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.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Core Scientific, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
21874A106
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
21874A106
1
Names of Reporting Persons
Valiant Capital Management, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
13,120,302.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
13,120,302.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,120,302.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.2 %
12
Type of Reporting Person (See Instructions)
IA, PN
Comment for Type of Reporting Person: Percentage calculated based on 310,061,300 shares of Common Stock outstanding as of October 20, 2025, as reported in the Form 10-Q filed by the Issuer for the quarter ended September 30, 2025.
SCHEDULE 13G
CUSIP No.
21874A106
1
Names of Reporting Persons
Valiant Capital Management, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
13,120,302.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
13,120,302.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,120,302.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.2 %
12
Type of Reporting Person (See Instructions)
HC, OO
Comment for Type of Reporting Person: Percentage calculated based on 310,061,300 shares of Common Stock outstanding as of October 20, 2025, as reported in the Form 10-Q filed by the Issuer for the quarter ended September 30, 2025.
SCHEDULE 13G
CUSIP No.
21874A106
1
Names of Reporting Persons
Christopher R. Hansen
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
13,120,302.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
13,120,302.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,120,302.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.2 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: Percentage calculated based on 310,061,300 shares of Common Stock outstanding as of October 20, 2025, as reported in the Form 10-Q filed by the Issuer for the quarter ended September 30, 2025.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Core Scientific, Inc.
(b)
Address of issuer's principal executive offices:
838 Walker Road, Suite 21-2105, Dover, DE 19904
Item 2.
(a)
Name of person filing:
Valiant Capital Management, L.P., a Delaware limited partnership ("VCM")
Valiant Capital Management, LLC, a Delaware limited liability company ("VCM LLC")
Christopher R. Hansen
VCM is the investment adviser and general partner of private investment funds (collectively, the "Funds"). VCM LLC is the general partner of VCM. Mr. Hansen is the control person of VCM and VCM LLC. The reporting persons are filing this Schedule 13G jointly, but not as members of a group, and each disclaims membership in a group. Each reporting person also disclaims beneficial ownership of Common Stock except to the extent of that person's pecuniary interest therein.
(b)
Address or principal business office or, if none, residence:
394 Pacific Avenue, Floor 4, San Francisco, CA 94111
(c)
Citizenship:
See Item 4 of the cover sheet for each reporting person
(d)
Title of class of securities:
Common Stock
(e)
CUSIP No.:
21874A106
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
VCM: 13,120,302
VCM LLC: 13,120,302
Christopher R. Hansen: 13,120,302
(b)
Percent of class:
VCM: 4.2%
VCM LLC: 4.2%
Christopher R. Hansen: 4.2%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
VCM: 0
VCM LLC: 0
Christopher R. Hansen: 0
(ii) Shared power to vote or to direct the vote:
VCM: 13,120,302
VCM LLC: 13,120,302
Christopher R. Hansen: 13,120,302
(iii) Sole power to dispose or to direct the disposition of:
VCM: 0
VCM LLC: 0
Christopher R. Hansen: 0
(iv) Shared power to dispose or to direct the disposition of:
VCM: 13,120,302
VCM LLC: 13,120,302
Christopher R. Hansen: 13,120,302
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The Funds hold the Common Stock for the benefit of their investors and have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Stock. No individual Fund's holdings of Common Stock are more than five percent of the outstanding Common Stock.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Valiant Capital Management, L.P.
Signature:
/s/ Michaela Beckman
Name/Title:
Chief Compliance Officer
Date:
02/09/2026
Valiant Capital Management, LLC
Signature:
/s/ Michaela Beckman
Name/Title:
Chief Compliance Officer
Date:
02/09/2026
Christopher R. Hansen
Signature:
/s/ Christopher R. Hansen
Name/Title:
Reporting person
Date:
02/09/2026
Exhibit Information
Exhibit 99 - Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G
What ownership stake in Core Scientific (CORZ) is reported in this Schedule 13G/A?
The filing reports beneficial ownership of 13,120,302 Core Scientific common shares, representing 4.2% of the class. This percentage is calculated using 310,061,300 shares outstanding as of October 20, 2025, as disclosed in the company’s Form 10-Q for the quarter ended September 30, 2025.
Who are the reporting persons in the Core Scientific (CORZ) Schedule 13G/A?
The reporting persons are Valiant Capital Management, L.P., Valiant Capital Management, LLC, and Christopher R. Hansen. Hansen controls the investment adviser and general partner of private investment funds that hold the Core Scientific shares and is the control person of both Valiant entities.
How much voting and dispositive power over CORZ shares do the filers report?
Each reporting person reports zero sole voting and dispositive power and 13,120,302 shared voting and shared dispositive power. This means all 13,120,302 Core Scientific shares are controlled on a shared basis among the reporting persons rather than individually.
Why is the Core Scientific (CORZ) ownership reported on a passive Schedule 13G?
The filers certify the Core Scientific securities were acquired and are held in the ordinary course of business, not to change or influence control of the issuer. They also state the holdings are not in connection with any control-related transaction, except possible activities tied to nominations under Rule 14a-11.
Who ultimately benefits from the Core Scientific (CORZ) shares held by Valiant-managed funds?
The filing explains that the Funds hold Core Scientific common stock for the benefit of their investors. These investors have the economic interest in dividends and sale proceeds, and no individual fund holds more than five percent of Core Scientific’s outstanding common stock.
What does “ownership of 5 percent or less” mean in this CORZ Schedule 13G/A?
Item 5 confirms the reporting group owns 5 percent or less of Core Scientific’s common stock. Their 4.2% stake places them below the five percent threshold, which is significant for regulatory reporting but still represents a sizable institutional position in the company.
