Core Scientific Q2 revenue eases past estimates on colocation growth

The company said a new long-term partnership with AMD is anchored by 15-year agreements for 530 MW across five sites, supporting up to 2.5 GW of leasable capacity.

Core Scientific did not provide specific guidance for the current quarter or full year in the press release.

The average analyst rating on the shares is buy, with 15 strong buy or buy ratings, five hold ratings and no sell or strong sell ratings. Wall Street's median 12-month price target is $30.00, about 44.6% above the July 27 closing price of $20.74.

Core Scientific said second-quarter revenue more than doubled year over year, topping analyst expectations as growth in high-density colocation services accelerated.

The company reported revenue of $164.20 million, versus a consensus estimate of $142.98 million from 14 analysts. Revenue from colocation rose to $136.7 million, and leased customer power capacity reached 1.1 GW.

Gross margin rose to from a year earlier, reflecting the scaling of colocation operations.