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Core Scientific (CORZ) investor relations material

Core Scientific Investor Update summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Investor Update summary30 Oct, 2025

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.

What is Core Scientific's total capex for CoreWeave?
Detail new power contracts and sites by Q4
Current CoreWeave MW energized status?
How will new projects be financed?
Power pipeline: prioritization strategy?
New customer acquisition strategy?
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Frequently asked questions

Core Scientific Inc. is a blockchain infrastructure and technology company specializing in cryptocurrency mining and hosting services. The company operates large-scale data centers designed for efficient, sustainable, and high-performance digital asset mining. Core Scientific supports its operations with proprietary software, AI-driven optimization, and a commitment to renewable energy use. Core Scientific is headquartered in Austin, Texas, and its shares are listed on the NASDAQ.

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