Core Scientific Q2 revenue doubles to $164.2M

Core Scientific, a digital infrastructure company based in Austin, reported second-quarter revenue of $164.2 million, more than double the $78.6 million recorded a year earlier. AI and high-performance computing colocation made up $136.7 million of the quarter’s revenue. The company posted a $1.15 billion net loss driven by a non‑cash accounting charge tied to the valuation of outstanding warrants after the share price increased.

Colocation revenue rose from $10.6 million in the prior-year quarter. Gross profit increased to $70.0 million from $5.0 million. The warrant-related charge was non-cash and related to the higher share price rather than operating cash flow.

Core Scientific announced a partnership with Advanced Micro Devices that could support up to 2.5 gigawatts of leasable data center capacity. The initial agreements cover 530 megawatts across several U.S. sites on 15-year contracts starting in 2027, with the potential to expand over time. The company reported the broader relationship could generate more than $14 billion in contracted base revenue.

Total leased customer power capacity stands at roughly 1.1 gigawatts, which the company estimates could represent more than $24 billion in potential contracted revenue. Shares fell more than 4% after the earnings release; the stock is up about 36% year-to-date.

Core Scientific began as one of the largest publicly traded Bitcoin miners and has shifted its business toward data center and colocation services. The company holds fewer than 1,000 bitcoins in its treasury and now derives the bulk of revenue from hosting and infrastructure sales rather than mining.

Other publicly traded miners and infrastructure companies have disclosed large cloud and lease deals for AI capacity this month, including multibillion-dollar agreements for AI-focused data campuses and cloud contracts.