Key Highlights

● Core Scientific secured $600 million of committed senior secured credit facilities on 27 August 2026.

● Second-quarter revenue reached $164.2 million, with colocation contributing $136.7 million.

● The company reported about 1.1 GW of leased customer power capacity.

● Long-term debt rose to $4,298.0 million from $1,061.7 million at 31 March.

Latest verified development

Core Scientific, Inc. (NASDAQ:CORZ) announced on 27 August 2026 that it had secured $600 million of committed senior secured facilities: a $100 million revolving credit facility and a $500 million letter of credit facility. The company expects them to release about $300 million of restricted cash. Chief financial officer Jim Nygaard said this would meaningfully improve capital efficiency and financial flexibility.

The revolver carries Adjusted Term SOFR plus 1.75%, or an alternate base rate plus 0.75%, with a three-year maturity. Letters of credit attract an annual fee of 1.75% plus a 0.125% fronting fee. Obligations are secured by a first-priority lien on substantially all assets of the company and guarantors. Earlier, on 14 August, it completed the roughly $444 million cash acquisition of Polaris DS, which holds about 440 MW of gross grid-connected capacity.

Latest reported results

Second-quarter results, released on 28 July 2026, showed revenue of $164.2 million, against $115.2 million in the first quarter and $78.6 million a year earlier. Colocation revenue was $136.7 million. Gross profit was $70.0 million and adjusted EBITDA, a non-GAAP measure, was $41.1 million.

The net loss was $1,155.3 million. The release attributes it primarily to the change in fair value of warrants, including a $1,045.5 million warrant and contingent value rights charge, so the loss is largely an accounting effect rather than an operating one. Capital expenditure was $797.5 million in the quarter.

Revenue was about 109% higher than a year earlier, colocation made up roughly 83% of the total, and gross profit equalled about 43% of revenue. The shift towards colocation, in which customers lease power and space, is the central change in the business mix.

Capacity, customers and debt

Core Scientific reported about 1.1 GW of leased customer power capacity, representing more than $24 billion of potential contracted revenue. It was billing for 395 MW at quarter-end and 437 MW by mid-July. Alongside its results it announced a partnership with AMD (NASDAQ:AMD) that could support up to 2.5 GW of leasable capacity, including 15-year agreements for about 530 MW across five sites and more than $14 billion of potential base contracted revenue.

Liquidity was $1,819.4 million, of which cash was $1,769.7 million. Long-term debt rose to $4,298.0 million from $1,061.7 million at 31 March. Potential contracted revenue is not reported revenue, and the release gives no guidance.

Debt proceeds of $4,275.3 million were received in the first half, against $1,000 million of debt extinguishment payments, which indicates reliance on borrowing. Repayment schedules and covenants are set out in the filings.

Muskogee build-out and the larger debt load

The company plans to scale its Muskogee campus to about 1.5 GW of gross power, and the new facilities are secured by a first lien over substantially all assets, sitting alongside the existing debt.

Against 1.1 GW of leased capacity, only 437 MW was billing by mid-July, so the pace at which potential contracted revenue converts into billing megawatts will set how quickly the interest cost of $4,298.0 million of long-term debt is covered.