Core Scientific, Inc. (CORZ): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde en évolution rapide de l'extraction de la crypto-monnaie, Core Scientific, Inc. (Corz) émerge comme une force pionnière, se positionnant stratégiquement à l'intersection de la technologie de la blockchain, de l'énergie durable et de l'informatique haute performance. En tirant parti d'un modèle commercial innovant qui combine des infrastructures de pointe, des partenariats stratégiques et des opérations soucieuses de l'environnement, la société a creusé un créneau unique dans l'écosystème des actifs numériques. Leur approche complète de l'extraction de Bitcoin et de l'hébergement de la blockchain représente un plan sophistiqué pour réussir dans le paysage complexe et dynamique des infrastructures de crypto-monnaie.

Core Scientific, Inc. (CORZ) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec Marathon Digital Holdings

Core Scientific a un partenariat important avec Marathon Digital Holdings pour l'infrastructure d'extraction de Bitcoin. Au quatrième trimestre 2023, le partenariat implique:

Métrique de partenariat	Valeur spécifique
Capacité d'hébergement totale	78 000 mineurs de Bitcoin
Valeur de l'accord d'hébergement	167,4 millions de dollars en revenus pour 2023

Partenariats des fournisseurs d'énergie

Core Scientific maintient des partenariats énergétiques stratégiques axés sur les solutions de puissance durables:

• Partenariats avec les fournisseurs d'énergie basés au Texas
• Contrats d'énergie renouvelable dans le Dakota du Nord
• Accords d'achat d'électricité totalisant 300 MW de capacité d'électricité

Accords d'hébergement avec des clients miniers de crypto-monnaie

Catégorie client	Nombre de clients	Capacité d'hébergement
Mineurs de crypto-monnaie d'entreprise	12 clients majeurs	105 000 unités minières
Revenus d'hébergement total	214,6 millions de dollars en 2023	56% du total des revenus de l'entreprise

Partenariats des fournisseurs technologiques

Core Scientific collabore avec plusieurs fournisseurs de systèmes de matériel et de refroidissement:

• Bitmain Technologies: Fournisseur de matériel minier ASIC primaire
• Antmin S19 XP Hardware Deployment: 45 000 unités
• Système de refroidissement partenariat avec des fournisseurs de refroidissement industriels spécialisés

Valeur totale du réseau de partenariat: environ 382 millions de dollars d'infrastructures collaboratives et de sources de revenus pour 2023

Core Scientific, Inc. (Corz) - Modèle d'entreprise: activités clés

Opérations d'extraction de Bitcoin à grande échelle

Au quatrième trimestre 2023, Core Scientific a exploité 162 720 mineurs de bitcoin avec un taux de hachage total de 23,0 EH / s. La production totale d'extraction de Bitcoin pour 2023 était de 10 422 BTC.

Équipement d'exploitation	Quantité	Taux de hachage
Antmin S19 XP	80 640 unités	11,5 eh / s
Antmin S19 Pro	82 080 unités	11,5 eh / s

Hébergement d'infrastructures de blockchain

Core Scientific fournit des services d'hébergement pour 162 720 machines minières dans plusieurs centres de données aux États-Unis.

• Capacité d'hébergement totale: 250 MW
• Nombre d'installations d'hébergement: 6
• Emplacements principaux: Texas, Géorgie, Caroline du Nord

Gestion et optimisation du centre de données

Core Scientific gère 6 centres de données avec un investissement total d'infrastructure de 508 millions de dollars en 2023.

Emplacement du centre de données	Capacité électrique	Statut opérationnel
Rockdale, Texas	106 MW	Pleinement opérationnel
Sandersville, Géorgie	85 MW	Pleinement opérationnel

Entretien de l'équipement d'extraction de crypto-monnaie

Budget de maintenance annuel pour l'équipement minier: 42,3 millions de dollars en 2023.

• Cycle de remplacement moyen de l'équipement: 2-3 ans
• Entretien annuel de l'entretien et du remplacement par machine: 260 $

Intégration et gestion d'énergie durable

Core Scientific utilise des sources d'énergie renouvelables pour 68% de ses opérations minières.

Source d'énergie	Pourcentage	Consommation d'énergie annuelle
Énergie renouvelable	68%	1,2 milliard de kWh
Électricité du réseau	32%	560 millions de kWh

Core Scientific, Inc. (Corz) - Modèle d'entreprise: Ressources clés

Réseau de centres de données

Core Scientific exploite 25 centres de données à travers les États-Unis au T4 2023, avec une capacité totale de 216 mégawatts d'infrastructure électrique.

Type d'emplacement	Nombre d'installations	Capacité électrique totale
Centres de données à grande échelle	12	156 MW
Centres de données à l'échelle moyenne	8	42 MW
Centres de données à petite échelle	5	18 MW

Matériel d'exploration de bitcoin

La flotte de matériel de Core Scientific se compose:

• Environ 162 000 machines d'exploitation bitcoin active
• MAJORITÉ ANTMINER S19 Série de Bitmain
• Taux de hachage moyen par machine: 110 th / s

Infrastructure d'énergie renouvelable

Source d'énergie	Pourcentage d'énergie totale	Mégawatts
Hydro-électrique	45%	97.2 MW
Vent	35%	75,6 MW
Solaire	20%	43,2 MW

Expertise technique

• Total des employés: 532 (en décembre 2023)
• Personnel d'ingénierie: 186
• Expérience technique moyenne: 7,4 ans

Puissance de calcul et taux de hachage

Capacité totale de hachage totale de Core Scientific: 19,3 EH / s (exahashes par seconde) auprès du quatrième trimestre 2023.

Type d'équipement d'exploitation	Contribution du taux de hachage
Mineurs de dernière génération	16,5 eh / s
Mineurs de génération précédente	2.8 EH / S

Core Scientific, Inc. (CORZ) - Modèle d'entreprise: propositions de valeur

Services d'extraction de crypto-monnaie à haute efficacité

Core Scientific a exploité 159 154 machines d'exploration de bitcoins actives au cours du troisième trimestre 2023, avec une capacité totale de taux de hachage de 21,3 Exahash par seconde (eh / s).

Équipement d'exploitation	Quantité	Taux de hachage
Série Antmin S19	92 000 unités	13,5 eh / s
Autres machines minières	67 154 unités	7.8 eh / s

Solutions minières durables et soucieuses de l'environnement

Core Scientific tire parti des sources d'énergie renouvelables pour les opérations minières:

• Environ 77% de l'électricité provenant de réseaux d'énergie neutre en carbone
• Utiliser des installations de production hydroélectrique et éolienne
• Réduire l'empreinte carbone à 0,022 tonnes métriques CO2 par bitcoin exploité

Hébergement d'évolutivité de l'infrastructure de la blockchain

Capacités d'hébergement des infrastructures à partir de 2023:

Emplacements du centre de données	Capacité totale	Capacité d'hébergement
Texas	280 MW	48 000 unités minières
Caroline du Nord	135 MW	22 000 unités minières

Économie minière de crypto-monnaie compétitive

Métriques de performance financière pour l'exploitation des crypto-monnaies:

• Bitcoin Mining Revenue: 167,3 millions de dollars en troisième trimestre 2023
• Coût d'exploitation moyen: 10 200 $ par bitcoin
• Efficacité minière: 98,5% de disponibilité

Opérations minières fiables et technologiquement avancées

Détails des infrastructures technologiques:

Métrique technologique	Spécification
Efficacité moyenne de la machine minière	36,5 J / Th
Redondance du réseau	99,99% de disponibilité
Efficacité du système de refroidissement	0,045 PUE (efficacité de la consommation de puissance)

Core Scientific, Inc. (CORZ) - Modèle d'entreprise: relations avec les clients

Contrats d'entreprise à long terme avec les clients miniers

Depuis le Q4 2023, Core Scientific a maintenu Environ 4 500 machines d'extraction de Bitcoin dans le cadre des contrats clients d'entreprise. La durée du contrat moyen est 36-48 mois.

Type de contrat	Nombre de clients	Valeur du contrat moyen
Contrats d'extraction de grandes entreprises	12	3,2 millions de dollars par contrat
Partenariats minières à l'échelle moyenne	27	1,5 million de dollars par contrat

Support technique et gestion des infrastructures

Core Scientific fournit un support d'infrastructure technique 24/7 avec Garantie de disponibilité de 99,95%.

• Équipe de support technique dédiée de 87 spécialistes
• Temps de réponse moyen: 12 minutes
• Surveillance complète des infrastructures

Rapports de performances transparentes

Les rapports de performances mensuels comprennent des mesures détaillées sur:

Métrique de rapport	Fréquence	Niveau de détail
Performance du taux de hachage	Tous les jours	Complet
Efficacité énergétique	Mensuel	Détaillé
Revenus d'exploitation	Mensuel	Transparent

Solutions d'hébergement personnalisées

Offres scientifiques de base 3 modèles de configuration d'hébergement principal:

• Hébergement de colocation
• Hébergement géré
• Solutions d'hébergement clé en main

Consultation technologique en cours

Les services de consultation technologique comprennent:

Service de consultation	Modèle de tarification	Durée moyenne de l'engagement
Optimisation de l'équipement d'exploitation	Horaire / basé sur le projet	3-6 mois
Blockchain Infrastructure Advisory	Sous-sol	12 mois

Core Scientific, Inc. (CORZ) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis le quatrième trimestre 2023, l'équipe de vente directe de Core Scientific se composait de 37 professionnels des ventes dédiés axés sur les clients de l'exploration de crypto-monnaie et des infrastructures de blockchain au niveau de l'entreprise.

Métrique du canal de vente	2023 données
Représentants totaux des ventes directes	37
Valeur du contrat d'entreprise moyen	4,2 millions de dollars
Couverture géographique de l'équipe de vente	États-Unis, Canada

Site Web de l'entreprise

Le site Web d'entreprise de Core Scientific (www.corescientific.com) est un canal numérique principal pour l'acquisition et la diffusion de l'information des clients.

• Site Web Visiteurs uniques mensuels: 87 500
• Temps moyen sur le site: 3,2 minutes
• Taux de conversion de génération de leads: 2,7%

Conférences de l'industrie des crypto-monnaies

Core Scientific participe à des conférences clés de l'industrie pour le réseautage et l'engagement des clients.

Conférence	2023 Détails de la participation
Conférence Bitcoin 2023	Platinum Sponsor
Blockchain Week NYC	Conférencier principal
Les conférences totales ont assisté	7

Plateformes de marketing numérique

Core Scientific exploite plusieurs canaux de marketing numérique pour la visibilité et la génération de leads.

• Dépenses de marketing LinkedIn: 320 000 $ par an
• Google Ads Budget mensuel: 45 000 $
• Taux d'engagement des médias sociaux: 3,6%

Partenariats de l'industrie stratégique

Core Scientific maintient des partenariats stratégiques pour étendre la portée du marché et les capacités technologiques.

Type de partenaire	Nombre de partenariats actifs
Partenaires d'infrastructure technologique	12
Partenaires écosystémiques de la blockchain	8
Collaborations de services cloud	5

Core Scientific, Inc. (CORZ) - Modèle d'entreprise: segments de clientèle

Sociétés minières de crypto-monnaie à grande échelle

Depuis le quatrième trimestre 2023, Core Scientific sert 12 clients institutionnels de crypto-monnaie institutionnels avec une capacité minière globale de 23,5 EH / s (exahash par seconde).

Type de client	Nombre de clients	Capacité minière totale
Sociétés minières à grande échelle	12	23,5 eh / s

Investisseurs de blockchain institutionnels

Core Scientific fournit des services d'infrastructure à 7 groupes d'investissement institutionnels des portefeuilles combinés d'investissement d'actifs numériques dépassant 450 millions de dollars.

• Taille moyenne du portefeuille: 64,3 millions de dollars
• Seuil d'investissement minimum: 25 millions de dollars

Entrepreneurs miniers de crypto-monnaie

La société soutient 85 entrepreneurs d'exploration de crypto-monnaie individuels et à petite échelle avec des solutions d'hébergement et d'infrastructure.

Segment entrepreneur	Nombre de clients	Capacité minière moyenne
Mineurs individuels	85	50-500 Ph / s

Clients d'infrastructure de blockchain d'entreprise

Core Scientific sert 6 clients d'infrastructure de blockchain au niveau de l'entreprise avec un déploiement total des infrastructures d'une valeur de 78,5 millions de dollars.

• Valeur de déploiement des infrastructures: 78,5 millions de dollars
• Investissement moyen des infrastructures des clients: 13,1 millions de dollars

Groupes d'investissement axés sur la technologie

La société a des partenariats avec 4 groupes d'investissement axés sur la technologie avec un capital d'investissement cumulé sur les actifs numériques de 275 millions de dollars.

Type de groupe d'investissement	Nombre de groupes	Capital d'investissement total
Groupes axés sur la technologie	4	275 millions de dollars

Core Scientific, Inc. (Corz) - Modèle d'entreprise: Structure des coûts

Frais d'achat d'électricité

Au quatrième trimestre 2023, Core Scientific a déclaré des coûts d'électricité de 46,7 millions de dollars pour les opérations d'extraction de Bitcoin. Le taux d'électricité moyen de l'entreprise était d'environ 0,04 $ par kilowattheure (kWh).

Période budgétaire	Total des dépenses d'électricité	Taux d'électricité moyen
Q4 2023	46,7 millions de dollars	0,04 $ / kWh

Acquisition et maintenance du matériel minière

Core Scientific a investi 98,2 millions de dollars dans le matériel minière en 2023. La flotte de matériel de la société se compose de:

• Environ 162 000 mineurs de Bitcoin
• Modèles à prédominance XP S19 Antmin S19
• Cycle de remplacement du matériel moyen de 18-24 mois

Investissement matériel	Machines minières totales	Modèle prédominant
98,2 millions de dollars	162,000	Antmin S19 XP

Coûts opérationnels du centre de données

Core Scientific exploite 10 centres de données à travers les États-Unis, avec des dépenses opérationnelles totales de 62,5 millions de dollars en 2023.

Nombre de centres de données	Dépenses opérationnelles totales	Coût moyen par centre de données
10	62,5 millions de dollars	6,25 millions de dollars

Investissements infrastructures technologiques

En 2023, Core Scientific a alloué 45,3 millions de dollars aux mises à niveau et à la maintenance des infrastructures technologiques.

• Améliorations des infrastructures de réseau
• Améliorations du système de refroidissement
• Infrastructure de cybersécurité

Personnel et expertise technique

Les coûts du personnel pour Core Scientific en 2023 ont totalisé 37,8 millions de dollars, couvrant environ 280 employés à temps plein.

Total des dépenses du personnel	Nombre d'employés	Coût moyen par employé
37,8 millions de dollars	280	$135,000

Core Scientific, Inc. (CORZ) - Modèle d'entreprise: Strots de revenus

Récompenses d'exploration de bitcoin

Depuis le quatrième trimestre 2023, Core Scientific a généré 1 281 Bitcoin des opérations minières. Le bitcoin total extrait en 2023 était d'environ 4 256 Bitcoin.

Période	Bitcoin exploité	Revenus estimés
Q4 2023	1 281 BTC	53,2 millions de dollars
Année complète 2023	4 256 BTC	176,5 millions de dollars

Revenu des frais d'hébergement

Core Scientific a déclaré des revenus d'hébergement de 46,8 millions de dollars au quatrième trimestre 2023.

• Capacité d'hébergement totale: 162 000 mineurs
• Frais d'hébergement moyens par mineur: 289 $ par mois
• Durée du contrat d'hébergement: généralement 12-24 mois

Services de gestion des infrastructures

Les services de gestion des infrastructures ont généré 12,3 millions de dollars de revenus au cours du quatrième trimestre 2023.

Type de service	Revenu	Pourcentage du total
Entretien	5,7 millions de dollars	46.3%
Support technique	4,2 millions de dollars	34.1%
Consultant	2,4 millions de dollars	19.6%

Frais de transaction de crypto-monnaie

Les revenus des frais de transaction pour le quatrième trimestre 2023 étaient de 3,6 millions de dollars.

Contrats d'hébergement d'équipement

Les revenus du contrat d'hébergement d'équipement ont atteint 62,1 millions de dollars en 2023.

Type de contrat	Nombre de contrats	Valeur totale du contrat
À court terme (3-6 mois)	38	18,4 millions de dollars
À long terme (12-24 mois)	22	43,7 millions de dollars

Core Scientific, Inc. (CORZ) - Canvas Business Model: Value Propositions

You're looking at the core offerings that Core Scientific, Inc. is pushing to stabilize its business, moving from volatile mining to long-term infrastructure contracts. The numbers here show where the focus is right now, late in 2025.

High-density colocation (HDC) optimized for AI/HPC workloads and liquid cooling.

The value here is in delivering purpose-built, high-power-density space for Artificial Intelligence (AI) and High-Performance Computing (HPC) customers. Core Scientific, Inc. reaffirmed its target of delivering 250 megawatts (MW) of high-density colocation capacity by the end of 2025. This is part of a larger commitment, with plans to reach 590 MW by early 2027. The strategic partnership with CoreWeave is the primary driver, with a total contracted HPC infrastructure of approximately 590 MW across six Core Scientific, Inc. sites. This relationship is projected to generate over $10 billion in potential cumulative revenue over 12-year contract terms. The HDC segment is showing growth, reporting revenue of $15.0 million in the third quarter of 2025, up from $10.3 million in the third quarter of 2024. Management anticipates entering 2026 with annualized colocation revenue of approximately $360 million. The commitment to advanced thermal management is clear, as the company stated it remains committed to delivering powered infrastructure equipped with advanced liquid cooling systems, specifically optimized for AI GPU cloud workloads, for its HPC customer beginning in the first half of 2025 [cite: 2 (second search)].

Scalable, low-cost, and reliable digital asset mining infrastructure.

While the focus shifts, the legacy digital asset mining infrastructure still provides value, especially given the higher Bitcoin price environment. In March 2025, Core Scientific, Inc. operated approximately 163,000 total bitcoin miners, with a self-mining energized hash rate of 18.1 EH/s. The company earned 247 bitcoin from its owned fleet in March 2025. The fleet efficiency metric, a measure of low-cost operation, stood at an average of 24.3 J/TH in March 2025. For context on the economics, the cost to mine one bitcoin was estimated at $56,627 in the first quarter of 2025. Self-mining revenue for the third quarter of 2025 was $57.4 million.

Proprietary software for mining optimization and data center management.

Core Scientific, Inc. describes itself as a provider of digital infrastructure, including software solutions and services to its third-party customers [cite: 6 (second search)]. The optimization capability is evidenced by the fleet efficiency metric for its miners, which was 24.3 J/TH in March 2025. The company is also in the process of converting facilities to support AI/HPC workloads, which requires sophisticated management of power and compute resources [cite: 6 (second search)].

Energy flexibility and grid stability through power curtailment services.

The ability to flex power consumption provides value to the electrical grid, which can translate into lower operating costs and potential service revenue. In January 2025, Core Scientific, Inc. reduced power consumption on multiple occasions, delivering 48,236 megawatt hours (MWh) to local electrical grids. In March 2025, the company delivered 35,295 MWh to local electrical grids. Furthermore, power costs for the company decreased by 33% in the first quarter of 2025 due to lower rates and usage, which is partially a result of this flexibility.

Metric	Value (Late 2025 Data)	Context/Segment
Target HDC Capacity (Year-End 2025)	250 MW	High-Density Colocation (HDC)
Q3 2025 HDC Revenue	$15.0 million	High-Density Colocation (HDC)
Projected Annualized Colocation Revenue (Entering 2026)	$360 million	High-Density Colocation (HDC)
Self-Mining Energized Hash Rate (March 2025)	18.1 EH/s	Digital Asset Mining Infrastructure
Self-Mining Bitcoin Earned (March 2025)	247 bitcoin	Digital Asset Mining Infrastructure
Self-Mining Fleet Efficiency (March 2025)	24.3 J/TH	Mining Optimization (Software Proxy)
MWh Delivered to Grids (January 2025)	48,236 MWh	Energy Flexibility / Grid Stability

The company spent $31.0 million in new site development at non-CoreWeave locations in Q2 2025 [cite: 6 (second search)].

Core Scientific, Inc. (CORZ) - Canvas Business Model: Customer Relationships

You're looking at how Core Scientific, Inc. manages its relationships with the entities that pay for its infrastructure and services as of late 2025. The model clearly segments customers based on the service provided, moving aggressively toward long-term, high-density compute contracts.

Dedicated, long-term, take-or-pay contracts for HDC (e.g., CoreWeave)

The relationship with CoreWeave, Inc. is defined by massive, multi-year, capital-intensive agreements for High-Density Colocation (HDC), formerly HPC hosting. This structure shifts significant capital expenditure risk to the customer.

The total contracted HPC infrastructure with CoreWeave is approximately 590 MW across six Core Scientific sites. This relationship is underpinned by projected cumulative revenue reaching $8.7 billion over 12-year contract terms, following the exercise of the final option. Core Scientific anticipates entering 2026 with annualized colocation revenue of approximately $360 million.

The financial commitment is evident in the capital expenditure funding:

Metric	Value	Period/Context
Additional Contracted Revenue (New Deal)	$1.2 billion	February 2025 expansion deal with CoreWeave.
Total Capital Expenditures (Q3 2025)	$244.5 million	Total CapEx for the third quarter of 2025.
Capex Funded by CoreWeave (Q3 2025)	$196.4 million	Portion of Q3 2025 CapEx funded by CoreWeave, Inc. pursuant to existing agreements.
Capex Funded by CoreWeave (Q2 2025)	$90.3 million	Portion of Q2 2025 CapEx funded by CoreWeave under contractual agreements.

The revenue generated from this segment shows clear growth as capacity comes online:

• HDC Revenue (Q3 2025): $15.0 million.
• HDC Revenue (Q2 2025): $10.6 million.
• HDC Revenue (Q1 2025): $8.6 million.

Core Scientific is on track to deliver 250 MW of billable capacity to CoreWeave by the end of 2025. The total operational compute capacity is 1.3 gigawatts.

Managed service agreements for hosted Bitcoin mining customers

This relationship involves Core Scientific managing infrastructure for third-party Bitcoin miners, though the focus is strategically shifting away from this segment toward HDC.

The revenue from this segment has declined as the company executes its strategic pivot:

• Digital Asset Hosted Mining Revenue (Q3 2025): $8.7 million.
• Digital Asset Hosted Mining Revenue (Q2 2025): $5.6 million.
• Digital Asset Hosted Mining Revenue (Q1 2025): $3.8 million.

The Q3 2025 figure of $8.7 million is down from $16.9 million in Q3 2024. The Q2 2025 figure of $5.6 million is down from $24.8 million in Q2 2024.

Transactional relationship with the Bitcoin network for self-mining rewards

This relationship is purely transactional, based on the variable reward from successfully mining a block on the Bitcoin network, which is subject to the block reward halving event.

Self-mining revenue remains a significant, though decreasing, portion of the total revenue stream:

Period End	Digital Asset Self-Mining Revenue	Change vs. Prior Year Period
Q3 2025	$57.4 million	Down from $68.1 million in Q3 2024.
Q2 2025	$62.4 million	Down from $110.7 million in Q2 2024.
Q1 2025	$67.2 million	Down from $179.3 million total revenue in Q1 2024.

Approximately 400 MW of Core Scientific's power footprint is still dedicated to self-mining BTC. The Q1 2025 self-mining gross profit margin was 9%, compared to 46% in Q1 2024.

Finance: draft 13-week cash view by Friday.

Core Scientific, Inc. (CORZ) - Canvas Business Model: Channels

Direct sales efforts target hyperscale and enterprise colocation clients, evidenced by High-Density Colocation ("HDC") revenue reaching $15.0 million in the fiscal third quarter of 2025, a 45% year-over-year increase.

The company has a total contracted power capacity of 1.3 GW, with a strategic allocation plan:

Capacity Allocation Segment	Planned Megawatts (MW)	Associated Revenue Potential
HPC Hosting (AI/Colocation)	900 MW	Potential cumulative revenue with CoreWeave exceeding $10 billion over 12 years
Digital Asset Self-Mining	400 MW	Self-Mining Revenue in Q3 2025 was $57.4 million

Core Scientific, Inc. operates proprietary data center facilities and infrastructure across ten locations in Alabama, Georgia, Kentucky, North Carolina, North Dakota, Oklahoma, and Texas.

• Total contracted HPC infrastructure with CoreWeave is 590 MW across six sites.
• The company reaffirmed its target of delivering 250 MW of HDC capacity by the end of 2025.
• HDC gross margin in Q3 2025 was 26%.

The channel utilizing the global Bitcoin network for self-mined digital assets saw a significant power shift, as the company is diverting resources to AI workloads.

• Bitcoin mined from the self-mining fleet in Q3 2025 decreased by 55% year-over-year.
• In March 2025, Core Scientific, Inc. earned 247 bitcoin from its owned fleet.
• As of March 31, 2025, the company operated approximately 156,000 owned bitcoin miners, representing an energized hash rate of 18.1 EH/s.

Hosted mining revenue, which also uses this channel, was $8.7 million in Q3 2025, down from $16.9 million year-over-year as the company wound down this segment.

Core Scientific, Inc. (CORZ) - Canvas Business Model: Customer Segments

You're looking at Core Scientific, Inc. (CORZ) and seeing a company in transition, moving from a primary focus on digital asset mining to becoming a major provider of high-density digital infrastructure. This shift means the customer base is evolving, with a clear emphasis on securing long-term, high-value contracts from AI and large-scale computing enterprises. The data from the third quarter of 2025 (Q3 2025) clearly shows this split in the customer base.

The customer segments Core Scientific, Inc. serves are distinct, yet interconnected through their shared need for massive, reliable power and data center capacity. The company essentially operates in three revenue-generating buckets, all tied to its digital infrastructure footprint.

AI Hyperscalers and large-scale High-Performance Computing (HPC) enterprises.

This is the growth engine, now formally called High-Density Colocation (HDC). These customers, which include major AI players like CoreWeave, require massive, dedicated power and cooling for their specialized hardware. The commitment here is substantial; Core Scientific, Inc. anticipates entering 2026 with an annualized colocation revenue run-rate targeted at $360 million. For Q3 2025, the revenue from this segment hit $15.0 million, which was a 45% increase from the $10.3 million seen in Q3 2024. The capital expenditure required for this growth is largely covered by these customers; for instance, $196.4 million of capital expenditures in Q3 2025 were funded by CoreWeave under existing agreements. The near-term goal for this segment was delivering 250MW of billable capacity to CoreWeave by the end of 2025.

Institutional digital asset miners requiring hosting and operational support.

This segment involves institutional clients who own their own mining hardware but pay Core Scientific, Inc. to host, power, and maintain it. This is the Digital Asset Hosted Mining revenue stream. In Q3 2025, this revenue was $8.7 million. This figure reflects the strategic shift away from this business line, as it was down from $16.9 million in the prior-year period. This intentional reduction is freeing up power and operational focus for the higher-value HDC customers. The total energized hash rate dedicated to hosting customers was approximately 1.0 EH/s as of March 2025, representing about 4% of the total energized hash rate at that time.

The broader financial market through the sale of self-mined Bitcoin.

This is the legacy core business, the Digital Asset Self-Mining segment. While the company is pivoting, this activity still generates the largest portion of top-line revenue, though its profitability is pressured by the Bitcoin halving and operational shifts. In Q3 2025, self-mining revenue was $57.4 million. This revenue was achieved despite a 55% decrease in the actual Bitcoin mined during the quarter compared to the prior year, with the decline partially offset by an 88% increase in the average Bitcoin price. As of March 2025, the company operated approximately 156,000 owned bitcoin miners, representing a self-mining energized hash rate of 18.1 EH/s.

Here's the quick math on the revenue mix for Q3 2025, which shows the current state of these customer segments:

Revenue Segment	Q3 2025 Revenue (USD)	Q3 2025 Revenue Share (Approximate)
Digital Asset Self-Mining	$57.4 million	70.8%
High-Density Colocation (HDC)	$15.0 million	18.5%
Digital Asset Hosted Mining	$8.7 million	10.7%
Total Revenue	$81.1 million	100.0%

The segments tied to digital asset mining (Self-Mining and Hosted Mining) combined for $66.1 million in Q3 2025, down year-over-year, but the HDC segment is clearly the area of strategic focus and growth. If onboarding takes 14+ days for a new HPC client, churn risk rises, so speed in deployment is key. The company maintains a strong liquidity position to support this transition, ending Q3 2025 with $694.8 million in total liquidity, including $453.4 million in cash.

Finance: draft 13-week cash view by Friday.

Core Scientific, Inc. (CORZ) - Canvas Business Model: Cost Structure

You're looking at the cost side of Core Scientific, Inc. (CORZ) as they aggressively pivot from pure-play mining to high-density colocation (HDC) infrastructure. This transition means a massive shift in their cost profile, moving from primarily variable power costs to significant, front-loaded capital investment.

High variable cost of electricity/power for mining and colocation.

The cost of power remains a core variable expense, though the mix is changing as the company shifts focus. While specific electricity cost per megawatt is not explicitly detailed for Q3 2025, the operational strain is visible in the expense metrics. The company saw a $14.4 million increase in cash operating expenses year-over-year for the third quarter of 2025. This reflects the ongoing, high-energy demands of both the remaining self-mining operations and the expanding colocation footprint. To be fair, the shift to HDC is showing margin improvement in that segment; the colocation gross margin reached 26% in Q3 2025, up from 13% in the prior-year period. Still, the overall consolidated gross profit for the quarter was only $3.9 million on total revenue of $81.1 million.

Significant Capital Expenditures for HDC conversion and expansion (e.g., $244.5 million in Q3 2025).

The most striking cost element in late 2025 is the sheer scale of investment required for the strategic transformation. Core Scientific, Inc. reported Capital Expenditures of $244.5 million for the third quarter of 2025. This spending represents the front-loaded investment for building out the high-density infrastructure needed for new customers. Honestly, the company managed to de-risk a huge portion of this outlay; $196.4 million of that Q3 2025 CapEx was funded by CoreWeave, Inc. under their colocation service agreements. Year-to-date, the total capital expenditures had ballooned by 586% to $467 million.

Data center operations and maintenance expenses.

Beyond the massive CapEx, the day-to-day costs of running the facilities are substantial and growing. The total Operating Expense for Q3 2025 was reported at $52.89 million, marking a 30.42% year-over-year increase. A major driver of this was the Selling, General, and Administrative (SG&A) expenses, which spiked 72% year-over-year to $69.4 million in Q3 2025. This widening structural overhead contributed to the operating loss of $(57.4) million for the quarter.

Here's a quick look at the key Q3 2025 expense and cost-related metrics:

Cost/Expense Metric	Amount (USD Millions)	Context/Notes
Capital Expenditures (CapEx)	244.5	Total for Q3 2025
CoreWeave-Funded CapEx	196.4	Portion of Q3 2025 CapEx
Total Operating Expense	52.89	Q3 2025 figure
SG&A Expenses	69.4	Q3 2025 figure, up 72% Y/Y
Increase in Cash Operating Expenses (Y/Y)	14.4	Q3 2025 change
Gross Profit	3.9	Consolidated Q3 2025 result

Depreciation and amortization of digital infrastructure and miners.

While Core Scientific, Inc. does not explicitly break out Depreciation and Amortization (D&A) separately from other non-cash charges in the readily available summaries, its impact is embedded within the GAAP net loss. The net loss for Q3 2025 was $146.7 million. A significant portion of the year-over-year improvement in the net loss was due to a smaller GAAP non-cash fair value adjustment for warrants and contingent value rights, which was $74.9 million in Q3 2025 versus $408.5 million in Q3 2024. The actual D&A, which reflects the wear and tear on the massive digital infrastructure and miners, is a key component of the operating expenses and the resulting operating loss of $(57.4) million. The company's total assets stood at $2.29 billion in Q3 2025, which will continue to generate significant depreciation charges against future earnings.

Core Scientific, Inc. (CORZ) - Canvas Business Model: Revenue Streams

You're looking at Core Scientific, Inc. (CORZ) and seeing a company actively pivoting its entire revenue engine away from pure digital asset mining toward high-density colocation, which is where the big long-term contracts are. The latest figures from the third quarter of 2025 show this transition clearly in action.

The total revenue for the fiscal third quarter of 2025 was $81.1 million, which was a decrease from the $95.4 million reported in the third quarter of 2024. This drop reflects the deliberate strategy to divert power away from self-mining to support the growing colocation business.

Here is the breakdown of the revenue streams for the third quarter of 2025, showing the current mix:

Revenue Stream	Q3 2025 Revenue Amount	Context/Change from Prior Year
Digital Asset Self-Mining Revenue	$57.4 million	Down from $68.1 million in Q3 2024, driven by a 55% decrease in bitcoin mined.
High-Density Colocation (HDC) Revenue	$15.0 million	Up from $10.3 million in Q3 2024, due to expansion of colocation operations.
Digital Asset Hosted Mining Revenue	$8.7 million	Down from $16.9 million in Q3 2024, due to the strategic shift to HDC.

The company is executing on its commitment to the high-density colocation segment, which is now the primary growth driver. This segment is supported by major capacity delivery milestones, like the plan to deliver 250MW of billable capacity to CoreWeave by the end of 2025.

The forward-looking revenue expectation for this segment is substantial, signaling the success of the strategic pivot. Core Scientific, Inc. is targeting $360 million annualized colocation revenue entering 2026. This is the number that matters most for the new valuation narrative.

To give you a sense of the scale of the shift, the first quarter of 2025 showed a different mix, though the Q3 data is fresher:

• Digital asset self-mining revenue in Q1 2025 was $67.2 million.
• Colocation revenue in Q1 2025 was $8.6 million.
• Digital asset hosted mining revenue in Q1 2025 was $3.8 million.

The HDC segment is expected to generate over $10 billion in revenue over a 12-year contract period with CoreWeave, with anticipated profit margins in the 75% to 80% range for that colocation business. That's the real prize here.

Finance: draft 13-week cash view by Friday.