Core Scientific, 2026 회계연도 3분기 실적을 발표했으며, 콜로케이션 매출과 EBITDA가 급증했다.
Core Scientific's fiscal third-quarter 2026 results reflected continued expansion of its high-density colocation business. Additional capacity for CoreWeave drove a strong sequential increase in revenue and adjusted EBITDA, while the company advanced the initial 530-megawatt deployment for AMD and continued to phase out Bitcoin mining.
**Key Highlights**
GAAP colocation revenue rose almost 60% sequentially to $215 million, supported by 90 megawatts entering billing during the quarter and a full quarter's contribution from earlier deliveries.
Adjusted EBITDA increased to $134 million from $41 million in the second quarter of 2026. The adjusted EBITDA margin expanded to 57% from 25%.
Core Scientific is billing CoreWeave for 485 megawatts across five campuses, up from 120 megawatts at the beginning of 2026. The remaining approximately 100 megawatts are expected to come online over the next few months.
The company has approximately 1.1 gigawatts contracted across CoreWeave and AMD. Management expects that, once fully delivered and billing, this portfolio will generate average annualized run-rate revenue of $1.8 billion and NOI of $1.6 billion.
Delivery of AMD's initial 530-megawatt commitment remains scheduled to begin at Pecos in the first half of 2027. About half is expected to be operational during 2027, with the remainder delivered over the course of 2028.
Core Scientific expects to complete its exit from Bitcoin mining by the end of 2026 and begin 2027 as a pure-play provider of high-density colocation.
**Key Financial Data**
| Metric | Fiscal Q3 2026 | Sequential Change / Context |
|---|---|---|
| GAAP colocation revenue | $215 million | Growth of nearly 60% |
| Adjusted EBITDA | $134 million | Versus $41 million in Q2 2026 |
| Adjusted EBITDA margin | 57% | Versus 25% in Q2 2026 |
| Cash SG&A | Approximately $28 million | Slightly below Q2 2026 |
| Total liquidity | Approximately $1.7 billion | Sequential decline of approximately $1.0 billion |
| Cash | Approximately $800 million | Included in liquidity |
| Restricted cash and debt service reserves | Approximately $840 million | Primarily earmarked for certain utility and development costs |
| Revolving credit facility availability | $100 million | Included in liquidity |
| Capital expenditures | $540 million | Primarily related to the AMD facilities |
| Polaris acquisition spending | Approximately $440 million | Contributed to the sequential decline in liquidity |
Under GAAP, revenue from CoreWeave contracts is recognized on a straight-line basis over the 12-year lease term, which in practice front-loads contractual escalators.
**Business and Operational Performance**
Core Scientific added another 90 megawatts to billing during the third quarter. It currently bills CoreWeave for 485 of the 590 contracted megawatts across five campuses. Dalton Phase 2 is the only CoreWeave facility still under construction, with the remaining approximately 100 megawatts scheduled for delivery in early 2027.
Management said CoreWeave has funded the vast majority of its development. The agreements also include contractual protections at certain campuses, including payments through special purpose vehicles backed by end-customer commitments, CoreWeave guarantees, and Core Scientific's security interests in data center infrastructure until title transfers at the end of the contracts.
The initial AMD contract covers 530 megawatts across five campuses. Management said the estimated construction cost remains between $11 million and $12 million per megawatt. Equipment purchases and other commitments were made before contract signing to lock in costs and mitigate execution risk.
AMD also holds exclusive reservation rights for approximately 1.9 gigawatts of additional capacity across Muskogee, Hunt, and Pecos. Most upfront commitments would be required during 2027, with a deadline at the end of 2028. Management said pricing for committed additional capacity will reflect the agreed design, prevailing rates, and development costs, with the aim of maintaining broadly equivalent returns.
Core Scientific has secured approximately 385 megawatts of incremental grid-connected power, split equally between Muskogee and Hunt County, with availability expected by mid-2028. The company is also evaluating behind-the-meter generation, including a proposed 10.6-mile natural gas pipeline connection at Pecos. Management said battery energy storage systems would form part of any behind-the-meter solution to smooth variable computing loads.
**Management Outlook**
Management expects a double-digit sequential increase in fourth-quarter 2026 revenue as additional megawatts begin billing and capacity delivered earlier contributes for a full quarter.
The company considers the low end of $30 million a reasonable quarterly base for cash SG&A, subject to variability from strategic growth investments.
Core Scientific anticipates roughly $650 million in cash proceeds from the exercise of Tranche 1 warrants around their January 2027 expiration. Management intends to prioritize this capital for equity contributions to future projects as AMD reservation rights are exercised.
The company does not expect to issue additional shares or equity-linked instruments to finance the first phase of the AMD deployment. Project bonds remain the planned financing route, although management is also evaluating other debt options to balance cost, flexibility, and execution certainty.
**Risks and Areas of Focus**
Financing availability remains a critical constraint for AI infrastructure development. Core Scientific still needs project financing to complete the initial AMD projects. Management said the project bond market remains open and it has seen no changes in terms or covenants. Due diligence processes have become more thorough.
Regulatory and permitting processes in Texas remain under investor scrutiny. Management said Pecos remains on schedule for initial delivery in the first half of 2027, while Hunt has reached the quarterly stability assessment stage. Air permits for backup generators at both sites continue to progress under the applicable permit-by-rule framework.
Behind-the-meter expansion also requires additional decisions and approvals. Core Scientific has not yet applied for air permits for the proposed Pecos generation project and expects to do so together with the independent power producer it ultimately selects.
Management also addressed scrutiny surrounding CoreWeave and the "neocloud" model. It expressed confidence in CoreWeave's long-term position, citing the completed initial investment, the favorable economics of the facilities, and contractual guarantees. Nevertheless, financing conditions and customer credit risk remain key factors that investors are watching closely.
**Analyst Q&A Highlights**
*Texas development risk:* Management characterized Pecos and Hunt as low-risk projects due to existing energy authorizations, construction progress, and the current status of permitting. Pecos previously operated as an energized Bitcoin mining site.
*AMD project financing:* Core Scientific is evaluating how to structure and sequence financing across five sites and five separate lease agreements. Management said AMD's credit profile supports demand from lenders [source text truncated here].