Here are 1-3 brief analogies for Core Scientific:

• Essentially, a Newmont Mining for the digital age, focused on 'mining' Bitcoin instead of gold.
• Imagine a Google data center, but instead of running search or cloud services, it's exclusively dedicated to solving complex cryptographic puzzles to earn Bitcoin.
• Like a Tesla Gigafactory, but instead of electric cars, it's an automated production line for Bitcoin.

• Bitcoin Self-Mining: Core Scientific operates a large-scale fleet of specialized computers to mine Bitcoin for its own account, generating cryptocurrency revenue.
• Hosting Services for Bitcoin Miners: The company provides critical infrastructure, power, and operational support to other Bitcoin miners who house their equipment in Core Scientific's data centers.

Core Scientific (symbol: CORZ) primarily sells its services to other companies.

The company operates as a large-scale blockchain infrastructure provider, offering colocation and hosting services primarily for Bitcoin mining operations. These services are utilized by other companies that own mining rigs and require Core Scientific's data center infrastructure, power, and operational support to run their mining operations.

While Core Scientific serves a diverse base of corporate clients for its hosting services, the company does not publicly disclose the names of its individual customer companies. According to their Form 10-K filings with the U.S. Securities and Exchange Commission, revenue from any single hosting customer did not exceed 10% of their consolidated gross revenue for the years ended December 31, 2023, 2022, or 2021. This indicates a broad customer base and suggests that no single customer is considered "major" enough to warrant individual disclosure under typical SEC reporting requirements, and client confidentiality agreements are likely in place.

Therefore, while the major customers are other companies engaged in Bitcoin mining, their specific names cannot be provided.

• Bitmain Technologies Ltd.
• MicroBT Technology Co. Ltd.

Adam Sullivan, President and Chief Executive Officer

Adam Sullivan was appointed CEO of Core Scientific in August 2023, after serving as President since April 2023. He has over a decade of experience in financial services, specializing in investment banking for digital assets and infrastructure. Prior to Core Scientific, he was a Managing Director and Head of Digital Assets and Infrastructure at XMS Capital Partners. At XMS Capital, Sullivan was instrumental in facilitating over $5 billion in M&A activities and capital funding operations within the crypto mining industry. This included overseeing the strategic business combination of Core Scientific with Power & Digital Infrastructure Acquisition Corp. (XPDI) in 2021. His prior roles also include positions at Indian Wells Capital Management and M&T Bank. Sullivan is noted for pioneering the move by Bitcoin miners into AI computation work.

Jim Nygaard, Chief Financial Officer

Jim Nygaard will succeed Denise Sterling as Executive Vice President and Chief Financial Officer, effective March 17, 2025. He brings nearly 30 years of investment banking and corporate finance experience, with deep expertise in M&A, corporate finance, and capital-raising. Since 2008, Nygaard has served as a Managing Director and Head of M&A at XMS Capital Partners, LLC, where he advised clients across various industries on strategic transactions and financing initiatives and chaired the firm's Fairness Committee. From 2021 to 2022, he also served as Chief Financial Officer of Power & Digital Infrastructure Acquisition Corp. (XPDI), which later merged with Core Scientific. Before joining XMS Capital, Nygaard spent over a decade at Morgan Stanley, advising clients on complex deals and growth strategies. His career deal experience includes over $100 billion of strategic transactions and financings.

Matt Brown, Chief Operating Officer

Matt Brown has over 15 years of experience in operations and engineering management, with a strong background in infrastructure strategy and management, site engineering, and data center operations. Previously, he was the Senior Director – Americas IBX Operations at Equinix, where he was responsible for 200 data centers, 380,000 cabinets, and 1,000MW of critical infrastructure.

Carol Haines, Director of Economic Development

Carol Haines has nearly 20 years of experience in the energy industry, with a background in energy infrastructure, deregulated markets, site selection, and economic development. She previously served as the Director of Economic Development at FirstEnergy Corp and as a Director at FirstEnergy Solutions, where she launched and led two sales initiatives.

Core Scientific (CORZ) faces several key risks as it navigates a strategic shift from Bitcoin mining to high-density colocation (HDC) for AI and high-performance computing (HPC).

1. Financial Health and Profitability Challenges: Core Scientific exhibits poor financial strength, marked by significant debt levels, negative operating and net margins, and persistent net losses. The company's Altman Z-Score indicates a potential risk of bankruptcy. These financial instabilities can hinder its ability to fund operations and execute its strategic transition effectively.
2. Strategic Transition and Execution Risk: The company is undergoing a major pivot from its traditional, volatile Bitcoin mining business to the burgeoning AI/HPC colocation sector. This strategic shift inherently carries execution risks, including the challenge of successfully retrofitting facilities and securing new high-value AI tenants. A substantial portion of its HDC revenue has been tied to a single customer, CoreWeave, leading to significant customer concentration risk, despite the termination of a proposed merger with CoreWeave.
3. Volatility in Cryptocurrency Markets and Bitcoin Mining Challenges: Despite its pivot, Core Scientific still operates a digital asset self-mining segment. This segment remains exposed to the extreme price volatility of digital assets, particularly Bitcoin, and increasing mining difficulty. The instability of mining revenue combined with rising operational costs makes this traditional business model increasingly unsustainable, adding pressure to the company's overall financial performance.

Accelerating regulatory and environmental scrutiny on the energy consumption of Proof-of-Work cryptocurrency mining, leading to concrete proposals for increased taxes, operational restrictions, and moratoriums in various jurisdictions.

• Digital Asset Mining (primarily Bitcoin mining): The global Bitcoin Miner Market was valued at USD 11.19 billion in 2024. It is projected to reach USD 14.17 billion in 2025 and grow to USD 94.14 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 26.7% during the forecast period.
• High-Density Colocation Services / High-Performance Computing (HPC) Hosting: The global High-Performance Computing (HPC) market is projected to grow from USD 60.2 billion in 2025 to USD 124.2 billion by 2035, at a CAGR of 7.5%. North America, where Core Scientific operates its data centers, accounted for 41.6% of the global HPC market in 2024.
• Blockchain Hosting Services (part of the broader Blockchain Technology and Blockchain-as-a-Service markets): The global Blockchain Technology market was estimated at USD 31.28 billion in 2024 and is projected to reach USD 1,431.54 billion by 2030, growing at a CAGR of 90.1% from 2025 to 2030. North America dominated this market with a 37.4% share in 2024. More specifically for services, the global Blockchain-as-a-Service (BaaS) market was valued at USD 3.25 billion in 2024 and is projected to reach USD 5.13 billion in 2025, growing to USD 199.15 billion by 2033 with a CAGR of 58% during the forecast period.

• Expansion into High-Performance Computing (HPC) Hosting: Core Scientific is strategically transitioning from traditional Bitcoin mining to providing high-density colocation services for AI and other compute-intensive workloads. This pivot is a fundamental driver of future revenue, leveraging the company's existing power infrastructure for more lucrative opportunities in the rapidly expanding AI market.
• Growth and Expansion of Existing HPC Contracts: A significant portion of Core Scientific's projected revenue growth stems from substantial contracts already in place, most notably with AI hyperscaler CoreWeave. These agreements, including a potential $8.7 billion in total revenue over 12 years and a $1.2 billion expansion, involve Core Scientific building out and delivering significant HPC capacity, with plans to deliver 250 megawatts (MW) by the end of 2025 and 590 MW by early 2027.
• Acquisition of New HPC Customers and Partnerships: Beyond its anchor client, CoreWeave, Core Scientific is actively looking to broaden its customer base within the HPC sector. The company aims to expand its sales pipeline by attracting a mix of hyperscale and large enterprise customers requiring high-density infrastructure, with opportunities for customer sizes ranging from 50 MW to 100 MW.
• Increased Data Center Capacity and Infrastructure Build-Out: To support the growing demand for HPC hosting, Core Scientific is undertaking significant data center capacity expansions. The company plans to add 400 megawatts of new capacity over the next three years and intends to allocate approximately 900 MW of its total contracted power for HPC hosting across new and existing sites.
• Strategic Reallocation from Bitcoin Mining to HPC: While digital asset self-mining has historically been a revenue source, Core Scientific is deliberately reallocating resources away from this lower-margin and more volatile business segment towards the higher-margin HPC hosting services. This strategic shift is expected to enhance overall revenue quality and profitability, contributing to net revenue growth over the coming years as the company optimizes its power footprint for AI-driven workloads.

Share Issuance

• In the third quarter of 2025, Core Scientific reported proceeds from the issuance of new common stock totaling $55,000.
• Analysts anticipate an annual growth of 7.0% in the number of outstanding shares for Core Scientific over the next three years.

Inbound Investments

• CoreWeave proposed to acquire Core Scientific in an all-stock transaction valued at approximately $9 billion in July 2025; however, Core Scientific stockholders rejected this merger on October 30, 2025.
• CoreWeave significantly funded Core Scientific's capital investments for high-performance computing (HPC) infrastructure, contributing $196.4 million out of $244.5 million in capital expenditures during Q3 2025.
• In Q2 2025, CoreWeave funded $90.3 million of Core Scientific's $121.3 million in capital expenditures.

Capital Expenditures

• Capital expenditures in Q3 2025 were $244.5 million, with the primary focus on modifying existing infrastructure to provide high-performance computing (HPC) hosting, largely funded by CoreWeave.
• In Q2 2025, Core Scientific incurred $121.3 million in capital expenditures, which included $31.0 million for new site development at non-CoreWeave locations, as the company continued its strategic shift to high-density colocation.
• For Q1 2025, cash capital expenditures totaled $104 million, primarily directed towards building out 70 MW of capacity to support its high-density colocation services.