Overview
- Core Scientific told investors on its Nov. 5 earnings release and call that it expects to complete the wind-down of self-mining by Dec. 31, 2026 and enter 2027 as a pure high-density colocation landlord.
- The company reported $232.9 million in Q3 2026 revenue with $215.4 million from colocation and just $12.3 million from digital-asset self-mining, while adjusted EBITDA expanded sharply in the quarter.
- Core Scientific is billing 485 megawatts of colocation capacity as of Sept. 30 and holds roughly 1.1 gigawatts of major contracted capacity with CoreWeave and AMD that must be converted into billable capacity.
- Management has already cut its mining fleet by about half, booked a $41.9 million loss for terminating a Block/Proto chip agreement, and flags the need for financing and fast build execution to deliver AMD-related sites.
- The company emerged from Chapter 11 in January 2024 and repurposed high-power mining campuses for AI tenants; key things to watch are backlog conversion speed, adjusted EBITDA margins, remaining utility capacity and customer concentration risk.