Core Scientific Energizes 350 MW, Targets Q2 Delivery for 590 MW AI Campuses
Core Scientific energized 350 MW and is billing nearly 200 MW, with 590 MW of AI colocation capacity under construction across Muskogee, Marble, and Denton targeting Q2 deliveries and full completion by mid-year. The company holds $530 million liquidity, sold 1,900 BTC for $175 million, and maintains $4 billion financing capacity.
1. Construction and Energization Progress
During Q4 the firm completed vertical construction at a 70 MW site in Muskogee, Oklahoma and energized five data halls across Muskogee, Marble, and Denton campuses, totaling approximately 350 MW energized, with nearly 200 MW now billing. Key milestones include full operational status at Denton North (90 MW billable), delivery of 36 MW at Marble, and ongoing Q2 commissioning for remaining halls.
2. Liquidity, Bitcoin Sales, and Financing Capacity
As of the quarter end, liquidity stood at $530 million and the company sold about 1,900 BTC for $175 million, reducing holdings to under 1,000 BTC. Management highlighted available financing capacity of up to $4 billion against contracted colocation commitments to fund continued build-out.
3. Customer Pipeline and Expansion Plans
The company reported 500 MW under exclusivity with an investment-grade counterparty and outlined 700 MW of unannounced leasable opportunities, contributing to a 1.5 GW total customer-leasable pipeline. Expansion initiatives include a Dalton, Georgia campus to 450 MW, Pecos, Texas conversion to 200 MW, and acquisition of 265 acres in Hunt County, Texas for roughly 430 MW of gross capacity.