Core Scientific, Inc. Q3 2026 Earnings Recap

Core Scientific shares fell 10.8% after earnings. The likely concern is that much of the anticipated growth remains dependent on capacity still being commissioned or developed: 100 MW of CoreWeave capacity is not yet billing, and the initial 530 MW contracted by AMD is still being advanced; the transcript also provides no financing update beyond noting the substantial capital needs of AI infrastructure.

Key Takeaways

• GAAP colocation revenue increased nearly 60% sequentially, and Adjusted EBITDA rose to over $130 million from $41 million in Q2.
• Core Scientific is billing for 485 MW under its CoreWeave agreements; another 100 MW is in commissioning, with revenue expected over the coming months.
• The company has 1.1 GW contracted between CoreWeave and AMD, plus 1.9 GW under reservation with AMD. It says development of AMD’s initial 530 MW is advancing.
• Pecos remains on schedule for initial delivery in the first half of 2027. Hunt was included in ERCOT’s November Quarterly Stability Assessment, while remaining regulatory requirements are still in progress.
• Management said financing will shape development pace and described access to capital on attractive terms as a competitive differentiator, underscoring the funding demands ahead.