Core Scientific (CORZ) investor relations material

Merger Outcome and Strategic Direction

• Shareholders voted against the proposed merger with CoreWeave, resulting in formal termination of the deal.

• The company will continue as a standalone entity, focusing on executing its growth strategy and leveraging its strong operational team.

• The board negotiated the best possible terms, but market dynamics and CoreWeave's stock performance influenced the vote.

Operational Execution and Project Pipeline

• On track to deliver 250 MW of billable capacity by year-end and 590 MW to CoreWeave by early 2027.

• Current organic pipeline includes 2.3 GW gross capacity (1.5 GW billable), with an additional 1 GW from targeted load studies, totaling 3.3 GW gross.

• Construction milestones achieved at Denton and Marble sites, with new Gen 2 AI factory design introduced at Muskogee.

• Over 120 MW energized across Denton and Marble sites, with ongoing construction at Denton, Muskogee, Marble, and Dalton through 2025.

Customer and Contract Diversification

• CoreWeave remains the sole customer, with contracts representing over $10 billion in revenue potential over 12 years.

• Contracts are take-or-pay, fixed price, and cannot be unilaterally terminated by the customer.

• Plans to sign at least one new customer and new power contracts at both existing and new sites before the next earnings call.

• All MW in the portfolio will be converted to high-density colocation over the next three years, winding down the mining business.