Core Scientific Q2 revenue hits $164M as AI colocation surges
In brief
- Q2 2026 revenue reached $164.2 million, more than doubling year-over-year from $78.6 million.
- Colocation services generated $136.7 million, up 76% sequentially and now 83% of total revenue.
- AMD partnership announced July 28 covers 530 MW across five sites with base revenue exceeding $14 billion over 15 years.
- Adjusted EBITDA rose to $41.1 million despite $797.5 million in capital expenditures.
- Total leased capacity stands at 1.1 GW with potential lifetime revenue exceeding $24 billion.
Revenue and Colocation Surge
Colocation services generated $136.7 million in Q2, up sharply from $77.5 million in Q1. That sequential jump of 76% reflects the acceleration Khal's been tracking. The company also posted adjusted EBITDA of $41.1 million for the quarter, underscoring that growth isn't just top-line noise.
Core Scientific's liquidity stands at $1.819 billion, including cash and digital assets. That war chest matters. The company spent $797.5 million in capital expenditures during Q2 alone—a massive build-out to support the colocation ramp.
By mid-July, Core Scientific was billing for 437 MW of leased customer power capacity, up from 395 MW during Q2. The trajectory is steep. Total leased capacity now sits at approximately 1.1 GW, which the company says carries potential revenue exceeding $24 billion over the life of its contracts.
The AMD Deal and What It Means
On July 28, Core Scientific announced a strategic partnership with AMD that includes 15-year agreements covering approximately 530 MW across five sites. The potential base revenue exceeds $14 billion. The arrangement could eventually scale to 2.5 GW of capacity.
This isn't a mining contract. This is a major AI infrastructure player betting on Core Scientific's ability to deliver power and cooling at scale. It's a validation of the pivot.
The Net Loss Noise
Core Scientific reported a $1.155 billion net loss in Q2, a figure that deserves context. The loss stems from a non-cash remeasurement of warrant and contingent value right liabilities. As the stock price rises, the theoretical value of outstanding warrants and CVRs increases—and under accounting rules, that shows up as a loss on the income statement. It's not operational red ink. Strip out that non-cash remeasurement and the underlying business is accelerating fast.
Core Scientific emerged from Chapter 11 bankruptcy in early 2024. The company's gone from restructuring to growth mode in less than two years. Every megawatt allocated to AI hosting is a megawatt that isn't hashing Bitcoin blocks—a fundamental change for investors who bought CORZ as a Bitcoin proxy.
