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Core Scientific, Inc. reported fourth quarter 2025 revenue of $79.8 million, down from $94.9 million a year earlier, as it shifted from digital asset self‑mining toward high‑density colocation. Net income was $216.0 million versus a prior‑year net loss of $291.1 million, largely driven by a non‑cash $330.3 million fair value gain on warrants and contingent value rights. Colocation revenue rose to $31.3 million from $8.5 million, while self‑mining revenue fell to $42.2 million from $79.9 million. Liquidity at year‑end 2025 was $533.4 million, including $311.4 million of cash and $222.0 million of bitcoin, after $279.2 million of capital expenditures, most funded by CoreWeave. The company also disclosed that multiple 2024 and 2025 periods can no longer be relied upon because certain property, plant and equipment tied to facility conversions were improperly capitalized instead of impaired, and it is filing amended reports. Management identified a material weakness in internal control over financial reporting, auditors will revise 2024 internal control opinions to adverse, and the company is implementing remediation.
Two Seas Capital and affiliates report beneficial ownership of 20,697,679 Core Scientific common shares, representing about 6.7% of the company, including shares underlying warrants and options. They have entered into a cooperation agreement with Core Scientific that reshapes the board and sets ownership and voting commitments.
The agreement calls for appointing three independent directors, one by March 15, 2026, a second around the 2026 annual meeting but no later than September 15, 2026, and a third before the 2027 annual meeting, each in consultation with Two Seas Capital. One current director will not stand for re-election at the 2027 meeting, and current board chair Jordan Levy will not stand for re-election at the 2026 meeting.
The cooperation agreement includes standstill terms, limiting Two Seas Capital from increasing its beneficial ownership to 9.9% or more of outstanding shares and requiring it to vote its shares at the 2026 and 2027 annual meetings in line with board recommendations.
Core Scientific, Inc. entered into a cooperation agreement with Two Seas Capital LP that will reshape its board over the next two years. The company will appoint one new independent director by March 15, 2026, a second by no later than September 15, 2026, and a third before the 2027 annual meeting, each in consultation with Two Seas.
Until the 2027 annual meeting, the board size will be capped at nine directors and cannot be reduced in a way that forces any of the new directors to resign without Two Seas’ consent. One current director will not be nominated for re-election at the 2027 meeting. Two Seas agreed to a one-year standstill, voting commitments through the 2027 annual meeting, and mutual non-disparagement. Separately, Chairman Jordan Levy told the board he will not stand for re-election at the 2026 annual meeting, citing personal reasons and no disagreement with the company.
Core Scientific, Inc. entered into a cooperation agreement with Two Seas Capital LP that will reshape its board over the next two years. The company plans to appoint one independent director by March 15, 2026, a second by no later than September 15, 2026, and a third before the 2027 annual meeting, all in consultation with Two Seas.
Until the 2027 annual meeting, the board size will be capped at nine directors and cannot be reduced in a way that forces any of the new directors to resign without Two Seas’ consent. One current director will not be nominated in 2027, and Chairman Jordan Levy has informed the company he will not stand for re-election at the 2026 annual meeting, a decision stated as not due to any disagreement. Two Seas agreed to a one-year standstill, longer voting commitments through the 2027 annual meeting, and mutual non-disparagement.
Core Scientific, Inc. received a Schedule 13G showing that four affiliated Susquehanna entities together report beneficial ownership of 17,376,097 shares of common stock, or 5.6% of the company, as of the event date 12/31/2025.
The percentage is based on 310,061,300 shares outstanding as of October 20, 2025, as disclosed in the company’s Form 10-Q. Holdings include common stock, options and warrants across G1 Execution Services, SIG Brokerage, Susquehanna Investment Group and Susquehanna Securities.
Each firm has sole voting and dispositive power over its own positions and shared power over all reported shares. They state the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of Core Scientific.
Barclays PLC has disclosed a small ownership stake in Core Scientific Inc. The filing reports that Barclays beneficially owns 1,302,387 shares of Core Scientific common stock, representing 0.42% of the outstanding class.
Barclays reports 1,298,420 shares with sole voting and dispositive power and 3,967 shares with shared voting and dispositive power. The shares are certified as being held in the ordinary course of business and not for the purpose of changing or influencing control of Core Scientific.
Core Scientific, Inc. received an amended Schedule 13G showing that funds managed by Valiant Capital Management report beneficial ownership of 13,120,302 shares of Common Stock, equal to 4.2% of the class. This percentage is based on 310,061,300 shares outstanding as of October 20, 2025.
The shares are held by private investment funds for the benefit of their investors, with voting and investment power shared among Valiant Capital Management, L.P., Valiant Capital Management, LLC, and Christopher R. Hansen, each reporting shared voting and dispositive power over the same 13,120,302 shares and no sole power.
The filers state that the securities were acquired and are held in the ordinary course of business, and not for the purpose, or with the effect, of changing or influencing control of Core Scientific, other than activities solely in connection with a nomination under Rule 14a-11.
Core Scientific director Jeffrey David Booth received 18,575 restricted stock units of common stock on February 4, 2026, as reported in a Form 4 filing. The grant was priced at $0 per share and will vest in full on February 3, 2027, if he continues serving as a non-employee director through that date. Following this award, Booth beneficially owns 214,262 shares of Core Scientific common stock directly.
Core Scientific, Inc. director Jordan Levy reported receiving an award of 18,575 shares of common stock on February 4, 2026 at a price of $0, reflecting a restricted stock unit grant. Following this grant, he beneficially owns 325,462 shares directly.
The restricted stock units will vest in full on February 3, 2027, provided Levy continues to serve as a non-employee director through that date.
Core Scientific, Inc. director Elizabeth Crain received a grant of 18,575 shares of common stock as restricted stock units. The award was reported as acquired at a price of $0 per share on February 4, 2026, increasing her directly held beneficial ownership to 65,348 shares.
The RSUs will vest in full on February 3, 2027, if she continues to serve as a non-employee director through that date. Until vesting, the units represent a right to receive shares rather than currently transferable stock.