Core Scientific : First Quarter Fiscal Year 2026 Earnings Presentation
CORZ
Published on 05/06/2026 at 07:24 pm EDT - Modified on 05/06/2026 at 07:37 pm EDT
CORE SCIENTIFIC
1
¥3 CORE SCIENTIFIC
Core Scientific is a leader in digital infrastructure for high-density
colocation ("HDC") services.
We operate dedicated, purpose-built facilities for high-density colocation services serving artificial intelligence-related ("AI") workloads and are a premier provider of digital infrastructure, software solutions and services to our third-party customers. Core Scientific is in the process of repurposing its remaining mining facilities to support its HDC services business as circumstances allow.
FULLY DILUTED MARKET CAP*
ACROSS OUR FOOTPRINT
IN TOTAL LEASABLE CUSTOMER POWER PIPELINE
IN CONTRACTED REVENUE
3 *Based on stock price as of May 5, 2026, close and fully diluted share count of ~505 million
Site s Infrastructure Access
Delivery s Build Execution
Operations s Scalable Growth
Find & Secure Sites
1
Identify, evaluate, and secure
sites with available power, strong network access, and room to expand for high-density operations.
Design & Engineer
5
Translate customer requirements
into tailored designs that keep cost and delivery timelines predictable.
Operate & Maintain
8
Operate and maintain
infrastructure around the clock with on-site teams, real-time monitoring, and preventive maintenance.
Work with Key Partners
2
Partner with utilities and local
leaders to align infrastructure development with grid capacity and community planning.
Secure & Deliver Power
3
Plan, secure, and deliver scalable
power capacity required to support AI and other high-density workloads.
Source & Procure Critical
6 Equipment
Secure long-lead equipment through established global supply chain partners.
Construct & Deploy
7
Build, commission, and deploy
high-density infrastructure with disciplined execution to reduce risk and accelerate delivery.
Scale & Expand
9
Expand power, space, and
density across campuses and new phases without disrupting active operations.
Deliver Fiber & Network Access
4
Install fiber cabling and secure
required carrier services to deliver high-capacity connectivity at each site.
4
contracted sites Customer leasable sites*
Muskogee, OK
Leasable power: ~330MW 1
Denton, TX
Leased power: ~260MW
Dalton, GA
Leased power: ~175MW
Hunt County, TX
Leasable power: ~285MW
Muskogee, OK
Leased power: ~70MW
Pecos, TX
Leasable power: ~200MW
Marble, NC
Leased power: ~65MW
Dalton, GA
Leasable power: ~120MW
Atlanta
Austin, TX
Leased power: ~20MW
Calvert City, KY
Leasable power: ~100MW
Grand Forks, ND
Leasable power: ~70MW
Dallas
Auburn, AL
Leasable power: ~30MW
Bold and underlined numbers indicate updates to leasable power disclosed on March 2, 2026
5 Numbers as of May 6, 2026
*Does not include potential power capacity in behind-the-meter solutions or load studies
The Polaris DS LLC transaction, subject to customary regulatory approvals and closing conditions, is expected to close in the third quarter of 2026.
~600 MW
~520 MW
CURRENT LEASABLE CAPACITY AT EXISTING SITES 1
~285 MW
HUNT COUNTY, TX ACQUISITION
~330 MW
MUSKOGEE, OK ACQUISITION
~370 MW
UNANNOUNCED LEASABLE CUSTOMER POWER OPPORTUNITIES
GRID CONNECTED LEASABLE CUSTOMER POWER PIPELINE
~900 MW
BEHIND-THE-METER (BTM) LEASABLE CUSTOMER POWER EXPANSION OPPORTUNITY 2
GRID CONNECTED
+ BTM LEASABLE CUSTOMER POWER PIPELINE
LEASABLE CUSTOMER POWER EXPANSION OPPORTUNITY CURRENTLY IN LOAD STUDY
TOTAL LEASABLE CUSTOMER POWER PIPELINE
*Does not include ~590 MW of already contracted power
1. Includes Pecos, Dalton, Calvert, Grand Forks, and Auburn
6 2. Includes Pecos and Muskogee
150+ years of combined data center leadership experience
A leading North American AI compute infrastructure developer in the last decade
5+ years owning data centers with dedicated tier III GPU hosting abilities
Colocation contracts deliver compelling economics and strong margins
Strong balance sheet provides flexibility for strategic opportunities
Robust sales pipeline with a mix of hyperscale and non-hyperscale customers
12-year, $10B+ CoreWeave contract, ~$850M average annualized colocation GAAP revenue 1
Energized as many MWs as the rest of publicly traded peers combined in 2025 2
~1.5 GW in leasable power pipeline and ~3.0 GW including load studies & behind-the-meter power
7 1. Revenues from CoreWeave contract are paid directly into a lockbox tied to the $3.3 billion senior secured notes due 2031
Peers include TeraWulf, Cipher, Galaxy, Applied Digital, Hut 8, Iren
CURRENT AVAILABLE POWER
ADDITIONAL GRID-CONNECTED UTILITY POWER 1
TOTAL GROSS POWER CAPACITY POTENTIAL
CURRENT AVAILABLE POWER TIED TO THE COREWEAVE CONTRACT
THROUGH THE POLARIS ACQUISITION 2
TOTAL GROSS POWER
CAPACITY POTENTIAL
8 1. Confirmed with utility; allocation timing is to be determined.
The Polaris DS LLC transaction, subject to customary regulatory approvals and closing conditions, is expected to close in the third quarter of 2026. Expect initial power delivery in late 2027.
Additional grid connected power currently in load study
Does not greatly impact cost / MW, PPA structured deals mitigate the capital required to build out through the pass through of power costs
Due to congested interconnection queues and high upfront collateral required by utilities, behind-the-meter is a strategic and targeted solution to provide the power to meet customer demand.
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Net Proceeds: ~$2.9B
New Site Acquisitions: ($700-900M)
Remaining Development Equity: ~$2.0-2.2B
Leveraged at 80% project finance LTC
Supports ~1 GW+ of new capacity development
Senior Secured Notes
$3.3B
Rate
7.750%
Due
2031
Net Proceeds1
~$2.9B
2026 capex2
~$2B
•✓
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Flexibility to fund new site acquisitions, such as Hunt County, TX and Polaris in Muskogee, OK
20%
cash outlay
Net of OID, fees, and funding of DSRA
10 2. 2026 CapEx plan of ~$2B, as of May 6, 2026, assumes no new customer contract. CapEx expectations may change based on the timing of the new customer contract.
$2.2B represents the initial cash outlay,
the remaining 80% would give a total project value of $11B
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Austin, TX
Leased power: ~20MW
Fully handed over to customer
Marble, NC
Leased power: ~65MW
Fully handed over to customer
Muskogee, OK
Leased power: ~70MW
On track for midyear delivery
Dalton, GA
Leased power: ~175MW
Delivered Phase 1, a 30 MW site. Full completion on track for early 2027
Denton, TX
Leased power: ~260MW
Full completion on track for midyear
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~590MW infrastructure
~800MW gross
$10B+ in revenue potential
over the contracts' term
~$850M average annualized colocation GAAP revenue 1
12-year contract
with two 5-year options 3
No ability to unilaterally
terminate, with aligned joint execution risk
Take-or-pay contract
at a fixed cost, with annual escalator
Client pays for capex 4,
power, and utilities
80% to 85% anticipated
profit margin 2
Hold liens on data center infrastructure assets
(excluding GPUs)
Represents the estimated average annual revenue over the 12-year contract periods; Austin, Texas contract term is a 7-year period.
Expenses include facilities operations, repairs & maintenance, security, FTEs, insurance, property taxes, etc.
Austin, Texas contract term is 7 years with elective extensions.
13 4. Up to $1.5 Million per MW (or approximately $750 Million) of data center build out costs are funded by CoreWeave and credited against hosting payments at no more than 50% of monthly fees until fully repaid. The balance of modification costs relate to items purchased directly by CoreWeave and contributed for use in the facility.
For the additional 70 MW expansion, Core Scientific is responsible for funding $104 Million of capex ($1.5M per MW) for the powered core and shell with no capex credit associated with this new agreement.
fg CORE SCIENTIFIC
Term
Definition
How management uses it
Gross Utility Power Capacity (MW)
Total electric utility power capacity agreements associated with our data center sites under our control as of period end, including capacity that is commissioned for future use.
Used for portfolio planning and utility power allocation discussions.
Total Leasable Customer Power Capacity (MW)
Our estimate of the total non-redundant customer IT load that our data center sites could support in the aggregate as of period end, regardless of whether such capacity has been contracted with customers or remains available for sale. This metric is representative of the amount of power available for customer use in servicing their workloads.
Used to assess total customer-usable IT load available for leasing, evaluate leased versus unleased capacity, and plan conversion/development sequencing and sales capacity.
Leased Customer Power Capacity (MW)
Power capacity that is committed to customers under executed customer contracts, regardless of whether service has commenced as of period end.
Used to monitor signed customer commitments and contracted backlog and to plan future deployment/commissioning requirements.
Unleased Customer Power Capacity (MW)
The portion of Total Leasable Customer Power not committed under customer contracts as of period end. This metric is calculated as Total Leasable Customer Power minus Leased Customer Power Capacity.
Used to monitor remaining uncommitted customer IT load and to prioritize incremental contracting and conversion/commissioning plans.
Billable Customer Power Capacity (MW)
Portion of Leased Customer Power Capacity for which service has commenced, and we are actively billing as of period end.
Used to monitor in-service customer power that is billing and to track deployment/commissioning pace and near-term revenue ramp.
15
Million shares
~187M shares
28 505
42
13
97 7
318
Sharecount
@ May 1, 2026
16
Tranche 1 Warrants Tranche 2 Warrants Restricted Stock and
Performance Based Units
August 2024
Convertible Note
December 2024
Convertible Note
Total Pro Forma
Diluted Share Count
Contact
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Disclaimer
Core Scientific Inc. published this content on May 06, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 06, 2026 at 23:02 UTC.