Core Scientific

Core Scientific signed a 12 year, 10 billion dollar contract with CoreWeave to host AI computing in their facilities. That works out to about 850 million dollars in revenue per year, with profit margins between 75 and 80 percent. CoreWeave is even paying for most of the construction costs, which means Core Scientific gets to grow without burning their own cash.

The world needs roughly 200 gigawatts of data center capacity by 2030, almost double what exists today, and Core Scientific already has 1.4 gigawatts of power locked up across 9 sites. They just announced an acquisition that pushes their Oklahoma campus to 1.5 gigawatts on its own. Power is the biggest bottleneck for AI right now, and they have a lot of it.

One client, CoreWeave, makes up 100 percent of Core Scientific's AI hosting revenue. If CoreWeave hits financial trouble or pulls back, Core Scientific has a massive hole to fill. They have promised to sign new customers but have not landed one yet since the CoreWeave merger fell apart in October 2025.

Core Scientific is still losing money. Adjusted EBITDA was negative 29.6 million dollars in 2025 and they carry 749 million dollars in net debt. Total revenue is also down 37 percent year over year because the old Bitcoin mining business is shrinking faster than the new AI hosting business is ramping up. The turnaround is real but it has not shown up in the bottom line yet.