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Core Scientific revenue more than doubles as AI colocation scales

Q2 revenue rose to $164.2 million, with colocation revenue reaching $136.7 million, while the company posted a $1.15 billion net loss tied to a non-cash warrant charge.

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Core Scientific reported second-quarter results showing a sharp shift in its business mix, with AI and high-performance computing colocation emerging as its largest revenue driver following its pivot away from a Bitcoin-mining-heavy model, according to Cointelegraph. The company said Q2 revenue increased to $164.2 million from $78.6 million a year earlier. Colocation revenue accounted for $136.7 million of the total, compared with $10.6 million in the prior-year period, and gross profit climbed to $70 million from $5 million. Despite the revenue surge, Core Scientific recorded a net loss of $1.15 billion. Cointelegraph attributed the loss primarily to a non-cash accounting charge related to the rising value of outstanding warrants as the company’s share price increased. Alongside the earnings release, Core Scientific announced a partnership with Advanced Micro Devices (AMD). The deal is described as potentially supporting up to 2.5 gigawatts of leasable data center capacity, with 15-year agreements initially anchored by 530 megawatts across several US sites beginning in 2027, with expansion possible over time.

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