Core Scientific는 FourWeekMBA에 따르면 590MW 중 485MW를 CoreWeave에 청구했으며, 자본적 지출은 9억 8,500만 달러입니다.

Core Scientific was billing about 485 MW of the roughly 590 MW it has leased to CoreWeave as of 5 November, according to its third-quarter investor presentation. By our arithmetic, that is about 82%. The company filed its Q3 2026 results with the SEC on 5 November.

Colocation revenue rose nearly 60% from the previous quarter to $215.4 million, or 92.5% of total revenue of $232.9 million. A year earlier, colocation was 18.4% of revenue, by our arithmetic. Capital expenditures reached $985.1 million in the quarter, about 7.4 times adjusted EBITDA of $133.6 million.

The company says it was billing for 485 MW of capacity as of 30 September, representing over $700 million in average annualized colocation GAAP revenue. Adjusted EBITDA more than tripled from the previous quarter to $133.6 million, and its margin expanded to 57% from 25%.

Net income was $1.18 billion. The company says this was driven by the change in fair value of warrants, a non-cash item tied to its stock price. Operating income was $72.4 million. Self-mining revenue fell to $12.3 million from $57.4 million a year earlier, down about 79% by our arithmetic.

"We are nearing full delivery under our first colocation agreement while construction under our second is underway across five campuses," chief executive Adam Sullivan said.

Wall St Engine summarized the third-quarter figures in a post on X dated 5 November at 12:06. The post cited revenue of $232.9 million against an estimate of $195 million, adjusted EBITDA of $133.6 million, colocation revenue of $215.4 million, and 485 MW of billing capacity. It also listed self-mining revenue of $12.3 million, down 79% year over year, and hosted mining revenue of $5.2 million, down 41%. The post reported a $1.0 billion non-cash warrant fair-value gain that drove net income to $1.2 billion. The $195 million estimate is the post's own; Core Scientific's release does not give one.

**The CoreWeave Contract**

The presentation lists five CoreWeave sites: Denton, Texas (about 260 MW); Dalton, Georgia (about 175 MW); Muskogee, Oklahoma (about 70 MW); Marble, North Carolina (about 65 MW); and Austin, Texas (about 20 MW). Dalton is billing about 75 MW, with completion estimated in early 2027. The presentation says megawatts leased and megawatts billing are approximate and may not add up because of rounding.

Core Scientific describes the agreement as a take-or-pay contract at a fixed cost with an annual escalator, a 12-year term with two five-year options, and "no ability to unilaterally terminate." The company puts revenue potential at over $10 billion over the contract's term and average annualized colocation GAAP revenue at about $850 million, or about $1.44 million per MW a year by our arithmetic. The presentation also says revenue from the CoreWeave contract is paid directly into a lockbox tied to the $3.3 billion senior secured notes due 2031.

**The Second Agreement and the Balance Sheet**

The second set of leases totals about 530 MW for AMD and a credit-backed neocloud, across Pecos and Hunt in Texas, and Dalton, Muskogee and Auburn, Alabama. Initial delivery for AMD is expected in early 2027, with the full 530 MW delivered by the end of 2028.

Across both agreements, Core Scientific cites about 1.1 GW of customer-contracted power and $24 billion or more in contracted revenue. Texas sites account for about 575 MW of the roughly 1,120 MW leased, or about 51% by our arithmetic.

Cash and cash equivalents fell from $1.77 billion at 30 June to $803.9 million at 30 September, a decline of about $966 million by our arithmetic. Long-term debt stood at $4.30 billion, compared with $1.06 billion at the end of 2025.

Core Scientific's Form 10-Q for the quarter ended 30 September, filed 5 November, adds a risk factor on its data center operations. It cites moratoriums on new data center construction and Texas rules that subject large electricity loads to curtailment or disconnection during grid emergencies. The filing says CoreWeave represented approximately 84% of total revenue for the nine months. Four of the company's 11 data centers are in Texas, about 36% by our arithmetic.

**The Structural Read**

As we read the presentation, the CoreWeave build-out is close to complete. About 485 of roughly 590 MW were billing as of 5 November, and Dalton, Georgia is the site still ramping, with completion estimated in early 2027.

As we read the income statement, the revenue mix has moved almost entirely to colocation: 92.5% of third-quarter revenue, compared with 18.4% a year earlier, by our arithmetic.

As we read the balance sheet, the quarter's $985.1 million of capex came as cash and cash equivalents fell about $966 million and long-term debt reached about 4.1 times its end-2025 level, by our arithmetic.

> "With revenue growing and substantial contracted capacity still to deliver, we have built a strong foundation for our next phase of growth."

>

> Adam Sullivan, Chief Executive Officer, Core Scientific

**Three Implications**

*For CoreWeave:* The presentation says revenue from the CoreWeave contract is paid directly into a lockbox tied to the $3.3 billion senior secured notes due 2031.

*For the second build:* The presentation says initial delivery for AMD is expected in early 2027, with the full 530 MW delivered by the end of 2028.

*For the balance sheet:* Core Scientific reports capex of $985.1 million in the quarter, while cash and cash equivalents fell to $803.9 million from $1.77 billion three months earlier.

**The Business Engineer Lens**

This story maps onto the Business Engineer framework in *The State of AI Data Centers*, which states: "The structural bottleneck isn't computing, it's electrons."

As we read it, Core Scientific's presentation is organized around power. It lists customer capacity in megawatts by site, and its AMD reservation spans secured grid power, utility load studies and behind-the-meter solutions. The framework predates these results and does not discuss Core Scientific.

**What Is Not Established**

The press release does not name CoreWeave or AMD; those names come from the investor presentation. The release gives no revenue or capex guidance and does not mention the US election or any permitting change. When we checked, Core Scientific's 10-Q was not yet on EDGAR.