Overview
- In its Nov. 5 Q3 earnings, Core Scientific reported $215.4 million in colocation revenue, which made up 92% of quarterly revenue while the company was billing 485 megawatts of capacity.
- The company says billed capacity at 485 MW represents more than $700 million in annualized colocation GAAP revenue and that about 1.1 gigawatts of power capacity is under contract across long‑term deals.
- Management projects an average annualized colocation run‑rate of approximately $1.8 billion when its contracted facilities are fully operational and plans to stop self‑mining by year‑end 2026 to run only as a colocation provider in 2027.
- Q3 results show heavy investment and one‑time accounting effects: adjusted EBITDA was $133.6 million, capital expenditures were $985.1 million, and reported net income was buoyed by a non‑cash warrant valuation change of about $1.18 billion.
- Key near‑term risks are construction timing, securing financing, and customer concentration, with CoreWeave accounting for 590 MW and an AMD‑backed counterpart for 530 MW and initial AMD‑related deliveries expected in the first half of 2027.