Core Scientific Reports Strong Q3 2026 Growth Driven by AI Colocation Expansion
Core Scientific (CORZ) reported significant growth in its third quarter of 2026, highlighted by a nearly 60% sequential increase in colocation revenue to $215.4 million. This surge was driven by the successful delivery of high-density billing megawatts, leading to an adjusted EBITDA of $133.6 million and a substantial margin expansion to 57%. While net income reached $1.2 billion, this figure primarily reflects non-cash gains from warrant fair value adjustments. The company is aggressively pivoting toward AI infrastructure, evidenced by its massive contracts with CoreWeave and AMD. With 485 megawatts currently billable and a total of 1.1 gigawatts contracted across both partners, management expects stabilized NOI potential to reach $1.6 billion once fully deployed. To support this transition, the company is winding down its legacy Bitcoin mining operations, aiming for a complete exit by year-end 2026.
Topics: AMD contract colocation revenue CoreWeave contract data center capacity EBITDA margin