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) 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.
Core Scientific (NASDAQ: CORZ) has priced an upsized offering of $400 million in 3.00% convertible senior notes due 2029. The offering, initially set at $350 million, is expected to close on August 19, 2024. The notes will mature on September 1, 2029, with an initial conversion rate of 90.9256 shares per $1,000 principal amount, representing a conversion price of about $11.00 per share. This price reflects a 30% premium over the last reported sale price of $8.46 per share. Core Scientific estimates net proceeds of approximately $386.6 million, which will be used to repay existing loans, redeem outstanding senior secured notes, and for general corporate purposes.
Core Scientific (NASDAQ: CORZ), a leading provider of digital infrastructure for bitcoin mining and high-performance computing, announced that its CEO, Adam Sullivan, will present at the 44th Annual Cannacord Genuity Growth Conference.
The presentation is scheduled for August 14 at 9:30 a.m. ET. A live webcast of the presentation will be available through a provided link and on the Investors section of Core Scientific's website. A replay of the webcast will remain accessible for 90 days.
Core Scientific (NASDAQ: CORZ) announces its intention to offer $350 million in convertible senior notes due 2029, with an option for an additional $52.5 million. The notes will be unsecured obligations, accruing interest semi-annually, and mature on September 1, 2029. Noteholders can convert under certain circumstances, with Core Scientific settling in cash, stock, or a combination.
The company can redeem notes after September 7, 2027, if stock price conditions are met. Proceeds will be used to repay outstanding loans, redeem existing senior secured notes, and for general corporate purposes. The offering is to qualified institutional buyers under Rule 144A of the Securities Act.
Core Scientific (NASDAQ: CORZ) reported its fiscal Q2 2024 results, highlighting a net loss of $804.9 million, primarily due to a $796.0 million non-cash mark-to-market adjustment to warrants and contingent value right liabilities. Despite this, the company generated operating income of $6.6 million and adjusted EBITDA of $46.0 million. Total revenue increased to $141.1 million, up from $126.9 million in Q2 2023. The company contracted 382 megawatts of infrastructure for high-performance computing, with potential revenue of $6.7 billion over 12 years. Core Scientific also achieved mandatory conversion of convertible notes, removing $260 million in debt from its balance sheet, and earned 1,680 self-mined bitcoin.