Core Scientific Accelerates AI Pivot Amid Bitcoin Mining Transition
Core Scientific (CORZ) has energized approximately 350 megawatts of capacity, marking a 64% increase from year-end levels. Nearly 200MW are already billing, with management shifting focus to billable megawatts for clearer commercial progress tracking.
The company's landmark 590MW contract with CoreWeave now spans five active AI factory sites, representing $2 billion in infrastructure investment. Denton's site alone boasts 130 billable megawatts—double its Q4 footprint—while development pipelines balloon to 1.5 gigawatts, including a newly secured 265-acre Texas site.
Despite operational momentum, challenges persist. CORZ missed its deadline to onboard a new customer and disclosed accounting restatements revealing material weaknesses in internal controls. Director Eric Weiss demonstrated confidence through a March 9 purchase of 7,000 shares at $14.53, expanding his position to 252,262 shares.
