Update
Core Scientific Projects $1.8 Billion Annual Run-Rate for AI Colocation
Core Scientific, previously a Bitcoin miner, is transitioning to a colocation business for AI hardware. The company projects an average annualized GAAP revenue run-rate of approximately $1.8 billion from its colocation facilities, which are backed by long-term leases. Colocation revenue reached $215.4 million in the quarter, accounting for 92% of total revenue of $232.9 million. The company expects to exit Bitcoin mining by Q4 2026 and operate exclusively as a high-density colocation provider for AI workloads starting in 2027.