Core Scientific, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2026. The company generated total revenue of $164.2 million for the quarter, a substantial increase from $78.6 million in the same period last year. This growth was primarily driven by a surge in colocation revenue, which reached $136.7 million compared to just $10.6 million a year earlier. However, the company also experienced a decline in digital asset self-mining revenue, which fell to $21.5 million from $62.4 million, reflecting a 53% decrease in bitcoin mined and a 27% drop in average bitcoin prices.
The financial performance also revealed a net loss of $1.2 billion for the quarter, compared to a loss of $936.8 million in the prior year. This increase in net loss was largely attributed to a significant change in the fair value of warrants and a $266.5 million impairment charge on mining-related property, plant, and equipment. The company’s total assets increased to $5.26 billion, up from $2.35 billion at the end of 2025, largely due to a rise in cash and cash equivalents, which reached $1.77 billion.
Strategically, Core Scientific has been transitioning its business model from digital asset mining to high-density colocation services. As of June 30, 2026, the company had 590 MW of leased customer power capacity, with 395 MW currently billing. The company also completed the acquisition of land in Hunt County, Texas, for approximately $233 million, which is expected to support an additional 430 MW of power capacity. Furthermore, a merger agreement to acquire Polaris DS LLC for $421 million is anticipated to close in the third quarter of 2026, further expanding the company’s operational footprint.
Operationally, Core Scientific reported a total of 11 facilities across seven U.S. states, with plans for further geographic expansion. The company’s workforce has also grown, with an increase in employee headcount to support its expanding operations. Despite the challenges posed by market conditions, including fluctuating bitcoin prices and the ongoing transition to colocation services, Core Scientific remains optimistic about its future growth prospects, particularly as it aims to diversify its customer base and enhance its revenue stability through long-term contracts.
About Core Scientific, Inc./tx
Core Scientific, Inc. designs, builds, and operates digital infrastructure for high-performance computing, focusing on cryptocurrency mining and third-party HPC colocation services. Its core activities include bitcoin mining and providing scalable data center solutions for AI, machine learning, and cloud computing workloads. Serving primarily large enterprise and hyperscale clients, the company leverages energy-efficient technologies and extensive infrastructure to deliver secure, high-capacity hosting and mining operations.
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