Here are 1-3 brief analogies to describe Core Scientific:

• Core Scientific is like an Equinix or Digital Realty Trust for cryptocurrency miners, providing them specialized hosting and also running its own large mining operations.

• Think of Core Scientific as the AWS (Amazon Web Services) for cryptocurrency mining, offering specialized infrastructure for others while also operating its own massive mining farm.

• Blockchain Hosting Services: Provides comprehensive infrastructure, power, and proprietary software platforms for third-party customers to host and manage their digital asset mining equipment.
• Digital Asset Self-Mining: Operates its own fleet of digital asset mining equipment to generate digital assets by solving complex cryptographic algorithms on various blockchain networks.
• Mining Equipment Sales: Sells digital asset mining equipment directly to customers.

Core Scientific (CORZ) primarily serves other businesses and entities within the digital asset mining and blockchain infrastructure sectors. Based on the provided company description, specific names of major customer companies are not listed.

However, the types of business customers it serves can be categorized as:

• Digital Asset Mining Companies/Operations: These customers utilize Core Scientific's blockchain hosting services, which encompass providing power, racks, proprietary thermodynamic management, redundant connectivity, 24/7 security, and its proprietary software platforms (Minder and MinderOS). Core Scientific also offers deployment, monitoring, troubleshooting, optimization, and maintenance services for their digital asset mining equipment.
• Purchasers of Digital Asset Mining Equipment: The company engages in equipment sales to customers, indicating a segment of businesses or large-scale operators who acquire mining hardware directly from Core Scientific.
• Businesses Requiring Blockchain Infrastructure and Third-Party Hosting: This category includes entities seeking broader blockchain infrastructure services, leveraging Core Scientific's data centers and comprehensive hosting solutions for various blockchain-related needs.

• Bitmain Technologies Ltd.
• MicroBT

Adam Sullivan, Chief Executive Officer

Mr. Sullivan has over a decade of experience in financial services, with a focus on investment banking in the digital assets and infrastructure space. Prior to joining Core Scientific as President in 2023, he served as a Managing Director and Head of Digital Assets and Infrastructure at XMS Capital Partners. In this role, Mr. Sullivan oversaw more than $5 billion of transactions, including Core Scientific's business combination with Power & Digital Infrastructure Acquisition Corp. (“XPDI”) in 2021. He previously held positions at Indian Wells Capital Management and M&T Bank.

Jim Nygaard, Chief Financial Officer

Mr. Nygaard brings nearly 30 years of investment banking expertise, including extensive M&A, corporate finance, and capital-raising experience. Since 2008, he served as Managing Director and Head of M&A at XMS Capital Partners, LLC, where he advised clients across multiple industries on strategic transactions and financing initiatives. Before joining XMS Capital, Mr. Nygaard spent more than a decade at Morgan Stanley advising clients on complex deals and growth strategies.

Matt Brown, Chief Operating Officer

Mr. Brown has over 15 years of experience in operations and engineering management, including infrastructure strategy and management, site engineering, and data center operations. His previous roles include Senior Director – Americas IBX Operations at Equinix, where he was responsible for 200 data centers, and 12 years at Hewlett Packard, overseeing end-to-end data center infrastructure services. He began his career with the US Army.

Todd Duchene, Chief Legal and Administrative Officer

Mr. Duchene serves as the Executive Vice President, Chief Legal and Administrative Officer, and Secretary for Core Scientific.

Larry Kom, Chief Technology Officer

Mr. Kom holds the position of Chief Technology Officer at Core Scientific.

Key Risks to Core Scientific (CORZ)

1. Volatility of Digital Asset Prices: As a company heavily involved in digital asset mining and holding digital assets, Core Scientific's financial performance is intrinsically linked to the market prices of cryptocurrencies, particularly Bitcoin. Significant declines in these prices could severely impact revenue from mining operations, the value of their digital asset holdings, and the demand for their hosting services.
2. Energy Price Fluctuations and Availability: Core Scientific's operations, which include running large data centers for blockchain infrastructure and digital asset mining, are highly energy-intensive. Increases in electricity costs or disruptions in energy supply in their operational regions (Georgia, Kentucky, North Carolina, North Dakota, and Texas) could substantially increase operating expenses, reduce profitability, and potentially impact the viability of their mining and hosting activities.
3. Regulatory and Legislative Changes: The digital asset and blockchain industry operates in a rapidly evolving regulatory landscape. New or adverse legislation, regulations, or government actions in the jurisdictions where Core Scientific operates or where its digital assets are traded could impose significant operational restrictions, increase compliance costs, impact the legality of certain activities, or negatively affect the market for digital assets.

Evolving regulatory landscapes leading to restrictions or outright bans on energy-intensive Proof-of-Work (PoW) cryptocurrency mining.

Core Scientific (CORZ) operates in the blockchain infrastructure and digital asset mining sector, offering blockchain hosting services, digital asset mining operations, and equipment sales. The addressable markets for its main products and services are sized as follows:

Blockchain Hosting Services

The global market for Blockchain Hosting was estimated to be worth approximately USD 212 million in 2025 and is projected to reach about USD 662 million by 2032, growing at a Compound Annual Growth Rate (CAGR) of 17.9% from 2026 to 2032. North America holds a significant share of the Blockchain-as-a-Service (BaaS) market, with approximately 40.40% in 2025. Based on this, the North American blockchain hosting market is estimated to be approximately USD 85.6 million in 2025.

Digital Asset Mining Operations

The global cryptocurrency mining market size was valued at USD 2.77 billion in 2025 and is predicted to increase to approximately USD 9.18 billion by 2035, expanding at a CAGR of 12.73% from 2026 to 2035. North America generated the largest portion of the worldwide market for cryptocurrency mining, with an estimated market share of 44.1% in 2025. This translates to an approximate North American digital asset mining market size of USD 1.22 billion in 2025.

Equipment Sales

The global cryptocurrency mining equipment market size is projected to be USD 5.1 billion in 2025 and is expected to grow to USD 5.42 billion in 2026, with a CAGR of 6.3%. The North America cryptocurrency mining hardware market size was USD 900.60 million in 2024 and is projected to reach USD 1.538 billion by 2031, growing at a CAGR of 6.7% from 2024 to 2031.

Core Scientific (CORZ) is undergoing a significant strategic shift, moving away from its legacy Bitcoin mining operations to focus on high-density colocation services, particularly for artificial intelligence (AI) and high-performance computing (HPC) workloads. Over the next 2-3 years, the company's revenue growth is expected to be driven by the following key factors:

1. Expansion of AI/HPC Colocation Services: Core Scientific is strategically transforming into a dedicated AI infrastructure provider, with an expectation to rapidly increase revenue from high-density colocation (HDC) services. This involves converting existing facilities to support AI-related workloads and next-generation colocation services for third-party customers.
2. Execution of the CoreWeave Partnership: A major driver of future revenue is the existing partnership with CoreWeave, which guarantees approximately 590 MW of infrastructure capacity. This contract is projected to generate over $10 billion in revenue over its term, equating to an average annual run rate of approximately $850 million. Core Scientific is on track to fully deliver this capacity by early 2027.
3. Increased Power Capacity and Data Center Footprint: Core Scientific is actively expanding its colocation platform, aiming for a 1.5 gigawatt pipeline of leasable capacity by 2028. This includes the development of a new site in Hunt County, Texas, expected to add approximately 430 MW, and further expansions at existing locations in Dalton, Georgia, and Pecos, Texas, contributing an additional 300 MW.
4. Diversification of Colocation Customer Base: While the CoreWeave contract is substantial, Core Scientific is also pursuing high-density, hybrid data center solutions for other compute-intensive clients beyond its traditional Bitcoin mining activities, as evidenced by its partnership with the Cadillac Formula 1 Team for data center services. This indicates a broader strategy to attract diverse customers needing high-performance computing infrastructure.
5. Shift from Digital Asset Self-Mining to Higher-Margin Services: The company is actively repurposing its facilities previously used for digital asset self-mining to support higher-value AI and HPC colocation services. This strategic pivot is expected to lead to a rapid increase in revenue from high-density colocation, offsetting declines in digital asset self-mining revenue and shifting the revenue mix towards more stable and potentially higher-margin services.

Share Issuance

• Core Scientific reported proceeds from the issuance of new common stock of $55,000 in both the first quarter of 2025 and the third quarter of 2025.

Inbound Investments

• Core Scientific was the subject of a proposed $9 billion all-stock acquisition by CoreWeave, announced in July 2025, which was subsequently terminated in October 2025.
• A significant portion of Core Scientific's capital expenditures has been funded by CoreWeave as part of colocation service agreements, including $196.4 million in Q3 2025 and $226.2 million in Q4 2025.
• The company is exploring raising up to $4 billion for future infrastructure growth, supported by stable cash flows from existing high-performance computing (HPC) contracts.

Capital Expenditures

• Capital expenditures for the full year 2025 were approximately $729 million, largely driven by the expansion of colocation infrastructure for AI computing.
• In Q4 2025, capital expenditures were $279.2 million, with $226.2 million of this amount funded by CoreWeave.
• Core Scientific anticipates approximately $125 million in capital expenditures for 2026, focusing on colocation infrastructure for AI computing, with a significant portion expected to be funded by HPC customers like CoreWeave. The company also plans to sell approximately 2,500 BTC (~$165 million) in Q1 2026 to fund these expenditures.