Core Scientific Revenue Doubles on AI Colocation Surge

Core Scientific's second-quarter revenue more than doubled to $164.2 million, largely driven by its AI colocation services. The company now generates 83% of its total revenue from this segment, up sharply from Q1 2026. Colocation services generated $136.7 million in Q2, while the Bitcoin mining operation that originally defined Core Scientific accounted for only a small portion of revenue.

The AMD deal, announced in July 2026, is expected to bring in potential base revenue exceeding $14 billion over its 15-year term. This partnership includes agreements covering approximately 530 MW across five sites and has the potential to scale to 2.5 GW of capacity. Core Scientific will provide purpose-built infrastructure for AMD's AI workloads without having to build and operate data centers itself.

The net loss of $1.155 billion in Q2 is largely an accounting artifact tied to the company's rising stock price, rather than an operational blowup. This non-cash remeasurement of warrant and contingent value right liabilities is a result of the increasing theoretical value of outstanding warrants and CVRs.