Core Scientific Surges 7% with Strong Colocation Revenue Growth

CORZ reported second-quarter revenue of $164.2 million, up 109% from $78.6 million a year earlier and ahead of FactSet estimates. The composition of that revenue is the story: colocation contributed $136.7 million, against just $10.6 million in the prior-year quarter, completing the company's shift from bitcoin mining to AI data center landlord. Adjusted EBITDA rose to $41.1 million from $28.5 million.

The headline GAAP loss of $3.32 per share is far wider than the roughly $0.06 loss analysts modeled, but it sits alongside a business that nearly doubled revenue and improved adjusted EBITDA, which points to non-cash charges rather than operating deterioration. Investors should read the 10-Q for the composition of that loss before drawing conclusions from the per-share figure.

Shares surged as much as 7% on the session, helped by a same-day announcement of a roughly 500 megawatt agreement with AMD carrying a base contract value near $14 billion, though the stock gave back ground after the earnings call. Total leased customer power now stands at about 1.1 gigawatts, which Core Scientific frames as more than $24 billion of potential contracted revenue.

The structural risk is that contracted revenue of that size depends on delivering power and buildings on schedule to a small set of tenants, with the first AMD capacity not due until early 2027. Watch construction milestones and any change in the contracted-versus-delivered gap.

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