Core Scientific
Nasdaq-listed former bitcoin miner now largely a colocation landlord to CoreWeave (~590 MW contracted); rejected CoreWeave's $9B takeover in Oct 2025.
corescientific.com · Record collected 25 Sept 2026
Profile from NeoCloud Observatory research (snapshot 2026-09-25); every figure links to its original source.
Profile
- Headquarters
- Not yet recorded
- Founded
- Not yet recorded
- Ownership
- public · Nasdaq: CORZ
- Operating regions
- North America
- Deployment model
- wholesale datacenter capacity, bitcoin mining
- GPU vendors
- Not yet recorded
- GPU generations
- Not yet recorded
- Networking
- Not yet recorded
- Storage
- Not yet recorded
- Cooling
- Not yet recorded
- Energy strategy
- Not yet recorded
- Platform / control plane
- Not yet recorded
- Business model
- Colocation revenue $136.7M of $164.2M in Q2 2026.
- Differentiation
- Not yet recorded
Source: Nasdaq (Core Scientific press release) — Core Scientific Announces Second Quarter 2026 Results
Capacity register
Each sourced figure with its maturity and MW type. Figures of different types are not added together.
No sourced capacity figures recorded.
Projects
| Project | Location | Status | Capacity |
|---|---|---|---|
| Core Scientific Denton campus (CoreWeave) One of several CoreWeave sites; site-level MW not captured. Participants: null (tenant). Source: NeoCloud Observatory research. Source: Nasdaq (Core Scientific press release) — Core Scientific Announces Second Quarter 2026 Results | Denton, Texas, United States | partially operational | Not sourced |
Disclosed customer contracts
| Customer | Value | Basis | Term | Date | Status & source |
|---|---|---|---|---|---|
| CoreWeaveneocloud | $10.0B | Total contract value | — | 28 Jul 2026 | signed ~590 MW, >$10B potential revenue over terms (aggregate of multiple contracts). Source: Nasdaq (Core Scientific press release) — Core Scientific Announces Second Quarter 2026 Results |
Neocloud Observatory
Evidence-scored analysis
Category G · Adjacent Provider · data quality 75.3/100 · snapshot 25 Sept 2026
Capacity by maturity (MW)
Each stage is reported separately and never added together. Announced GPUs never count as operational.
- Operational 437 MW
- Under construction Unknown
- Contracted 1,100 MW
- Secured Unknown
- Announced Unknown
- Stated pipeline Unknown
- Company target Unknown
- GPUs operational
- Unknown
- GPUs contracted
- Unknown
- GPUs announced
- Unknown
Financial position
- Annualised revenueDERIVED: Q2 2026 annualised
- $658.6M
- Revenue growth (YoY)
- 109%
- Backlog
- $24B
- Disclosed contract value
- $10B
- Valuation
- Unknown
- Equity raised (captured)
- Unknown
- Debt raised (captured)
- Unknown
- Total debt (reported)
- Unknown
- Hyperscaler credit supportnot cash raised
- Unknown
Largest disclosed customer: coreweave · 100% of disclosed contract value
Scorecard
score-v1.0 · 0–100 · scores with under 34% evidence coverage stay empty
Business Model Quality 68 evidence coverage 60%
- contracted revenue model: 80 (weight 0.4) — long-term contracted model
- model diversity: 44 (weight 0.2) — wholesale_datacenter_capacity, bitcoin_mining
- margin: unknown (weight 0.25) — no margin data
- software upside: unknown (weight 0.15) — 0 software layers
Capital Access Insufficient evidence evidence coverage 0%
- total capital raised: unknown (weight 0.3) — UNKNOWN equity+debt captured
- raised last 12m: unknown (weight 0.25) — UNKNOWN in 12m
- valuation: unknown (weight 0.2) — no valuation UNKNOWN
- strategic backers: unknown (weight 0.15) — 0 investors known
- cost of debt: unknown (weight 0.1) — no rate disclosed
Competitive Moat Insufficient evidence evidence coverage 25%
- physical control: unknown (weight 0.3) — power/land/DC control
- software depth: unknown (weight 0.25) — 0 software layers
- contracted lock in: 79 (weight 0.25) — backlog/contract value $24.00B
- operational reputation: unknown (weight 0.2) — not rated
Concentration Risk (higher = riskier) 78 evidence coverage 100%
- top customer share: 77 (weight 0.8) — top customer ≈77%
- few customers: 80 (weight 0.2) — 1 disclosed customers
Customer Diversification 27 evidence coverage 100%
- top customer share: 32 (weight 0.6) — top customer ≈77% of disclosed value
- distinct customers: 20 (weight 0.4) — 1 disclosed customer relationships
Customer Quality 53 evidence coverage 100%
- hyperscaler or lab: 40 (weight 0.5) — 1 disclosed customers
- contracted value: 67 (weight 0.5) — disclosed contract value $10.00B
Execution Risk (higher = riskier) 35 evidence coverage 70%
- build to operating ratio: 54 (weight 0.45) — 1,100 MW to build vs 437 MW operating
- soft pipeline share: 0 (weight 0.25) — 0 MW secured/announced/speculative
- organisational youth: unknown (weight 0.3) — founded UNKNOWN
Financial Durability 74 evidence coverage 60%
- revenue scale: 55 (weight 0.3) — annualised revenue $659M (DERIVED: Q2 2026 annualised)
- net margin: unknown (weight 0.2) — no margin data
- cash: unknown (weight 0.2) — cash UNKNOWN
- backlog coverage: 100 (weight 0.2) — backlog/revenue 36.4x
- public disclosure: 80 (weight 0.1) — public company (audited)
Financial Risk (higher = riskier) 17 evidence coverage 40%
- losses: unknown (weight 0.3) — no margin data
- debt to revenue: unknown (weight 0.3) — no debt/revenue data
- reliance on new capital: 0 (weight 0.25) — 12m capital raised / revenue 0.0x
- revenue scale inverse: 45 (weight 0.15) — revenue $659M
Geographic Position 29 evidence coverage 100%
- countries: 18 (weight 0.6) — United States
- sovereign positioning: 45 (weight 0.4) — no sovereign positioning
GPU Supply Position Insufficient evidence evidence coverage 0%
- gpu fleet and contracted: unknown (weight 0.4) — 0 GPUs operational+contracted
- vendor relationship: unknown (weight 0.3) — no strategic vendor tie evidenced
- latest generation: unknown (weight 0.3) — no GPU model data
Growth Momentum 51 evidence coverage 85%
- revenue growth yoy: 63 (weight 0.4) — YoY growth 109%
- capacity momentum: 73 (weight 0.25) — 1,100 MW contracted/under construction
- recent major events: 0 (weight 0.2) — 0 major confirmed events in 180d
- capital raised 12m: unknown (weight 0.15) — raised UNKNOWN in 12m
Infrastructure Execution 59 evidence coverage 100%
- delivered projects: 100 (weight 0.4) — 1/1 tracked projects (partially) operational
- operational share of hard mw: 28 (weight 0.4) — 437 of 1,537 hard MW operational
- building now: 40 (weight 0.2) — 0 under construction
Management Execution 53 evidence coverage 100%
- delivered capacity: 75 (weight 0.5) — 437 MW delivered to date
- milestones 180d: 0 (weight 0.3) — 0 confirmed major milestones (180d)
- disclosure discipline: 80 (weight 0.2) — public reporting cadence
Operational Capacity 70 evidence coverage 65%
- operational mw: 70 (weight 0.65) — 437 MW operational (company-level (unspecified))
- operational gpus: unknown (weight 0.35) — operational GPUs UNKNOWN
Power Pipeline Quality 84 evidence coverage 80%
- weighted pipeline mw: 75 (weight 0.5) — ladder-weighted 1,207 MW
- hard share: 100 (weight 0.3) — 100% of stated MW is operational/under construction/contracted
- physical power control: unknown (weight 0.2) — physical-layer control 0/100
Software Platform Maturity Insufficient evidence evidence coverage 0%
- software layers: unknown (weight 0.5) — none evidenced
- software control: unknown (weight 0.25) — software-layer control 0/100
- independent rating: unknown (weight 0.25) — not rated
Strategic Partnerships 30 evidence coverage 40%
- vendor equity: unknown (weight 0.4) — no vendor equity evidenced
- hyperscaler ties: 30 (weight 0.4) — none evidenced
- exemplar or rating: unknown (weight 0.2) — n/a
Technical Differentiation Insufficient evidence evidence coverage 0%
- differentiators: unknown (weight 0.7) — no clear differentiator evidenced
- independent rating: unknown (weight 0.3) — not rated
Technical Strength Insufficient evidence evidence coverage 0%
- independent rating: unknown (weight 0.45) — not rated
- exemplar cloud: unknown (weight 0.15) — n/a
- fabric evidence: unknown (weight 0.15) — fabric UNKNOWN
- stack documentation: unknown (weight 0.25) — 0 technology layers evidenced
Vertical Integration Insufficient evidence evidence coverage 0%
- stack control: unknown (weight 1) — 0 of 12 layers evidenced; 12 UNKNOWN
Career Opportunity 58 evidence coverage 54%
- growth momentum: 51 (weight 0.2) — Growth Momentum
- capital access: unknown (weight 0.15) — Capital Access
- technical strength: unknown (weight 0.12) — Technical Strength
- software platform maturity: unknown (weight 0.12) — Software Platform Maturity
- power pipeline quality: 84 (weight 0.1) — Power Pipeline Quality
- geographic position: 29 (weight 0.06) — Geographic Position
- strategic partnerships: 30 (weight 0.08) — Strategic Partnerships
- hiring: unknown (weight 0.07) — open roles (public boards)
- inv financial risk: 83 (weight 0.1) — 100 - financial risk
Data Quality 75 evidence coverage 47%
- dq coverage: unknown (weight 0) — 0.471
- dq avg confidence: unknown (weight 0) — 0.86
- dq primary source pct: unknown (weight 0) — 1.0
- dq freshness days: unknown (weight 0) — 0
- dq conflicts: unknown (weight 0) — 0
- dq missing count: unknown (weight 0) — 9
Worth Investigating? (not investment advice) 57 evidence coverage 68%
- growth momentum: 51 (weight 0.18) — Growth Momentum
- technical differentiation: unknown (weight 0.12) — Technical Differentiation
- customer quality: 53 (weight 0.12) — Customer Quality
- power pipeline quality: 84 (weight 0.12) — Power Pipeline Quality
- capital access: unknown (weight 0.12) — Capital Access
- strategic partnerships: 30 (weight 0.1) — Strategic Partnerships
- technical strength: unknown (weight 0.08) — Technical Strength
- infrastructure execution: 59 (weight 0.08) — Infrastructure Execution
- operational capacity: 70 (weight 0.08) — Operational Capacity
- novelty bonus: 0 (weight 0.3) — company ≤3 years old
Overall Scale Potential 71 evidence coverage 65%
- power pipeline quality: 84 (weight 0.3)
- capital access: unknown (weight 0.25)
- customer quality: 53 (weight 0.2)
- operational capacity: 70 (weight 0.15)
- vertical integration: unknown (weight 0.1)
Overall Survival Probability (5y, %) 90 evidence coverage 33%
- model: unknown (weight 1) — logistic(durability, capital access, customer quality, risks)
Forecasts (rule-based, P10–P90)
| Horizon | Operational MW | Annualised revenue |
|---|---|---|
| 12 months | 702 MW (570 MW–835 MW) | $1.4B ($981.4M–$1.6B) |
| 24 months | 901 MW (769 MW–1,034 MW) | $2.2B ($1.2B–$2.9B) |
| 36 months | 1,001 MW (868 MW–1,100 MW) | $3B ($1.5B–$4.5B) |
| 60 months | 1,034 MW (934 MW–1,100 MW) | $4.8B ($1.8B–$8.1B) |
Stored in an immutable prediction ledger and scored against reported outcomes when they fall due. Predictions, not facts.
Outcome probabilities
| Outcome | 12 mo | 24 mo | 36 mo | 60 mo |
|---|---|---|---|---|
| Remain independent | 91% | 83% | 75% | 60% |
| Acquired | 6% | 12% | 17% | 27% |
| Merge | 1% | 2% | 3% | 5% |
| Fail | 2% | 3% | 5% | 8% |
| Acquire another company | 8% | 15% | 22% | 34% |
| Financial distress | 1% | 2% | 3% | 5% |
| Major cloud scale (≥2 GW operational or ≥$10B revenue) | 0% | 0% | 0% | 1% |
| Remain niche | 98% | 97% | 95% | 91% |
| Strategic pivot | 15% | 20% | 25% | 35% |
| Exit AI infrastructure | 6% | 12% | 18% | 30% |
Ownership outcomes (independent, acquired, merge, fail) sum to 100% at each horizon; the others are independent events.
Vertical-integration stack
- energy UNKNOWN No evidence captured (unknown)
- land UNKNOWN No evidence captured (unknown)
- data center UNKNOWN No evidence captured (unknown)
- power cooling UNKNOWN No evidence captured (unknown)
- gpu hardware UNKNOWN No evidence captured (unknown)
- network UNKNOWN No evidence captured (unknown)
- storage UNKNOWN No evidence captured (unknown)
- bare metal UNKNOWN No evidence captured (unknown)
- orchestration UNKNOWN No evidence captured (unknown)
- cloud api UNKNOWN No evidence captured (unknown)
- ai platform UNKNOWN No evidence captured (unknown)
- managed ai UNKNOWN No evidence captured (unknown)
Not yet sourced: valuation, gpu count, cash, employees, profile.hq country, profile.ceo, profile.founded year, tech stack, stack control.
Timeline
-
30 Oct 2025 · fact
Core Scientific terminates merger agreement with CoreWeave after shareholder vote
Source: Core Scientific — Core Scientific Announces Termination of Merger Agreement with CoreWeave
Recent coverage
Updated 1 Nov 2026, 11:54 UTC
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