Core Scientific colocation revenue surges as HPC pivot delivers

Core Scientific's third quarter revenue rose to $232.9 million from $81.1 million a year earlier, as colocation revenue reached $215.4 million and billing capacity hit 485 megawatts.

Why it matters: The quarter is the clearest evidence yet that Core Scientific's shift from bitcoin mining to high performance computing colocation is producing large, contracted revenue, with more than $700 million in average annualized colocation revenue already billing.

Data as of Core Scientific's Exhibit 99.1 earnings release and Exhibit 99.2 earnings presentation for the quarter ended September 30, 2026, furnished with its Form 8-K of November 5, 2026 (accession 0001839341-26-000028) and read in full in this run; all figures are the filings' own. Updated in this run to correct the cash and mining revenue figures against the detailed statements in Exhibit 99.1.

Core Scientific reported third quarter revenue of $232.9 million, up from $81.1 million in the same quarter of 2025 and $164.2 million in the second quarter of 2026. Colocation revenue was $215.4 million, against $15.0 million a year earlier, while digital asset self-mining revenue fell to $12.3 million from $57.4 million and hosted mining contributed $5.2 million, as the company continues its pivot away from mining. The company was billing for 485 megawatts of capacity at September 30, up from 395 megawatts at the end of the second quarter, representing over $700 million in average annualized colocation revenue. Its earnings presentation puts total contracted capacity at 1,120 megawatts, about 590 megawatts for CoreWeave and 530 megawatts for AMD and a credit backed neocloud customer, with more than $24 billion of contracted revenue and about $1.8 billion in average annualized colocation revenue once fully delivered.

Adjusted EBITDA more than tripled sequentially to $133.6 million, from $41.1 million in the second quarter and $6.5 million a year earlier, with the margin expanding to 57 percent from 25 percent. Gross profit was $123.3 million, against $3.9 million a year earlier. Reported net income was $1,178.1 million, but the release states that figure was primarily driven by a non-cash gain in the change in fair value of warrants, reflecting the movement in the company’s stock price during the quarter; the same effect produced a net loss of $1,155.3 million in the second quarter.

Cash and cash equivalents stood at $803.9 million at September 30, against $311.4 million at the end of 2025, and total liquidity including debt service reserve accounts was $1,744.2 million. Capital expenditures were $985.1 million in the quarter, against $244.5 million a year earlier, as construction continues. Chief executive Adam Sullivan said the company is nearing full delivery under its first colocation agreement, with construction under its second agreement underway across five campuses. The release gives no financial guidance. Self-mined bitcoin fell to 151 coins in the quarter, from 587 a year earlier.

Core Scientific colocation revenue surges as HPC pivot delivers

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