Core Scientific, Inc. (CORZ)

Price$17.89Cached quoteAs of 2026-09-05 00:34 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because huge contracted growth is balanced by debt, spending, and dilution.

The equity is valued near $5.2 billion, while June net debt was about $2.64 billion, putting the whole business near $7.8 billion. Core Scientific said 437 megawatts already billing represented about $635 million of annualized colocation revenue, so today's enterprise value is more than twelve times that current run rate. The attraction is 1.1 gigawatts of leased capacity and over $24 billion of potential contracted revenue. The caution is that much of those future economics still require construction, financing, and successful delivery.

Big pictureThe data-center transition is accelerating, but current cash generation still depends heavily on financing and asset sales.

Revenue fell from $511 million in 2024 to $319 million in 2025 as mining declined, while 2025 capital spending jumped to $729 million. First-half 2026 revenue rebounded to $279 million as colocation expanded, and operating cash flow reached $231 million. However, $208 million came from selling mined bitcoin, while capital spending reached $954 million, leaving deeply negative free cash flow, meaning cash remaining after operating and investment spending. The business is improving economically, but it is not yet self-funding.

Business strengthLong contracts reduce bitcoin exposure, but customer concentration and potential share dilution remain unusually high.

Second-quarter colocation revenue reached $137 million versus only $28 million combined from self-mining and hosted mining, showing the strategic shift is real. CoreWeave represented about 77% of first-half revenue, creating substantial dependence on one customer until AMD-related capacity begins contributing. The balance sheet held $1.77 billion of cash against $4.41 billion of debt. Shareholders also face dilution: Core Scientific showed roughly 508 million pro forma diluted shares versus about 321 million then outstanding, before considering AMD's warrant for up to another 30 million shares.

What could change the storyFast delivery of contracted capacity could create major upside; delays or financing strain could destroy it.

The bull case is powerful: Core Scientific has roughly 1.1 gigawatts leased, more than $24 billion of potential contracted revenue, and an AMD relationship that could eventually expand to 2.5 gigawatts. The bear case is execution. First-half capital spending was $954 million, another roughly $1 billion of committed expenditures remained, and debt rose sharply to fund development. A stronger value case requires billable capacity rising on schedule, customer diversification beyond CoreWeave, and future sites producing attractive cash returns without repeated large debt or equity increases.

AI: News

AMD infrastructure partnershipAMD committed substantial long-term capacity, giving Core Scientific a major new customer and growth path.

On July 28, Core Scientific announced agreements covering roughly 530 megawatts across five sites, with more than $14 billion of potential base contracted revenue and an opportunity to expand the relationship to 2.5 gigawatts. AMD also received warrants for up to 30 million Core Scientific shares, with about 6.5 million initially vested. Reuters reported the shares rose about 6% before the market opened; later trading was highly volatile, so the lasting price effect is uncertain.

Polaris power acquisitionThe Polaris purchase added scarce power capacity for future growth while requiring another large cash investment.

On August 14, Core Scientific completed its approximately $444 million cash acquisition of Polaris DS, securing about 440 megawatts of operating grid-connected power in Oklahoma. Management plans to scale the Muskogee campus toward 1.5 gigawatts of gross power and expects another roughly 82 megawatts to begin customer delivery in the second half of 2027. Shares gained about 2% that session, but that modest movement cannot establish that the acquisition caused the increase.

New credit facilitiesNew bank facilities improve liquidity flexibility, but they also underline how capital-intensive the expansion has become.

On August 27, Core Scientific announced $600 million of committed secured facilities: a $100 million revolving line and a $500 million letter-of-credit facility. Management expects the structure to release roughly $300 million of restricted cash, supporting project obligations and working capital. The shares rose about 1% that day before falling sharply the following session, making attribution unclear. The financing eases near-term liquidity pressure but does not remove the broader need to fund substantial data-center construction.

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Revenue

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2021

2022

2023

2024

2025

Net income

2020

2021

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2025

Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$319.0M	$510.7M	$502.4M	$640.3M	$544.5M	$60.3M
Gross profit	$37.9M	$121.1M	$123.5M	$8.4M	$238.9M	$9.4M
Gross margin	11.88%	23.71%	24.57%	1.31%	43.87%	15.57%
Research & development	—	$11.8M	$7.2M	$27.0M	$7.7M	$5.3M
Operating expenses	$283.5M	$263.1M	$114.5M	$253.0M	$72.2M	$21.6M
Operating income	−$245.6M	−$142.1M	$9.0M	−$2.11B	$131.5M	−$6.3M
Operating margin	−76.98%	−27.82%	1.78%	−329.46%	24.15%	−10.49%
EBITDA	−$176.7M	−$28.9M	$105.0M	−$1.88B	$164.9M	$3.1M
EBITDA margin	−55.38%	−5.65%	20.89%	−294.28%	30.28%	5.10%
Net income	−$288.6M	−$1.44B	−$246.5M	−$2.15B	$47.3M	−$12.2M
Net profit margin	−90.47%	−281.57%	−49.06%	−335.20%	8.69%	−20.24%
Basic EPSper basic share	-$0.88	-$4.87	-$0.65	-$6.30	$0.23	-$0.14
Diluted EPSper diluted share	-$0.88	-$4.87	-$0.65	-$6.30	$0.20	-$0.14

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Owners

Reported shareholders

Reference date Jun 30, 2026

8.80%of listed shares

BlackRock, Inc.28.12M shares · Jun 30, 2026

View holders

Top 20 reported holders of CORZ
Holder	% owned
BlackRock, Inc.	8.80%28.12M shares
Situational Awareness LP	8.14%26.01M shares
Jericho Capital Asset Management L.P.	7.16%22.88M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	5.84%18.66M shares
UBS Group AG	4.97%15.89M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.32%13.8M shares
TWO SIGMA INVESTMENTS, LP	3.22%10.28M shares
Value Aligned Research Advisors, LLC	2.87%9.19M shares
Two Seas Capital LP	2.83%9.03M shares
GEODE CAPITAL MANAGEMENT, LLC	2.66%8.5M shares
STATE STREET CORP	2.42%7.75M shares
Valiant Capital Management, L.P.	2.34%7.47M shares
Ascentis Wealth Management, LLC	2.28%7.28M shares
JANE STREET GROUP, LLC	2.02%6.47M shares
MORGAN STANLEY	1.98%6.34M shares
PRICE T ROWE ASSOCIATES INC /MD/	1.94%6.22M shares
ALLIANCEBERNSTEIN L.P.	1.76%5.62M shares
JPMORGAN CHASE & CO	1.71%5.45M shares
OAKTREE CAPITAL MANAGEMENT LP	1.56%4.99M shares
Monarch Alternative Capital LP	1.44%4.6M shares

Percentages use 319.59M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys15$3.04M disclosed value

Sells (SEC code S)42$18.85M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 22, 2026Form 4 · 10b5-1	DUCHENE TODD MSee remarks	SellCommon Stock	2.4K	$29.88	$71.7K	2.05M
Jun 22, 2026Form 4 · 10b5-1	DUCHENE TODD MSee remarks	SellCommon Stock	7.6K	$29.11	$221.2K	2.05M
Jun 15, 2026Form 4 · 10b5-1	DUCHENE TODD MSee remarks	SellCommon Stock	100	$28.79	$2.9K	2.06M
Jun 15, 2026Form 4 · 10b5-1	DUCHENE TODD MSee remarks	SellCommon Stock	9.9K	$28.19	$279.1K	2.06M
Jun 8, 2026Form 4 · 10b5-1	DUCHENE TODD MSee remarks	SellCommon Stock	4.5K	$27.11	$122.0K	2.07M