Finance
Darling, What’s All the Fuss?
- Core Scientific (CORZ), my dear, has reported a rather spectacular $347.2 million Q1 loss. They’ve sold $208.3 million in BTC and secured a $3.3 billion note offering to fund their oh-so-fashionable pivot to AI data centers. How très chic!
- Colocation revenue for AI data centers has surged to $77.5 million, darling, becoming their largest business line. Meanwhile, crypto mining revenue has plummeted to $30.1 million. How utterly passé!
- Their AI pivot, my loves, hinges on a 590 MW contract expansion with CoreWeave, projected to bring in a staggering $10.2 billion over 12 years. One can only hope they don’t spend it all on martinis and moonlight.
Core Scientific (CORZ), the erstwhile bitcoin mining darling, has reported a $347.2 million first-quarter loss, even as revenue rose to $115.2 million. They’ve sold 2,385 bitcoin for $208.3 million and written down $266.5 million of mining-related assets. Such drama, darling!
The company claims these bitcoin sales were to fund capital expenditures and other cash needs, continuing the trend of miners selling BTC to fund their AI fantasies. How utterly predictable.
They’ve also closed a $3.3 billion offering of 7.75% senior secured notes, proceeds of which will be used for data center development and to repay a $1 billion term loan facility. Borrowing to pay off borrowing? How très Coward!
Colocation revenue, my dears, rose to $77.5 million from $8.6 million a year earlier, making it Core Scientific’s largest business line. Crypto mining revenue, on the other hand, fell to $30.1 million from $67.2 million. One wonders if they’ve finally seen the light.
The company operated 10 data centers across seven U.S. states at the end of March, representing about 1.9 GW of gross utility power capacity and 1.3 GW of leasable customer power capacity. Such power, darling, but will it translate to profit?
Their first high-density colocation contract with CoreWeave was later expanded to 590 MW of leased customer power capacity. A February 2025 expansion brought CoreWeave’s contracted infrastructure to about 590 MW across six sites, lifting projected revenue to $10.2 billion over 12 years. One can only hope they don’t squander it on champagne and caviar.
Customer concentration remains high, my loves. One colocation customer generated 67% of total revenue in the first quarter, up from 11% a year earlier. Putting all their eggs in one basket? How daring!
Core Scientific’s AI pivot has been under investor scrutiny since CoreWeave’s failed $9 billion all-stock takeover attempt. They emerged from Chapter 11 in 2024 and have since become a prime example of bitcoin miners trying to turn access to power into contracted AI infrastructure revenue. From crypto to AI – what a metamorphosis!
They ended March with $1.04 billion of liquidity, including $1.01 billion of cash and $37.3 million of bitcoin. One can only hope they spend it wisely, darling.
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2026-05-07 13:09