Core Scientific revenue doubles in Q2 as AI colocation expansion accelerates
Core Scientific’s Q2 revenue more than doubled to $164.2 million from $78.6 million a year earlier, driven by rapid growth in AI and HPC colocation revenue, which jumped to $136.7 million from $10.6 million. Gross profit rose to $70 million from $5 million. Despite that, the company posted a $1.15 billion net loss, largely from a non-cash warrant revaluation tied to its higher share price. The results highlight its shift away from Bitcoin mining toward data center infrastructure. Core Scientific now gets most revenue from colocation and holds fewer than 1,000 BTC. It also announced a long-term partnership with AMD that could support up to 2.5 GW of data center capacity, with initial 15-year agreements covering 530 MW starting in 2027. Shares fell more than 4% after earnings.
