olivLaw · US equity research
Core Scientific, Inc. CORZ
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
Core Scientific designs, builds and operates high-density data centers for colocation serving artificial intelligence and high-performance computing, gradually converting former bitcoin mining sites. The company has lifted its contracted power to about 1.1 GW and quarterly revenue has risen sharply, which makes the transition closely watched by the market. Dependence on a single customer remains the central factor in any assessment.
At the close of 02 Nov 2026, Core Scientific, Inc. (CORZ) stock was 12.51 USD (−5.62% on the day), with market capitalisation 4.0 bn USD, beta 2.52, 52-week range 12.51–29.16 USD. Latest reported quarter (Q2 2026): revenue of 164.2 m USD (+108.8% YoY), net income of -1.2 bn USD, diluted EPS -3.32 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 35.7
- weak (30–45)
- Bollinger (20, 2)
- 12.19 – 16.44
- in the lower half of the band · %B 0.07 · band width 29.6%
- SMA 50 / 200
- 16.08 / 19.63
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.87 / -0.89
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −24.0% | −2.3% | −21.6 pp | — |
| 3 months | −45.2% | −0.8% | −44.4 pp | — |
| 6 months | −40.7% | +4.7% | −45.5 pp | — |
| Year to date | −14.1% | +10.2% | −24.3 pp | — |
| 1 year | −41.9% | +10.3% | −52.2 pp | −50.1% |
| 3 years | unavailable | +73.0% | unavailable | −65.5% |
| 5 years | unavailable | +61.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 95.4 m | 94.9 m | 79.5 m | 78.6 m | 81.1 m | 79.8 m | 115.2 m | 164.2 m |
| Cost of revenue | 95.5 m | 90.2 m | 71.3 m | 73.6 m | 77.2 m | 59.0 m | 85.1 m | 94.2 m |
| Gross profit | -156.0 k | 4.8 m | 8.2 m | 5.0 m | 3.9 m | 20.8 m | 30.1 m | 70.0 m |
| Research & development | 2.8 m | 5.0 m | — | — | — | — | — | — |
| SG&A | 40.3 m | 25.0 m | 32.3 m | 45.3 m | 69.4 m | -11.6 m | 44.8 m | 49.4 m |
| Operating income | -41.2 m | -65.4 m | -47.0 m | -26.3 m | -54.8 m | -117.5 m | -310.4 m | -78.5 m |
| Depreciation & amortisation | 28.7 m ≈ | 26.0 m | 19.7 m | 18.8 m ≈ | 16.3 m ≈ | 14.1 m | 16.6 m | 15.5 m ≈ |
| Interest expense | — | — | 4.7 m | 4.8 m | — | — | 8.2 m | 40.6 m |
| Pre-tax income | -455.1 m | -290.8 m | 576.5 m | -936.6 m | -143.9 m | 216.1 m | -346.6 m | -1.2 bn |
| Income tax | 134.0 k | 375.0 k | 205.0 k | 158.0 k | 125.0 k | 95.0 k | 600.0 k | 1.9 m |
| Net income | -455.3 m | -291.1 m | 576.3 m | -936.8 m | -144.0 m | 216.0 m | -347.2 m | -1.2 bn |
| Diluted EPS | -1.17 | -0.69 | 1.24 | -0.04 | -0.45 | 0.67 ≈ | -1.06 | -3.32 |
| Operating cash flow | 5.7 m ≈ | 13.8 m | -45.0 m | 34.0 m ≈ | 131.8 m ≈ | 157.5 m | 249.9 m | -18.9 m ≈ |
| Capex | 31.2 m ≈ | 28.8 m | 84.0 m | 121.3 m ≈ | 244.5 m ≈ | 279.2 m | 389.2 m | 565.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 60.3 m | 544.5 m | 640.3 m | 502.4 m | 510.7 m | 319.0 m |
| Revenue YoY | unavailable | +802.7% | +17.6% | −21.5% | +1.6% | −37.5% |
| Net income | -12.2 m | 47.3 m | -2.1 bn | -246.5 m | -1.4 bn | -288.6 m |
| Net income YoY | unavailable | unavailable | −4,636.5% | unavailable | unavailable | unavailable |
| Diluted EPS | -0.14 | 0.20 | -6.30 | -0.65 | -4.87 | -0.88 |
| Diluted EPS YoY | unavailable | unavailable | −3,250.0% | unavailable | unavailable | unavailable |
| net % | -20.2% | 8.7% | -335.2% | -49.1% | -281.6% | -90.5% |
| Free cash flow | -23.8 m | -56.7 m | -178.8 m | 49.0 m | -52.1 m | -450.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 311.4 m USD
- Financial debt
- 1.1 bn USD
- Net debt
- 748.9 m USD
- Equity
- -962.7 m USD
- Total assets
- 2.3 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.15x
- ROE
- unavailable
- ROA
- -15.1%
- FCF margin
- -141.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 60.3 m | 544.5 m | 640.3 m | 502.4 m | 510.7 m | 319.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Cost of revenue | 50.9 m | 305.6 m | 631.9 m | 378.9 m | 389.6 m | 281.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Gross profit | 9.4 m | 238.9 m | 8.4 m | 123.5 m | 121.1 m | 37.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Research & development | 5.3 m | 7.7 m | 27.0 m | 7.2 m | 11.8 m | — | SEC (XBRL)· 27 Feb 2025verified |
| SG&A | — | — | — | 108.1 m | 113.7 m | 159.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Operating income | -6.3 m | 131.5 m | -2.1 bn | 9.0 m | -142.1 m | -245.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Depreciation & amortisation | 9.4 m | 33.4 m | 225.3 m | 96.0 m | 113.2 m | 68.9 m | SEC (XBRL)· 02 Mar 2026verified |
| EBITDA | 3.1 m ≈ | 164.9 m ≈ | -1.9 bn ≈ | 105.0 m ≈ | -28.9 m ≈ | -176.7 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Pre-tax income | -12.2 m | 63.1 m | -2.2 bn | -245.8 m | -1.4 bn | -288.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Income tax | 0 | 15.8 m | -17.1 m | 683.0 k | 859.0 k | 583.0 k | SEC (XBRL)· 02 Mar 2026verified |
| Net income | -12.2 m | 47.3 m | -2.1 bn | -246.5 m | -1.4 bn | -288.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Diluted EPS | -0.14 | 0.20 | -6.30 | -0.65 | -4.87 | -0.88 | SEC (XBRL)· 02 Mar 2026verified |
| Weighted average diluted shares | 157.6 m | 233.3 m | 340.6 m | 379.9 m | 255.8 m | 318.1 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 8.7 m | 117.9 m | 15.9 m | 50.4 m | 836.2 m | 311.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Receivables | — | 1.4 m | 234.0 k | 1.0 m | 1.0 m | — | SEC (XBRL)· 27 Feb 2025verified |
| Current assets | — | 756.6 m | 85.1 m | 97.0 m | 904.0 m | 895.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Property, plant & equipment, net | — | — | — | — | 433.5 m | 1.3 bn | SEC (XBRL)· 02 Mar 2026verified |
| Goodwill | — | 1.1 bn | 0 | 0 | — | — | SEC (XBRL)· 13 Mar 2024verified |
| Intangibles (excl. goodwill) | — | 8.2 m | 1.7 m | 2.2 m | — | 1.1 m | SEC (XBRL)· 28 Jul 2026verified |
| Total assets | 15.0 k | 2.4 bn | 807.7 m | 712.2 m | 1.5 bn | 2.3 bn | SEC (XBRL)· 02 Mar 2026verified |
| Accounts payable | — | 11.6 m | 53.6 m | 154.8 m | 19.3 m | 126.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Short-term debt | — | — | — | — | — | 0 | SEC (XBRL)· 06 May 2026verified |
| Long-term debt | — | — | — | — | — | 1.1 bn | SEC (XBRL)· 06 May 2026verified |
| Current liabilities | 400 | 320.3 m | 186.8 m | 488.4 m | 134.6 m | 781.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Total liabilities | 400 | 1.1 bn | 1.2 bn | 1.3 bn | 2.4 bn | 3.3 bn | SEC (XBRL)· 02 Mar 2026verified |
| Equity | 89.2 m † | 1.3 bn † | -409.3 m † | -596.9 m † | -943.0 m † | -962.7 m † | SEC (XBRL)· 02 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -23.8 m | -56.7 m | 205.2 m | 65.1 m | 42.9 m | 278.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Capex | 0 | 0 | 384.0 m | 16.2 m | 95.0 m | 729.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Free cash flow | -23.8 m ≈ | -56.7 m ≈ | -178.8 m ≈ | 49.0 m ≈ | -52.1 m ≈ | -450.8 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Investing cash flow | -15.1 m | -423.8 m | -590.8 m | -3.0 m | -95.2 m | -740.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Financing cash flow | 40.7 m | 603.5 m | 306.2 m | -44.6 m | 819.6 m | -63.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Share repurchases | — | — | 31.6 m | 0 | 0 | — | SEC (XBRL)· 27 Feb 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 4.0 bn USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -324.9% | 30 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -20.7% | 0 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.9x | 8 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -23.8% | 0 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial8/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial30/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Core Scientific, Inc./tx (CORZ). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 319.0 m USD in 2025; YoY growth -37.5%; net margin -324.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Revenue CAGR 3Y: -20.7%
- Current ratio: 0.9x
- FCF yield: -23.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 219.9 bn | 18.4 | 35.9% | 27.9% | +6.4% | −10% / +92% |
| COINCoinbase Global, Inc. | 36.5 bn | — | -4.7% | -12.5% | +9.4% | −49% / +11% |
| SOFISoFi Technologies, Inc. | 21.4 bn | 34.7 | 7.1% | 104.3% | +23.1% | −44% / +128% |
| KLARKlarna Group plc | 5.1 bn | — | -11.9% | -7.8% | +24.8% | −57% / unavailable |
| RIOTRiot Platforms, Inc. | 4.4 bn | — | -48.2% | -196.3% | +71.9% | −27% / −6% |
| CORZCore Scientific, Inc. | 4.0 bn | — | — | -324.9% | −37.5% | −42% / unavailable |
| SIISprott Inc. | 2.6 bn | 39.2 | 19.5% | 23.6% | +59.6% | +12% / +214% |
| MARAMara Holdings, Inc. | 2.5 bn | — | -107.2% | -430.2% | +38.2% | −46% / −46% |
| PURRHyperliquid Strategies Inc | 1.9 bn | 3.0 | 32.6% | 3,229.8% | unavailable | unavailable / unavailable |
| QFINQfin Holdings, Inc. | 1.3 bn | 1.7 | 25.3% | 31.1% | +16.8% | −73% / −66% |
| CANCanaan Inc. | 899.8 m | — | -59.8% | -39.7% | +96.7% | −81% / −87% |
| BURBurford Capital Limited | 823.4 m | — | -101.5% | — | −24.3% | −61% / −73% |
| TRONTron Inc. | 621.4 m | 90.5 | 3.8% | 135.6% | +10.0% | −29% / −52% |
| HTTHigh Templar Tech Ltd | 589.8 m | 5.8 | 6.3% | 1,729.9% | −80.2% | −63% / +15% |
| JFU9F Inc. | 555.2 m | 24.0 | 4.7% | 125.2% | +12.2% | −51% / −41% |
| HIVEHive Digital Technologies Ltd. | 469.0 m | — | -66.4% | -98.5% | +158.3% | −49% / −44% |
| BNCBNB Standard Corporation | 193.1 m | — | — | — | −59.4% | −35% / −27% |
| CNTNCanton Strategic Holdings, Inc. | 162.5 m | — | -43.1% | — | unavailable | −22% / −84% |
| USBCUsbc, Inc. | 161.8 m | — | -414.1% | — | −100.0% | −49% / −98% |
| SLNHSoluna Holdings, Inc. | 142.7 m | — | -114.6% | -185.9% | −21.8% | −66% / −81% |
| HSDTSolana Company | 121.8 m | — | -183.2% | -1,302.8% | +1,057.1% | −51% / −100% |
| GHIGreystone Housing Impact Investors LP | 111.7 m | — | — | -5.1% | −6.4% | −33% / −72% |
| MGLDThe Marygold Companies, Inc. | 84.1 m | — | -20.7% | -17.3% | +8.0% | +93% / +91% |
| SDEVStablecoin Development Corporation | 67.3 m | — | -80.3% | -751.9% | −6.4% | −83% / −98% |
| HYPDHyperion Defi, Inc. | 46.2 m | — | 9.6% | 474.9% | +1,318.8% | −34% / −97% |
1- and 3-year price returns: for CORZ from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Core Scientific designs, builds and operates high-density data centers for colocation serving artificial intelligence and high-performance computing, gradually converting former bitcoin mining sites. The company has lifted its contracted power to about 1.1 GW and quarterly revenue has risen sharply, which makes the transition closely watched by the market. Dependence on a single customer remains the central factor in any assessment.
SWOT
Strengths
- Large portfolio of facilities with substantial electrical power and experience running high-density workloads.
- Long-term contracts with predictable revenue and liquidity supported by recent financings.
- Additional land and power commitments that allow the portfolio to expand.
Weaknesses
- Pronounced dependence on a single customer for the entire colocation segment.
- Large net losses, largely driven by changes in the value of warrants.
- High capital needs that make the company dependent on external financing.
Opportunities
- Diversifying the customer base through new contracts, including with AMD, could reduce single-customer dependence.
- Land and power acquisitions could expand capacity available to AI customers.
- Demand for AI infrastructure could support colocation revenue growth in the coming years.
Threats
- Construction delays, supply chain issues and labor shortages could postpone deliveries.
- Stricter utility requirements and rising energy costs could compress margins.
- Intense competition from established operators and former bitcoin miners.
Risks
- Single-customer dependencehigh
All colocation revenue comes from CoreWeave, so problems with the contract or payments could materially affect the company 1.
- Construction executionhigh
Construction delays, cost overruns and supplier problems could postpone facility conversion 1.
- Capital requirementshigh
Large infrastructure investment and higher debt could limit financial flexibility if financing becomes more expensive 1.
- Bitcoin price and energy costsmedium
A lower bitcoin price or higher energy tariffs could reduce the profitability of remaining mining 1.
- Warrant fair value swingsmedium
Net results are heavily affected by changes in the fair value of warrants, which can make quarterly figures hard to compare 2.
Investment thesis
What would need to be true (bull case)
- If new contracts materialize and billable capacity keeps growing, colocation could become the main revenue source with more predictable cash flow.
- The AMD partnership and land acquisitions could diversify the customer base and substantially expand the power portfolio.
- Experience running high-density facilities could give an edge over competitors now entering the market.
What would break the thesis
- Dependence on one customer could make revenue vulnerable if that commercial relationship changes.
- Large net losses and capital needs could force costly new financing or dilution.
- Delays in bringing new capacity online could postpone expected contract revenue.
What to watch
- Pace of capacity billing and delivery of newly contracted MWQ3 2026
- Completion of the Polaris DS acquisition and commissioning of the Texas landQ3 2026
- Progress of the AMD agreement and of new colocation customers2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Core Scientific designs, builds and operates large-scale, purpose-built data centers optimized for power-intensive computing with a focus on artificial intelligence and high-performance computing. At December 31, 2025 it owned or leased ten data centers across seven U.S. states, with approximately 920 MW of total leasable customer power capacity 1. By June 30, 2026 it controlled about 2.1 GW of gross utility power capacity, and first-half revenue reached 279.4 million USD 2.
The company historically focused on digital asset mining for its own account and hosting miners for third parties, but in 2024 it announced a strategy to concentrate its infrastructure on high-density colocation. The CoreWeave relationship was expanded to approximately 590 MW of leased customer power capacity 2. The company intends to convert every megawatt in its portfolio to high-density colocation infrastructure over the next three years 1.
Segments
Market context
The market for high-density colocation is growing on the back of demand for artificial intelligence, and operators able to supply power and cooling at scale are increasingly sought after 1. The market is highly competitive, with rivals competing on price, location and reputation 1. Equipment lead times and scarce skilled labor could slow project timelines 1.
For bitcoin mining, profitability depends on the asset price and energy costs, and rising network hash rate reduces each miner's share 1. Utilities increasingly require collateral and minimum demand commitments before reserving capacity 1.
Trends
- Stricter utility requirementsheadwind
Utilities demand collateral at contract signing and minimum consumption commitments, which raise upfront costs and can delay projects 1. These requirements could slow the conversion of facilities.
- Bitcoin price volatilitymixed
Mining revenue depends on the bitcoin price, which declined in the first half of 2026 2. Reducing bitcoin exposure through colocation is a stated objective 2.
Competitive position
In bitcoin mining, the company competes with other operators on the number of miners, hash rate achieved and operating efficiency 1. It relies on its engineering experience to differentiate, but the market remains intense 1.
- EquinixEQIX
Established data center operator named as a competitor in high-density colocation.
- Digital Realty TrustDLR
Large data center operator and direct competitor in colocation.
- IREN
Bitcoin miner converting facilities for AI services, competing in asset conversion.
- Cipher MiningCIFR
Bitcoin miner with AI contracts, competing in both mining and colocation.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Banca Transilvania, pe primul loc în topul acțiunilor românești tranzacționate de investitorii NAGA în 2026. Clasamentul celor mai căutate companii la bursăStartupCafe.ro · 03 Nov 2026 · RO
- Investors are giving up on CoreWeave. I see a potential tripleCNBC — Top News · 02 Nov 2026 · EN
- Apple снова стала самой дорогой компанией мира с капитализацией более $5 трлнKommersant (RU) · 31 Oct 2026 · RU
- Nasdaq scade 2,8% pe fondul rezultatelor Intel și Amazon, care amplifică vânzările în AI - InvezzSurge — Google News · 30 Oct 2026 · RO
- Anthropic is asking Wall Street to believe in AGIThe Verge · 29 Oct 2026 · EN
- CoreWeave and other neocloud stocks drop after Microsoft capex comes in below expectationsCNBC — Top News · 29 Oct 2026 · EN
- [AINews] Anthropic ends Coding Interviews: "Hunger beats tenure"Latent Space Newsletter · 28 Oct 2026 · EN
- Уолл-стрит закрылась в плюсе во вторникInterfax Russia (RU) · 28 Oct 2026 · RU
- CoreWeave and other AI stocks rise as Anthropic restores the market’s faith in sustained spendingMarketWatch — Top Stories · 27 Oct 2026 · EN
- Elon Musk susține că peste 200 de furnizori de servicii cloud pentru AI riscă să intre în faliment sau să fie forțați să fuzioneze, din cauza dificultăților de finanțare. Miliardarul consideră că sumele uriașe investite în centre de date și cipuri AI ar putea să nu genereze venituri suficiente pentru a acoperi costurile și datoriile acumulate. Acțiunile mai multor companii din sector înregistrează deja scăderi puternice.Biziday.ro · 27 Oct 2026 · RO
- Acțiunile On scad 4%: Gluma lui Mbappé despre Mao a declanșat scăderea de marți - InvezzSurge — Google News · 27 Oct 2026 · RO
- Here are Tuesday's biggest analyst calls: SpaceX, Apple, Broadcom, CoreWeave, Palantir, Intel & moreCNBC — Top News · 27 Oct 2026 · EN
- Anthropic se pregătește de IPO: evaluare record sau bulă AI? - Traders UnionSurge — Google News · 27 Oct 2026 · RO
- Nasdaq urcă 0.8% după depunerea IPO-ului Anthropic, impuls pentru acțiunile AI - InvezzSurge — Google News · 26 Oct 2026 · RO
- Prospectul IPO al Anthropic publicat: 7 cifre pe care investitorii trebuie să le știe - InvezzSurge — Google News · 26 Oct 2026 · RO
- Riscurile IPO-ului Anthropic: ce spune prospectul - InvezzSurge — Google News · 26 Oct 2026 · RO
- Stocks making the biggest moves midday: Lockheed Martin, JetBlue, CoreWeave, Surgery Partners & moreCNBC — Top News · 26 Oct 2026 · EN
- Kevin Roose is AGI-pilled. Why aren’t you?The Verge · 26 Oct 2026 · EN
- CoreWeave Rout Sends Warning Sign to Rest of the Stock MarketBloomberg Markets · 26 Oct 2026 · EN
- Acțiunile IA reduc presiunea de vânzare, investitorii așteaptă semnale de la Anthropic. - Vietnam.vnSurge — Google News · 24 Oct 2026 · RO
SEC filings
- Current report10 Sept 2026Regulation FD disclosure
- Current report27 Aug 2026Material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
- Current report14 Aug 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report29 Jul 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report28 Jul 2026
- Current report28 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report28 Jul 2026Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
- Current report26 May 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report15 May 2026Shareholder vote
- Quarterly report06 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Core Scientific, Inc. · 02 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Core Scientific, Inc. · 28 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Core Scientific, Inc. · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.