Core Scientific Energizes 350 MW Capacity, Sees 200 MW Billing as 590 MW Buildout On Track
Core Scientific has energized 350 MW of AI and HPC infrastructure, with roughly 200 MW currently billing and full delivery of its 590 MW CoreWeave build-out expected by early 2027. The company holds $530 million in liquidity, sold ~$175 million of 1,900 BTC, and maintains up to $4 billion in financing capacity.
1. Construction Progress
Core Scientific completed vertical construction and commissioning on its 70 MW Muskogee, Oklahoma phase one site and fully energized the 65 MW Marble, North Carolina facility in 2025. At its 262 MW Denton, Texas campus, the company delivered 67 MW across three buildings by Q4, with Denton North fully operational at 90 MW and Denton South’s first 41 MW hall energized, on track for full campus completion by mid-year.
2. Financial and Liquidity Position
The company ended the quarter with $530 million in liquidity and sold approximately 1,900 BTC for $175 million, now holding under 1,000 BTC. It also disclosed financing capacity to raise up to $4 billion against contracted CoreWeave capacity, supporting further expansion and customer projects.
3. Colocation Pipeline and Billing
As of the call, Core Scientific has energized about 350 MW of capacity, with nearly 200 MW billing and plans to report billing megawatts going forward. The company has 500 MW under exclusivity with an investment-grade counterparty, 700 MW of unannounced leasable opportunities and roughly 1.5 GW of total customer-leasable capacity as it pivots from Bitcoin mining to colocation.
4. Expansion and Future Projects
Core Scientific is expanding its Dalton, Georgia site to 450 MW gross power capacity and increasing Pecos, Texas customer capacity to 200 MW while converting it from mining to colocation within 12 months. It also agreed to acquire 265 acres in Hunt County, Texas, to support about 430 MW gross power capacity, closing by year-end.