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Core Scientific

Ticker
CORZ
Beat
datacenters
Size
Public Company
Revenue
$164M
as of Jun 2026
Cash
$1.8B
as of Jun 2026
Burn
$584M/qtr
as of Jun 2026
Runway
~3 qtr at this rate
as of Jun 2026
Researched · Fresh
6 days ago

CORZ swapped a tenant problem for a build-and-finance problem. AMD's 530 MW / $14B+ lease package (377 MW direct plus 152 MW to an AMD-guaranteed neocloud, with a 1.9 GW reservation) means CoreWeave's share of contracted power falls toward ~53%. The price was a 30M-share warrant and ~$6B more project debt on top of $4.4B, with book equity at −$2.4B. At $17.34 (−38% since June) the company trades at about 11x contracted NOI on a fully diluted, fully built enterprise value, a leveraged builder at

Orbit · who it trades with and competes with
2 on the rings · 0 trade · 2 rival
2 mentions across our dossiers
Focus · Datacenters
Core Scientific
CORZ · public
House viewbullish · low convictionThe old GPUs get cheap first: H100 rents fall as the new chips arrive, the newest holdLong the contract · short the spot priceThe reason for holding this stops being true if the old chips hold their price: the H100 SXM average observed offer in MenFem's weekly vast.ai series at or above $2.38 an hour over the four weeks ending 5 November 2027. It also…Published 10 Nov 2026 · read the call →
Links · 2 companies · 0 trade · 2 rival
“- New competitor names the 10-K now lists: Digital Realty, Equinix, plus IREN, Cipher, TeraWulf, Hut 8, Riot, CleanSpark, HIVE, Core Scientific, Bitdeer, Galaxy Digital, Fermi Inc., Keel Infrastructure, MARA.”Applied Digital · RIVAL · from Applied Digital’s dossier
TholoBbrief←→step through the orbitESCcloseclick a company to open ittap a company to read it, tap again to open it
Price

Weekly closes

CORZ · weekly close
11.76 USD−11.2%
Friday 6 Nov 2026 · last 52 Fridays 11.76–29.16
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Insiders sold, 90 days: 139,957 sh · 11 filings, Form 4 · 2 Nov 2026
  2. Short interest: 76,629,611 sh · 5.16 days to cover, FINRA · settled 15 Oct 2026
  3. Insiders bought, 90 days: 6,000 sh · 1 filing, Form 4 · 15 Sept 2026
11.76USD-11.2%datacenters -12.3%CORZ · 110 weekly closes to 2026-11-06

Who is buying

Insiders sold, last 90 daysSEC Form 4 · newest 2 Nov 2026
11 filings · 139,957 shares
Insiders bought, last 90 daysSEC Form 4 · newest 15 Sept 2026
1 filing · 6,000 shares
Shares sold shortFINRA · settled 15 Oct 2026
76,629,611 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
5.16
see the whole series
Financials

The reported figures

Revenue · quarterly
$164M
latest, Q2 ’26 · 10 periods stored
Filed · primary
Q2 ’26
$164M USD
as of 30 Jun 2026 · fiscal Q2 FY26
Source: 10-q-2026-q2
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Core Scientific, quarterly figures held, Q1 ’24 to Q2 ’26
PeriodAs ofRevenueGross marginOperating marginFree cash flowCapexCashNet debtShares outstandingGradingSource
Q1 ’2431 Mar 2024$179M USD43.3% share of revenue30.8% share of revenue-$9.7M USD$31.9M USD$98.1M USD—177.8M sharesFiled · primary10-q-2024-q1
Q2 ’2430 Jun 2024$141M USD27.5% share of revenue-64.3% share of revenue-$1.9M USD$3.1M USD$96.1M USD—258.2M sharesFiled · primary10-q-a-2025-q2 (restated Q2-2024 comparatives) + 10-q-2024-q2 (cash, cash flow)
Q3 ’2430 Sept 2024$95.4M USD-0.2% share of revenue-43.2% share of revenue-$25.5M USD$31.2M USD$253M USD—279.3M sharesFiled · primary10-q-a-2025-q3 (restated Q3-2024 comparatives) + 10-q-2024-q3 (cash, cash flow)
Q4 ’2431 Dec 2024$94.9M USD5.0% share of revenue-68.9% share of revenue-$15.0M USD$28.8M USD$836M USD$286M USD294.1M sharesFiled · primary10-k-a-2024-q4 (restated FY2024) less 10-q-a-2025-q3 restated 9M-2024
Q1 ’2531 Mar 2025$79.5M USD10.3% share of revenue-59.2% share of revenue-$129M USD$84.0M USD$698M USD$420M USD297.8M sharesFiled · primary10-q-2026-q1 (Q1-2025 comparatives) + 10-q-a-2025-q1
Q2 ’2530 Jun 2025$78.6M USD6.4% share of revenue-33.4% share of revenue-$87.3M USD$121M USD$581M USD$505M USD305.4M sharesFiled · primary10-q-2026-q2 (Q2-2025 comparatives) + 10-q-a-2025-q2
Q3 ’2530 Sept 2025$81.1M USD4.8% share of revenue-67.6% share of revenue-$113M USD$244M USD$453M USD$632M USD310.1M sharesFiled · primary10-q-a-2025-q3
Q4 ’2531 Dec 2025$79.8M USD26.0% share of revenue—-$122M USD$279M USD$311M USD$774M USD315.3M sharesFiled · primary10-k-2025-q4 less 10-q-a-2025-q3 (9M 2025)
Q1 ’2631 Mar 2026$115M USD26.1% share of revenue—-$139M USD$389M USD$1.0B USD$1.1B USD317.9M sharesFiled · primary10-q-2026-q1
Q2 ’2630 Jun 2026$164M USD42.7% share of revenue-47.8% share of revenue-$584M USD$565M USD$1.8B USD$2.6B USD321.3M sharesFiled · primary10-q-2026-q2

Core Scientific’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ1 ’24 – Q2 ’26
$164M+109% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q1 ’24: $179M, as of Mar 2024Revenue Q2 ’24: $141M, as of Jun 2024Revenue Q3 ’24: $95.4M, as of Sep 2024Revenue Q4 ’24: $94.9M, as of Dec 2024Revenue Q1 ’25: $79.5M, as of Mar 2025Revenue Q2 ’25: $78.6M, as of Jun 2025Revenue Q3 ’25: $81.1M, as of Sep 2025Revenue Q4 ’25: $79.8M, as of Dec 2025Revenue Q1 ’26: $115M, as of Mar 2026Revenue Q2 ’26: $164M, as of Jun 2026
Operating margin · quarterlyQ1 ’24 – Q2 ’26
-47.8%-14.4 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q1 ’24: 30.8%, as of Mar 2024Operating margin Q2 ’24: -64.3%, as of Jun 2024Operating margin Q3 ’24: -43.2%, as of Sep 2024Operating margin Q4 ’24: -68.9%, as of Dec 2024Operating margin Q1 ’25: -59.2%, as of Mar 2025Operating margin Q2 ’25: -33.4%, as of Jun 2025Operating margin Q3 ’25: -67.6%, as of Sep 2025Operating margin Q2 ’26: -47.8%, as of Jun 2026

A margin beyond ±100%, or on zero revenue, is left out as not meaningful.

Free cash flow · quarterlyQ1 ’24 – Q2 ’26
-$584M

Q2 ’26 · as of Jun 2026

Free cash flow Q1 ’24: -$9.7M, as of Mar 2024Free cash flow Q2 ’24: -$1.9M, as of Jun 2024Free cash flow Q3 ’24: -$25.5M, as of Sep 2024Free cash flow Q4 ’24: -$15.0M, as of Dec 2024Free cash flow Q1 ’25: -$129M, as of Mar 2025Free cash flow Q2 ’25: -$87.3M, as of Jun 2025Free cash flow Q3 ’25: -$113M, as of Sep 2025Free cash flow Q4 ’25: -$122M, as of Dec 2025Free cash flow Q1 ’26: -$139M, as of Mar 2026Free cash flow Q2 ’26: -$584M, as of Jun 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ1 ’24 – Q2 ’26
$1.8Bdebt $4.4B

Q2 ’26 · as of Jun 2026

Cash Q1 ’24: $98.1M, as of Mar 2024Cash Q2 ’24: $96.1M, as of Jun 2024Cash Q3 ’24: $253M, as of Sep 2024Cash Q4 ’24: $836M, as of Dec 2024Cash Q1 ’25: $698M, as of Mar 2025Cash Q2 ’25: $581M, as of Jun 2025Cash Q3 ’25: $453M, as of Sep 2025Cash Q4 ’25: $311M, as of Dec 2025Cash Q1 ’26: $1.0B, as of Mar 2026Cash Q2 ’26: $1.8B, as of Jun 2026Debt Q4 ’24: $1.1B, as of Dec 2024Debt Q1 ’25: $1.1B, as of Mar 2025Debt Q2 ’25: $1.1B, as of Jun 2025Debt Q3 ’25: $1.1B, as of Sep 2025Debt Q4 ’25: $1.1B, as of Dec 2025Debt Q1 ’26: $2.1B, as of Mar 2026Debt Q2 ’26: $4.4B, as of Jun 2026

CashDebt

Shares outstanding · quarterlyQ1 ’24 – Q2 ’26
321.3M+81% since Q1 ’24

Q2 ’26 · as of Jun 2026

Shares outstanding Q1 ’24: 177.8M, as of Mar 2024Shares outstanding Q2 ’24: 258.2M, as of Jun 2024Shares outstanding Q3 ’24: 279.3M, as of Sep 2024Shares outstanding Q4 ’24: 294.1M, as of Dec 2024Shares outstanding Q1 ’25: 297.8M, as of Mar 2025Shares outstanding Q2 ’25: 305.4M, as of Jun 2025Shares outstanding Q3 ’25: 310.1M, as of Sep 2025Shares outstanding Q4 ’25: 315.3M, as of Dec 2025Shares outstanding Q1 ’26: 317.9M, as of Mar 2026Shares outstanding Q2 ’26: 321.3M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

The record

What happened

Compute market

Deals on the Ledger

The compute board →
Published compute deals with Core Scientific as a party
AnnouncedWithTypeValueSource
28 Jul 2026
  • AMD Tenant
  • Undisclosed neocloud Tenant
  • AMD Guarantor
Site leaseundisclosedCore Scientific: more than $14B of potential base contracted revenue across ~530 MW at five sites.Core Scientific 8-K, 2026-07-28
7 Jul 2025Acquisition$9BImplied total equity value of approximately $9.0B as of July 3, 2025 (0.1235 CRWV shares per CORZ share, fully diluted, CoreWeave 5-day VWAP).CoreWeave 8-K Ex. 99.1, 2025-07-07
3 Jun 2024Site lease$3.5BMore than $3.5B cumulative revenue over the initial 12-year terms (~$290M average annual revenue), per Core Scientific.Core Scientific press release, 2024-06-03

Every Core Scientific deal on the Ledger — each one read against its source.

Compute capacity

What Core Scientific has said about its capacity

1 statement · 1 campus · newest 27 Feb 2025

The capacity register →

Happened

Stages the company says it reached, in the basis it used
Core Scientific’s statements of capacity reached, newest first
StatedWhereWhat it saysIn its wordsSource
27 Feb 2025CoreWeave DentonContracted260 MW critical IT“The 70 MW of expansion at the Denton site brings the full critical IT load to just over 260 MW.”Regulatory filing, 27 Feb 2025

Megawatts are kept in the kind the source used and never added across kinds. A promised date is the latest day its words can bear, and only the company’s own later statements settle it.

Our position

Where we stand on Core Scientific

BullishLow convictionActive

The old GPUs get cheap first: H100 rents fall as the new chips arrive, the newest hold

AI Infrastructure — Compute pricingRead the call
BullishActive

Debt-financed compute splits: matched loans hold, the rest reprice first

Medium conviction·AI Infrastructure — Financing
BullishActive

Power and permission, not chips, now limit the US AI build

Medium conviction·AI Infrastructure — Power and policy

How our view changed

2 dossiers on Core Scientific since . The verdict has held each time.

Research trail

The research around Core Scientific

Covered in the Knowledge Base

Datacenters & Digital Infrastructure

Company details

IndustryCloud Computing
SizePublic Company

Others in datacenters

5 names

Where Core Scientific sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.