Core Scientific
CORZ-🇺🇸 USA
- Price
- $11.70
- as of Nov 6, 2026
- Market cap
- $3.8B
- as of Nov 6, 2026
Estimated total debt principal$4.49Bfacilities drawn: $0 of $100.0M
Trailing 12-month dilution+3.9%Oct 20, 2025 → Nov 2, 2026
Cash & equivalents$1.64Bas of Sep 30, 2026
Estimated cost of debt6.14%incl. floating estimate
Basic shares outstanding - Evolution
Funding the build to end-2030
Capex from the Sites & Capacity estimates at $12M per MW, paid over the twelve months before each delivery, net of the project debt already raised.
Capex to fund$11.76bn1,221 MW to deliver
Equity raised$1.04bn5% dilution a year
Debt to raise$1.16bn411.3m shares at end-2030
Capex by site and year
| Site | Contracted | Funded | 2026 | 2027 | 2028 | 2029 | 2030 | To fund | MW added |
|---|---|---|---|---|---|---|---|---|---|
| Muskogeebuilding | 17% | — | $164m | $574m | — | $2.35bn | $2.35bn | $5.44bn | 474 MW |
| Pecosbuilding | 48% | — | $370m | $555m | — | $1.2bn | $1.2bn | $3.33bn | 385 MW |
| Daltonbuilding | 100% | — | $440m | $1.14bn | — | — | — | $1.58bn | 220 MW |
| Huntbuilding | 100% | — | — | $1.21bn | $110m | — | — | $1.32bn | 110 MW |
| Auburnbuilding | 100% | — | $64m | $32m | — | — | — | $96m | 32 MW |
| Total | 47% | — | $1.04bn | $3.51bn | $110m | $3.55bn | $3.55bn | $11.76bn | 1,221 MW |
Sources and uses
| Year | Capex | Operating cash | Cash used | Equity raised | Debt to raise | Shares out | Closing cash |
|---|---|---|---|---|---|---|---|
| 2026 | $1.04bn | $833m | $205m | $189m · +16.1m | — | 338.3m | $1.73bn |
| 2027 | $3.51bn | $916m | $1.73bn | $198m · +16.9m | $672m | 355.3m | $0m |
| 2028 | $110m | $1.89bn | — | $208m · +17.8m | — | 373m | $1.98bn |
| 2029 | $3.55bn | $2.09bn | $1.46bn | $218m · +18.7m | — | 391.7m | $743m |
| 2030 | $3.55bn | $2.09bn | $743m | $229m · +19.6m | $487m | 411.3m | $0m |
Equity at 5% of the share count a year at the latest close; the fair values at date on the Valuation tab grow the share count at the same rate.
Debt stack
Secured notes
Total: $3.30B · net: $3.24B| Instrument | Principal | Rate | Maturity | Stage | Source |
|---|---|---|---|---|---|
7.750% Senior Secured Notes due 2031 (Core Scientific Finance I LLC)SPV · Core Scientific Finance I LLC | $3.30Bnet $3.24B | 7.75% | 2031 | Closed | May 6, 2026 |
Convertible notes
Total: $1.08B · net: $1.05B| Instrument | Principal | Rate | Reference price | Conversion price | Capped call | Prepaid forward repurchase | Maturity | Stage | Source |
|---|---|---|---|---|---|---|---|---|---|
$625.0Mnet $608.7M | Zero coupon | $22.49 | 2031 | Closed | Dec 5, 2024 | ||||
$460.0Mnet $445.0M | 3% | $11 | 2029 | Closed | Aug 19, 2024 |
Revolver
Total: $100.0M| Instrument | Principal | Rate | Maturity | Secured | Ratings | Stage | Source |
|---|---|---|---|---|---|---|---|
$100.0M | SOFR + 175 bps | Aug 25, 2029 | Secured * | Closed | Aug 25, 2026 |
Equity & warrants
| Instrument | Description | Status | Source |
|---|---|---|---|
AMD warrant, up to 30M shares at $23.47 (12,222 shares per MW leased; ~6.5M vested on 377 MW)Warrants / purchase right | Core Scientific granted a right to purchase up to 30,000,000 ordinary shares at $23.47 per share (~9.3% of basic shares outstanding at the time). The right expires Jul 27, 2031. | Ongoing | Jul 27, 2026 |
Tranche 1 Warrants (emergence), 96.4M unexercised at 30 June 2026Warrants / purchase right | Core Scientific granted a right to purchase up to 96,361,000 ordinary shares at $6.81 per share (~32.8% of basic shares outstanding at the time). The right expires Jan 23, 2027. | Ongoing | Jan 23, 2024 |
Other instruments
Other
| Instrument | Cost / amount | Maturity | Stage | Source |
|---|---|---|---|---|
| $500.0M | Aug 25, 2029 | Closed | Aug 25, 2026 |