Core Scientific Energizes 350 MW, Reports Q4 Loss on $79.8 M Revenue
Core Scientific energized approximately 350 MW of capacity by Q4-end with about 200 MW billing and holds $530 million in liquidity after selling ~1,900 BTC for $175 million, while securing up to $4 billion in financing against contracted CoreWeave capacity. The company reported a $0.29 per share loss on $79.8 million revenue, missing estimates.
1. Q4 Infrastructure Expansion
In Q4, Core Scientific completed vertical construction and energization at the 70 MW Muskogee site, delivered 36 MW billing capacity at Marble, and energized roughly half of the 262 MW Denton campus, with full Denton North (90 MW) operational and Denton South halls progressing toward Q2 energization.
2. Colocation Pivot and Customer Pipeline
Management highlighted a 590 MW CoreWeave buildout across five AI-focused campuses, with 500 MW under exclusivity, 700 MW of unannounced leasing opportunities and a 1.5 GW total customer-leasable pipeline as the company shifts from Bitcoin mining to colocation.
3. Financial Results and Liquidity
The company reported a $0.29 per share loss on $79.8 million in Q4 revenue—7.4% below EPS estimates and 11.8% below revenue projections—and ended the year with approximately $530 million in liquidity after selling ~1,900 BTC for $175 million.
4. Financing Capacity and Future Deliveries
Core Scientific holds up to $4 billion in financing capacity against contracted capacity, has energized 350 MW with nearly 200 MW billing, and expects to fulfill its 590 MW CoreWeave commitment by early 2027 as it accelerates colocation expansion.