Welcome to our dedicated page for Core Scientific news (Ticker: CORZ), a resource for investors and traders seeking the latest updates and insights on Core Scientific stock.
Core Scientific, Inc. designs, builds and operates large-scale, purpose-built data centers for high-density colocation services serving AI-related workloads. Company news centers on data center campus development, power-capacity expansion, customer and partnership activity, and the ongoing shift from digital asset mining toward high-density colocation revenue.
Updates also cover Core Scientific’s remaining digital asset self-mining and hosted mining activities, financing actions used to support data center development, and operating results tied to its facilities in Alabama, Georgia, Kentucky, North Carolina, North Dakota, Oklahoma and Texas.
Core Scientific (Nasdaq: CORZ) has broken ground on a new 100-megawatt high-performance computing data center in Muskogee, Oklahoma, in partnership with CoreWeave and Port Muskogee. The facility will host CoreWeave's NVIDIA GPUs, providing 70 MW for GPU operations and 30 MW for ancillary systems. This project is part of a larger 500 MW contract with CoreWeave, valued at $8.7 billion over 12 years. The facility, expected to be operational in 2026, will generate approximately $182 million in local economic benefits, create 150 jobs with average salaries over $65,000, and contribute over $12 million in tax revenue.
Core Scientific (NASDAQ: CORZ) reported fiscal Q3 2024 results with a net loss of $455.3 million, primarily due to a $408.5 million non-cash mark-to-market adjustment to warrants. Total revenue was $95.4 million, down from $112.9 million year-over-year. The company generated adjusted EBITDA of $10.1 million and earned 1,115 self-mined bitcoin. Core Scientific completed a $460 million convertible note offering, using $211.2 million to repay existing senior debt, reducing interest rates from 12.5% to 3%. The company secured approximately 500 megawatts of HPC contracts, potentially generating $8.7 billion over 12-year contracts.
Core Scientific (Nasdaq: CORZ) released its October 2024 operations update, reporting 369 self-mined Bitcoin and an estimated 52 Bitcoin earned by hosting customers. The company operated approximately 185,000 bitcoin miners across its data centers, achieving a total energized hash rate of 21.8 EH/s. Core Scientific sold 370 Bitcoin for approximately $24.2 million in proceeds. The company completed a 100 MW infrastructure expansion at its Pecos, TX facility and contributed to grid support by delivering 26,748 megawatt hours to local electrical grids.
Core Scientific (NASDAQ: CORZ) has announced its upcoming third quarter fiscal year 2024 earnings release and conference call schedule. The company will release financial results after market close on November 6, 2024, followed by a conference call and webcast at 3:30 PM CST. The presentation will be led by CEO Adam Sullivan, CFO Denise Sterling, and SVP of Investor Relations Steven A. Gitlin. Investors can access the live webcast through the company's investor relations website, and an audio replay will be available until November 19, 2024.
Core Scientific (Nasdaq: CORZ) released its unaudited production and operations updates for September 2024. The company earned 345 self-mined Bitcoin in September, bringing the year-to-date total to 5,621 and the third quarter total to 1,115. Key highlights include:
- Completion of ASIC miner migration from two data centers for HPC conversion
- Commencement of substation work in Muskogee, OK for a planned 100MW data center
- Progress on the 100MW expansion of the Pecos, TX bitcoin mining data center
- Total energized hash rate of 23.4 EH/s as of month-end
- Approximately 198,000 bitcoin miners in operation
- 370 Bitcoin sold in September, generating approximately $22.2 million in proceeds
The company continues to focus on expanding its infrastructure portfolio and delivering powered infrastructure for AI GPU cloud workloads in the first half of 2025.
Core Scientific (Nasdaq: CORZ) has announced a 30-day extension of CoreWeave's option to contract 118 megawatts of infrastructure for high-performance computing (HPC). This extension is part of a larger agreement where CoreWeave has already contracted a total of 382 megawatts of infrastructure to support HPC hosting operations across multiple Core Scientific data centers. The extension aims to accommodate design, supply chain, and construction timeline development activities.
This development highlights Core Scientific's expanding role in providing digital infrastructure for both bitcoin mining and HPC, positioning the company as a key player in the growing demand for advanced computing capabilities.
Core Scientific (NASDAQ: CORZ) has announced that CFO Denise Sterling will step down effective May 1, 2025, or when a successor is found. The company has started a search process with an executive search firm. CEO Adam Sullivan praised Sterling's leadership during the company's restructuring, $460 million convertible note offering, and positioning for future growth. Sterling expressed her commitment to continue building momentum and advancing strategic initiatives, including the high-performance computing hosting strategy, during the transition period. Core Scientific is a leader in digital infrastructure for bitcoin mining and high-performance computing.
Core Scientific (Nasdaq: CORZ), a leader in digital infrastructure for bitcoin mining, released unaudited production and operations updates for August 2024. The company produced 358 self-mined bitcoins, totaling 5,275 bitcoins year-to-date. Customers earned approximately 90 bitcoins through hosting services. The decline in self-mined bitcoins is attributed to the migration of miners to new data centers and increased global network hash rates.
Key metrics include: 214,000 total bitcoin miners, 20.5 EH/s self-mining hash rate, and approximately $22.5 million in bitcoin sales proceeds. The company reduced power consumption by 58,733 megawatt-hours, aiding local grids. CEO Adam Sullivan highlighted ongoing preparations for HPC hosting contracts and infrastructure optimization.
Core Scientific (Nasdaq: CORZ), a leader in digital infrastructure for bitcoin mining and high-performance computing, has announced its participation in three investor conferences in September 2024. CEO Adam Sullivan will present at the following events:
1. Gateway Conference in San Francisco on September 5, 11:30 a.m. - 12:00 p.m. ET
2. 4th Annual Needham Virtual Crypto Conference on September 5, 3:00 p.m. - 3:40 p.m. ET
3. H.C. Wainwright 26th Annual Global Investment Conference in New York City on September 10, 9:30 a.m. - 10:00 a.m. ET
Webcasts of the presentations will be available on the company's website. These conferences provide opportunities for investors to gain insights into Core Scientific's operations and future plans.
Core Scientific (NASDAQ: CORZ) has significantly strengthened its financial position by repaying $267 million in debt using proceeds from its recent convertible senior notes offering. The company has:
1. Reduced interest rates from approximately 12.5% to 3%
2. Removed restrictive covenants on certain notes
3. Increased cash on hand by $172.8 million after all payments
This strategic move provides Core Scientific with greater financial flexibility to invest in site acquisitions for high-performance computing (HPC) hosting growth and strengthen its bitcoin mining operations. CEO Adam Sullivan emphasized that this transaction is a key step in positioning the company for future growth and creating shareholder value.