Overview
- Core Scientific told investors on its Nov. 5 earnings call that it will complete the wind-down of Bitcoin self-mining by Dec. 31, 2026 and enter 2027 as a pure high-density colocation provider.
- In Q3 2026 the company reported $232.9 million in revenue with $215.4 million from colocation, adjusted EBITDA of $133.6 million and a 57% margin while self-mining revenue fell to $12.3 million and posted a gross loss.
- The company is billing 485 megawatts of colocation capacity and holds long-term deals that together cover about 1.1 gigawatts with CoreWeave and AMD, but turning that contracted potential into billed revenue requires construction, power deals and capital.
- Execution to date has included cutting the active mining fleet by roughly half, selling most of its Bitcoin reserve (816 BTC in Q3, leaving 32 BTC), taking mining-related impairments and a $41.9 million loss for terminating a Block/Proto agreement, and carrying roughly $1.7 billion in liquidity after heavy capex.
- Near-term risks that spooked investors and sent the stock down about 10–11% include meeting the year-end mining exit, delivering AMD-backed buildouts on schedule, securing financing, and managing customer concentration and local concerns about data-center power use.