News · Mining & Infrastructure
The digital infrastructure operator reported $1.2 billion in net income as billing capacity reached 485 megawatts amid high-density colocation expansion.
Key point 1 of 3
01
Colocation revenue rose nearly 60% quarter-over-quarter to $215.4 million, driving total Q3 revenue to $232.9 million .
Key point 2 of 3
02
Net income reached $1.18 billion, primarily aided by non-cash fair-value gains on warrant liabilities, with adjusted EBITDA reaching $133.6 million .
Key point 3 of 3
03
Billing capacity expanded to 485 megawatts as the company continues repurposing mining facilities for AI colocation .
Context
Post-halving economics and escalating AI compute demand have pushed power-rich Bitcoin miners to repurpose site capacity for high-density colocation contracts.
Why it matters
Core Scientific's operational shift reduces revenue reliance on volatile cryptocurrency prices, converting power capacity into multi-year contracted colocation cash flows.
What to watch
Execution and timeline delivery on construction across five campuses under the company's second major colocation contract.
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