWeave-backed infrastructure if required.
Customer Deadline Miss and Accounting Correction
Despite ongoing negotiations, Core Scientific did not secure any new customers by its self-imposed public deadline. Two facilities are currently under short-term exclusivity agreements, but the shortfall represents a metric investors will monitor carefully. CORZ continues to derive the majority of revenue from Bitcoin mining operations as the AI segment scales.
The company also announced an accounting correction. Auditors identified demolition expenses that were improperly capitalized rather than expensed. Management emphasized this does not impact revenue, adjusted EBITDA, or net cash generation — however, CORZ will report a material weakness in internal controls for the subsequent four quarters.
Leadership also attributed delayed hyperscaler engagement during its merger proceedings as contributing to contract delays. Neocloud providers and AI research customers are increasingly requiring investment-grade guarantees from major 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 total position now stands at 252,262 shares. The company’s P/E ratio of 13.21 trades below both the industry median of 21.65 and its own historical median.
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