Core Scientifc - CW27 | 8-K: FY2025 Q4 Revenue: USD 79.76 M

Revenue: As of FY2025 Q4, the actual value is USD 79.76 M.

EPS: As of FY2025 Q4, the actual value is USD 0.42.

EBIT: As of FY2025 Q4, the actual value is USD -116.56 M.

Market Capitalization and Contracted Revenue

Core Scientific reported a fully diluted market cap of $8.6 billion, based on the stock price as of February 27, 2026, and a fully diluted share count of approximately 506 million. The company has over $10 billion in contracted revenue across its footprint, with the 12-year CoreWeave contract alone representing over $10 billion in revenue potential and an estimated average annual run rate revenue of approximately $850 million.

Power Capacity and Infrastructure

Core Scientific operates dedicated facilities for high-density colocation services, possessing a total leasable power pipeline of approximately 1.5 GW, expanding to approximately 2.2 GW when including load studies. The current leasable capacity at existing sites is approximately 520 MW, with an additional approximately 700 MW of unannounced leasable customer power opportunities. As of March 2, 2026, the total leased power capacity was approximately 590 MW, with total leasable power at approximately 805 MW. Specific leased capacities include approximately 260 MW in Denton, TX; approximately 175 MW in Dalton, GA; approximately 70 MW in Muskogee, OK; approximately 65 MW in Marble, NC; and approximately 20 MW in Austin, TX. New leasable power capacities include approximately 285 MW in Hunt County, TX; approximately 200 MW in Pecos, TX; approximately 120 MW in Dalton, GA; approximately 100 MW in Calvert City, KY; approximately 70 MW in Grand Forks, ND; and approximately 30 MW in Auburn, AL.

Construction and Project Investments

As of the reporting date, Core Scientific has delivered over 185 MW of billable capacity and energized approximately 350 MW. The company has constructed approximately 1 million square feet of data center shells and supported over 65,000 customer GPUs. Total aggregate project investments exceed $5 billion, with approximately 5 million total labor hours expended through construction. Core Scientific broke ground on 5 AI factories supporting an approximately 590 MW contracted commitment.

CoreWeave Contract Details

The CoreWeave contract covers approximately 590 MW of leased customer power capacity across five sites, structured as a 12-year agreement with two 5-year options, and a 7-year term with elective extensions for the Austin, Texas site. It is a take-or-pay contract at a fixed cost with an annual escalator, where the client pays for capital expenditures, power, and utilities. Core Scientific anticipates a 75% to 80% profit margin from this contract. Up to $1.5 million per MW (approximately $750 million) of data center build-out costs are funded by CoreWeave and credited against hosting payments, not exceeding 50% of monthly fees until fully repaid. For an additional 70 MW expansion, Core Scientific is responsible for funding $104 million of capital expenditures ($1.5 million per MW) for the powered core and shell, without an associated capital expenditure credit.

Accounting Restatement

Core Scientific identified an accounting error from 2024 related to the treatment of certain Property, Plant and Equipment (PP&E) associated with legacy mining-to-colocation site conversions, where demolition costs and existing carrying values were capitalized instead of expensed. This correction is limited to a classification error and does not impact the company’s cash position, operations, adjusted EBITDA, revenue, or net cash flow.

Outlook and Guidance

By the end of 2028, Core Scientific expects all megawatts in its portfolio to be dedicated to colocation services supporting AI-related workloads and next-generation colocation services, with energization in Hunt County, Texas, planned to begin in 2027 and ramp to full power by 2029. For 2026, the company is focused on aligning infrastructure delivery with customer GPU deployment, adapting designs for evolving power density, and converting megawatts into revenue-generating AI factories. Core Scientific is also evaluating financing options and expects to sign at least one new colocation customer deal in the near future.