TL;DR:
- Core Scientific reported a $347.2 million loss in the first quarter of 2026 and sold 2,385 BTC for $208.3 million.
- The firm closed a $3.3 billion senior note offering at 7.75% to finance AI data centers and retire a loan.
- AI colocation revenues reached $77.5 million, surpassing bitcoin mining, which fell to $30.1 million in the quarter.
Core Scientific reported a net loss of $347.2 million in the first quarter of 2026, even as total revenues rose to $115.2 million. The company sold 2,385 bitcoins for $208.3 million to cover capital expenditures and operating needs, and recorded a depreciation of $266.5 million on mining-related assets. The result signals the gradual abandonment of its historical model as a bitcoin miner.
The transition toward artificial intelligence infrastructure is advancing at a pace that completely redefines the company’s business profile. AI data center colocation revenues jumped to $77.5 million from just $8.6 million recorded a year earlier, becoming the primary line of business. Meanwhile, cryptocurrency mining revenues fell from $67.2 million to $30.1 million, driven by a 45% reduction in bitcoins mined and an 18% drop in the average BTC price during the period.
Core Scientific Rewrites its Model
To sustain this transformation process, Core Scientific closed a senior secured note offering of $3.3 billion at 7.75% annually. The proceeds will be directed toward data center development and the repayment of a $1 billion term loan. At the close of March, the firm held liquidity of $1.04 billion, composed of $1.01 billion in cash and $37.3 million in bitcoin.
The contract with CoreWeave is the central axis of the strategy. The agreement signed in February 2025 raised contracted capacity to 590 MW across six sites, with revenues projected to reach $10.2 billion over twelve years. That single customer represented 67% of total revenues for the quarter, up from 11% recorded a year earlier, a dependence that investors have had under scrutiny since CoreWeave’s acquisition offer valued at approximately $9 billion in stock fell through.
Core Scientific operates ten data centers across seven U.S. states and holds a gross energy capacity of approximately 1.9 GW. Having emerged from Chapter 11 in 2024, it is today one of the most cited cases of miners that reinvented themselves and leveraged their access to energy to break into the AI industry.
