Core Scientific posts $164 million revenue as colocation growth accelerates

Core Scientific reported $164.2 million in second quarter revenue as its shift from Bitcoin mining toward artificial intelligence infrastructure continued to accelerate.

Revenue more than doubled from $78.6 million during the same quarter last year and increased from $115.2 million during the first quarter of 2026.

The growth was primarily driven by Core Scientific’s high density colocation business, which generated $136.7 million in revenue. The segment produced $77.5 million during the previous quarter and $10.6 million during the same period last year.

Colocation represented more than 83% of the company’s total quarterly revenue.

Core Scientific’s digital asset self mining revenue declined to $21.5 million from $62.4 million a year earlier as the company continued converting mining infrastructure to support AI workloads.

Revenue from hosted digital asset mining reached $6 million, compared with $5.6 million during the second quarter of 2025.

Gross profit increased to $70 million from $5 million a year earlier. Adjusted EBITDA reached $41.1 million, up from $28.5 million in the prior year period and $8.9 million during the first quarter.

Core Scientific recorded a net loss of $1.16 billion, compared with losses of $347.2 million during the previous quarter and $936.8 million a year earlier.

The company attributed most of the loss to changes in the fair value of its warrants following an increase in its stock price. The adjustment related to warrants and contingent value rights totaled approximately $1.05 billion during the quarter.

Capital expenditures increased to $797.5 million from $389.2 million during the first quarter and $121.3 million during the same period last year.

Core Scientific ended the quarter with $1.82 billion in liquidity, including cash, cash equivalents, and digital assets. This compared with $1.04 billion at the end of the first quarter.

The company had 395 megawatts of billable customer power capacity at the end of June. That figure increased to 437 megawatts by mid July, representing approximately $635 million in average annualized colocation revenue.

Total leased customer power capacity has reached approximately 1.1 gigawatts, representing more than $24 billion in potential contracted revenue.

Core Scientific also announced a partnership with AMD that could support up to 2.5 gigawatts of data center capacity for customers deploying AMD artificial intelligence systems.

The initial agreements cover approximately 530 megawatts across five sites under 15 year contracts. Core Scientific said the agreements represent more than $14 billion in potential base contracted revenue.

Core Scientific shares were last trading approximately 1% lower on the day, while AMD stock was down about 6%.