Core Scientific Transitions to AI Colocation Provider with $1.8 Billion Revenue Target
Core Scientific (CORZ) is undergoing a strategic pivot from Bitcoin mining to becoming a pure-play high-density colocation provider for artificial intelligence workloads. During its third-quarter 2026 earnings call, management announced that its contracted data center portfolio, which includes major agreements with CoreWeave and AMD, is projected to generate $1.8 billion in average annual run-rate revenue and $1.6 billion in net operating income once fully operational. The company has successfully utilized internal cash reserves to fund the equity requirements for its initial 530-megawatt contract with AMD. Looking forward, Core Scientific aims to capitalize on industry-wide capital tightness by acquiring powered land and under-construction projects from smaller, capital-constrained competitors. Management expects double-digit sequential revenue growth in the fourth quarter as more capacity comes online.
Topics: AI infrastructure business transformation colocation services earnings report revenue guidance