Core Scientific, Inc./tx (CORZ) Company Report

Core Scientific, Inc. holds 12-year contracts with CoreWeave totaling over $10 Billion in contract value, projected to generate ~$850 Million in average annual run rate revenue with an anticipated 75% to 80% profit margin.
The company plans to energize 250 MW by the end of 2025 and a total of 590 MW by early 2027 for CoreWeave, with Core Scientific funding $104 Million in capex for a 70 MW expansion.
Core Scientific has ~1.4 GW of existing gross power capacity across 9 U.S. sites, enabling ~1 GW of client-billable power, and an expansion pipeline of ~2.3 GW in existing and future gross power allocations.
By Q4 earnings, the company anticipates signing at least one new colocation customer, securing new power contracts, and announcing a new major power contract and site in a top U.S. market.

Oct 30, 2025, 8:18 PM

8-K

Two Seas Capital Comments on Core Scientific Special Meeting Outcome

CORZ

M&A

Proxy Vote Outcomes

Two Seas Capital LP, a significant shareholder of Core Scientific, Inc. (CORZ), commented on the outcome of a special meeting where shareholders rejected the proposed sale of Core Scientific to CoreWeave, Inc..
Sina Toussi, Founder and Chief Investment Officer of Two Seas, thanked shareholders for their support in rejecting the transaction and expressed enthusiasm for Core Scientific's future.
Two Seas Capital reinforced its confidence in Core Scientific's management team and looks forward to working constructively with the Company to create significant long-term value for shareholders.

Oct 30, 2025, 6:42 PM

Press Release

CORE SCIENTIFIC Provides Investor Update on CoreWeave Contracts and Expansion

CORZ

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

CORE SCIENTIFIC has secured 12-year contracts with CoreWeave that represent over $10 Billion in total contract value and an estimated ~$850 Million in average annual run rate revenue, with an anticipated 75% to 80% profit margin.
The company currently has ~1.4 GW of existing gross power capacity and is actively progressing expansion opportunities that could lead to a total of ~3.3 GW of gross power and ~2.2 GW of billable power.
CORE SCIENTIFIC anticipates energizing ~20 MW by the end of 2025, 250 MW by 2026, and a total of 590 MW by early 2027 for its CoreWeave contracted capacity.
As of September 30, 2025, the total pro forma diluted share count for CORE SCIENTIFIC is 511 million.

Oct 30, 2025, 3:30 PM

Presentation

Core Scientific Terminates CoreWeave Merger and Outlines Independent Growth Strategy

CORZ

M&A

Proxy Vote Outcomes

New Projects/Investments

Core Scientific shareholders voted against the proposed merger with CoreWeave, leading to the termination of the deal, with no termination payment required.
The company is executing on its existing CoreWeave contracts, which represent over $10 billion in total revenue potential over twelve years and are largely funded by CoreWeave. Currently, 120 megawatts of the total 590 megawatts of the CoreWeave contract have been energized.
Core Scientific has a significant power pipeline of approximately 3.3 gigawatts of gross capacity and aims to deliver an additional 350 megawatts by year-end 2026, with 280 megawatts dedicated to the CoreWeave contract and the remainder for new customers.
As an independent company, Core Scientific plans to diversify its customer base, secure new power contracts, and make a financing announcement to fund future build-outs, with a goal to convert all megawatts to high-density colocation sites over the next three years.

Oct 30, 2025, 3:30 PM

Transcript

Core Scientific Terminates Merger Agreement with CoreWeave

CORZ

M&A

Proxy Vote Outcomes

Core Scientific, Inc. (CORZ) announced the termination of its merger agreement with CoreWeave, Inc., effective October 30, 2025, after its stockholders did not approve the proposal at a special meeting.
The merger agreement, which was dated as of July 7, 2025, was terminated because the company did not receive the necessary votes for approval from its stockholders.
Core Scientific will remain a publicly traded company, and its common stock will continue to trade on Nasdaq under the ticker symbol CORZ.

Oct 30, 2025, 2:55 PM

8-K

Core Scientific to Host Investor Conference Call and Webcast

CORZ

New Projects/Investments

Core Scientific, Inc. (CORZ) will host an investor conference call and live audio webcast today, October 30, 2025, at 11:30 AM Eastern Time.
The call will be hosted by CEO Adam Sullivan, COO Matt Brown, CFO Jim Nygaard, and VP of Investor Relations Jon Charbonneau.
The company, a leader in digital infrastructure for high-density colocation services and digital asset mining, is converting most existing facilities to support artificial intelligence-related workloads and next-generation colocation services.
Core Scientific expects to rapidly increase revenue derived from high-density colocation (HDC), shifting from its current majority revenue from earning digital assets for its own account.

Oct 30, 2025, 2:40 PM

Press Release

Core Scientific Shareholder Two Seas Capital Opposes CoreWeave Acquisition

CORZ

M&A

Proxy Vote Outcomes

Takeover Bid

Two Seas Capital LP, a significant shareholder of Core Scientific, is opposing the proposed sale of Core Scientific to CoreWeave.
Two Seas Capital believes the acquisition, valued at $16.40 per share, undervalues Core Scientific, suggesting the company's stock could trade more than twice as high based on peer valuations.
They are urging shareholders to vote AGAINST the transaction on the GOLD proxy card at the special meeting scheduled for October 30, 2025.

Oct 28, 2025, 12:30 PM

Press Release

Core Scientific Announces Fiscal Third Quarter 2025 Results and CoreWeave Merger Agreement

CORZ

Earnings

M&A

Demand Weakening

Core Scientific, Inc. reported total revenue of $81.1 million for the fiscal third quarter of 2025, a decrease from $95.4 million in the prior-year period, while High-Density Colocation revenue increased to $15.0 million.
The company's net loss was $146.7 million in Q3 2025, an improvement from a $455.3 million net loss in Q3 2024, and Adjusted EBITDA was $(2.4) million.
As of September 30, 2025, Core Scientific had liquidity of $694.8 million, comprising $453.4 million of cash and cash equivalents and $241.4 million of bitcoin.
On July 7, 2025, the company entered into an Agreement and Plan of Merger with CoreWeave for an all-stock acquisition, which is subject to stockholder approval at a meeting on October 30, 2025.

Oct 24, 2025, 8:06 PM

8-K

Core Scientific Announces Fiscal Third Quarter 2025 Results and Provides Update on Pending CoreWeave Merger

CORZ

Earnings

M&A

Core Scientific reported total revenue of $81.1 million for Q3 2025, a decrease from $95.4 million in Q3 2024, while gross profit improved to $3.9 million from a gross loss of $0.2 million in the prior-year period. The company's net loss was $146.7 million, a reduction from $455.3 million in Q3 2024.
Adjusted EBITDA for Q3 2025 was $(2.4) million, compared to $10.1 million in the prior year, primarily driven by a $14.4 million increase in cash operating expenses and a $14.3 million decrease in total revenue.
As of the end of the third quarter of 2025, Core Scientific's liquidity stood at $694.8 million, comprising $453.4 million of cash and cash equivalents and $241.4 million of bitcoin.
Core Scientific entered into an all-stock merger agreement with CoreWeave on July 7, 2025, where each outstanding share of Core Scientific common stock would be converted into 0.1235 shares of CoreWeave Class A common stock, pending stockholder approval at a Special Meeting on October 30, 2025.

Oct 24, 2025, 8:05 PM

Press Release

CORZ Announces Q3 2024 Financial Results

CORZ

Earnings

Demand Weakening

New Projects/Investments

CORZ reported a net loss of $(455,259) thousand for the third quarter ended September 30, 2024, primarily driven by a $408,520 thousand change in fair value of warrant and contingent value rights.
Total revenue for Q3 2024 decreased by 16% year-over-year to $95,354 thousand, resulting in a consolidated gross loss of $(156) thousand. This decline was largely due to decreases in digital asset self-mining and hosted mining revenue.
Despite the net loss, the company achieved an Adjusted EBITDA of $10.1 million and Adjusted EPS of $0.03 for Q3 2024.
As of September 30, 2024, CORZ's balance sheet showed total liabilities of $1,651,246 thousand and a total stockholders' deficit of $(729,395) thousand.

Oct 24, 2025, 8:00 PM

Presentation

Earnings Transcripts

Quarterly earnings call transcripts for Core Scientific, Inc./tx.

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