Core Scientific reports third quarter 2026 results
Analysis
Positive: colocation revenue and billing capacity both roughly quadrupled year-over-year, from $31.3 million/120 MW in 4Q 2025 to $215.4 million/485 MW in Q3 2026, showing the CoreWeave and AMD-backed lease buildouts converting into real revenue on schedule. The full income statement wasn't available in this extraction, so profitability, cash position and guidance can't yet be assessed from this filing alone.
Key points
- Colocation revenue reached $215.4 million in Q3 2026, up from $136.7 million in Q2 2026 and $31.3 million in 4Q 2025, as billing capacity scaled to ~485 MW from 120 MW a year earlier.
- Total customer-contracted power across the portfolio remains at ~1.1 GW, representing more than $24 billion in total contracted revenue across the CoreWeave and AMD-backed neocloud leases.
- The CoreWeave buildout (590 MW leased) is nearing completion, with the Denton, TX, Muskogee, OK, Marble, NC and Austin, TX sites substantially complete and fully billing, while Dalton, GA is still ramping toward an early-2027 completion.
- A second wave of AMD-backed neocloud leases (530 MW) spans Pecos, TX, Dalton, GA, Hunt County, TX, Muskogee, OK and Auburn, AL, with initial deliveries expected from 1H 2027 through 1H 2028 and full delivery of the 530 MW by the end of 2028.
- Pro forma fully diluted share count stood at approximately 509 million as of November 2, 2026 (322 million base shares plus warrants, restricted stock and convertible-note dilution), implying a roughly $6.5 billion fully diluted market cap based on the November 4, 2026 close.
- The company's full press release, including its GAAP income statement and balance sheet, was furnished as a separate exhibit that was not available for this extraction; only the metrics disclosed in the accompanying investor presentation are reflected here.
Site updates (8)
| Site | Status | Active | In build | Theoretical |
|---|---|---|---|---|
DentonDenton, TX CoreWeave lease, substantially complete and fully billing as of November 5, 2026 (per Q3 2026 earnings deck). | Active | 260 MWIT | — | 260 MWIT |
DaltonDalton, GA CoreWeave lease (175 MW), ~75 MW billing as of November 5, 2026; estimated completion early 2027. An additional 120 MW at this site is leased to an AMD-backed neocloud operator, with initial delivery targeted for 2H 2027 (not yet active). | ActiveUnder construction | 75 MWIT | — | 175 MWIT |
MuskogeeMuskogee, OK CoreWeave lease (70 MW), substantially complete and fully billing. An additional 82 MW at this site is leased to an AMD-backed neocloud operator (initial delivery targeted 2H 2027, not yet active); further AMD-reservation power pathways reported at this site: ~192 MW secured grid-connected, ~400 MW under load study, ~325 MW evaluated behind-the-meter. | Active | 70 MWIT | — | 70 MWIT |
| Active | 65 MWIT | — | 65 MWIT | |
| Active | 20 MWIT | — | 20 MWIT | |
PecosPecos, TX AMD-backed neocloud lease (185 MW), initial delivery targeted 1H 2027 (not yet active). Additional AMD-reservation power pathways reported at this site: ~200 MW under load study, ~615 MW evaluated behind-the-meter. | Under construction | 0 MWIT | — | 185 MWIT |
HuntHunt County, TX AMD-backed neocloud lease (110 MW), initial delivery targeted 1H 2028 (not yet active). ~192 MW secured grid-connected under AMD reservation reported at this site (Batch Zero, Base Load). | Under construction | 0 MWIT | — | 110 MWIT |
AuburnAuburn, AL AMD-backed neocloud lease (32 MW), initial delivery targeted 1H 2027 (not yet active). | Under construction | 0 MWIT | — | 32 MWIT |