The AMD partnership is a transformative catalyst that validates Core Scientific's AI infrastructure thesis and provides a multi-year revenue backlog. However, the massive GAAP net loss from warrant revaluation and the highly dilutive pro forma share count (508M fully diluted vs 321M basic) create significant headline risk and overhang. Monitor the Q3 2026 earnings for colocation billing MW progression toward the 437 MW mid-July run rate and any updates on AMD deployment timelines. The stock will trade on operational execution of the colocation pipeline rather than GAAP earnings.
Price Chart
Executive Summary
Core Scientific reported Q2 2026 results with total revenue of $164.2M, up 109% YoY from $78.6M, driven by colocation revenue surging to $136.7M from $10.6M. The company announced a transformative partnership with AMD for up to 2.5 GW of leasable capacity with 15-year agreements for ~530 MW and >$14B in potential revenue. However, GAAP net loss was $1.16B, primarily driven by a $1.05B non-cash change in fair value of warrants from stock price appreciation, and the company reported a GAAP EPS of -$3.32 vs consensus of -$0.02, a massive miss driven by warrant accounting. The core operational story is strongly bullish on the colocation/AI infrastructure pivot, but the GAAP headline loss and warrant dilution overhang create a mixed picture for common shareholders.
Key Financial Metrics
Key Facts
- Total revenue $164.2M in Q2 2026, up 109% from $78.6M in Q2 2025
- Colocation revenue $136.7M, up from $10.6M YoY, driven by billing MW growing from 225 to 395 sequentially
- Announced AMD partnership with potential for up to 2.5 GW leasable capacity, anchored by 15-year agreements for ~530 MW and >$14B potential base contracted revenue
- Total leased customer power capacity increased to ~1.1 GW, representing >$24B of potential contracted revenue
- GAAP net loss of $1.16B, primarily driven by $1.05B non-cash change in fair value of warrants
- Adjusted EBITDA of $41.1M, up from $28.5M in Q2 2025
- Liquidity of $1.82B as of June 30, 2026, up from $1.04B at March 31, 2026
- Pro forma fully diluted share count of ~508M shares, up from ~321M basic shares outstanding
Financial Impact
Q2 2026 total revenue of $164.2M (up 109% YoY), colocation gross margin of 59%, Adjusted EBITDA of $41.1M, GAAP net loss of $1.16B driven by $1.05B warrant fair value change
Risk Factors
- Massive GAAP net loss of $1.16B driven by $1.05B non-cash warrant fair value change, creating negative headline sentiment
- Highly dilutive capital structure with 508M pro forma fully diluted shares vs 321M basic shares outstanding
- Execution risk on AMD partnership buildout with initial delivery not expected until early 2027
- Significant debt load of $4.3B in long-term debt and $1.8B in current warrant liabilities
- Self-mining segment remains unprofitable with -56% gross margin, though declining in strategic importance
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001839341-26-000013 |
| Document: core-20260728.htm | 0001839341-26-000013 |
| Document: q2fy26earningsdeck728am.htm | 0001839341-26-000013 |
| Document: 0001839341-26-000013-index-headers.html | 0001839341-26-000013 |
| Document: 0001839341-26-000013-index.html | 0001839341-26-000013 |
| Document: 0001839341-26-000013.txt | 0001839341-26-000013 |
| 8-K Data (Synthetic) | 0001839341-26-000013 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 22d ago | 8-K | $17.37 $17.14 | ▼ −1.32% | ▼ −0.83% | $16.45 (−5.30%) |
Aug 26, 2026 5w ago | Insider Cluster | $17.42 $16.81 | ▼ −3.50% | ▼ −3.38% | $16.45 (−5.57%) |
Aug 24, 2026 5w ago | Insider Cluster | $17.27 $16.30 | ▼ −5.62% | ▼ −6.09% | $16.45 (−4.75%) |
Aug 20, 2026 6w ago | Insider Cluster | $18.39 $17.62 | ▼ −4.19% | ▼ −5.30% | $16.45 (−10.55%) |
Aug 14, 2026 7w ago | 8-K | $20.18 $17.81 | ▼ −11.74% | ▼ −10.38% | $16.45 (−18.48%) |
Jul 29, 2026 9w ago | 8-K | $18.12 $21.77 | ▲ +20.14% | ▲ +14.61% | $16.45 (−9.22%) |
Jul 28, 2026 9w ago | 8-K | $20.75 $22.83 | ▲ +10.05% | ▲ +7.78% | $16.45 (−20.70%) |
Jul 28, 2026 9w ago | 8-K | $20.75 $22.83 | ▲ +10.05% | ▲ +7.78% | $16.45 (−20.70%) |
Jun 29, 2026 13w ago | Court Ruling | $25.94 $22.80 | ▲ +12.10% | ▲ +13.49% | $16.45 (+36.58%) |
Jun 11, 2026 16w ago | Institutional Cluster | $27.60 $29.16 | ▲ +5.65% | ▲ +4.98% | $16.45 (−40.40%) |
US Market Status
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