Core Scientific: a landlord of AI power, with one tenant too many eggs

Core Scientific is what MenFem's bitcoin-miner call said these companies would become, already finished. It builds and runs power-dense datacentres and leases them to AI tenants who own the GPUs; mining was 17% of revenue in the June 2026 quarter and hosted mining ends this year. Colocation revenue went from $10.6M in the second quarter of 2025 to $136.7M a year later, and billable capacity from 225 MW to 395 MW in two quarters, 437 MW by mid-July, against roughly 1.1 GW contracted. In July AMD signed 15-year leases on 377 MW directly and guarantees a further 152 MW for a neocloud, a second anchor beside CoreWeave. A landlord with energised power and fifteen-year leases is the shape of the trade MenFem calls long the contract, short the spot price: the contract carries the floor when compute gets cheaper. Conviction is LOW, and the reasons are specific. CoreWeave was 83% of revenue, and CoreWeave is itself heavily debt-financed; a lease is only as good as the tenant who pays it. Core Scientific's own long-term debt rose from $1.06B to $4.30B in a quarter, with more project debt expected for the AMD build. It restated results for Q2 2024 to Q3 2025 and reported a material weakness in its controls that was not remediated at 30 June. CoreWeave tried to buy the company for about $9B in stock in 2025; shareholders voted it down, so the tenant relationship continues at arm's length. BULLISH, conviction LOW, three years. This view was formed by MenFem's research process at Connor's request and adopted by him.