Core Scientific's colocation revenue is rising, but crypto-era volatility remains in the accounts
Colocation revenue reached $136.7 million in the second quarter as Core Scientific expanded leased power, while a warrant revaluation pushed its net loss above $1.1 billion.
Core Scientific's second-quarter results show a business changing shape. The company's release reports $136.7 million of colocation revenue, up from $77.5 million in the first quarter and $10.6 million a year earlier. Total revenue reached $164.2 million, while gross profit rose to $70.0 million.
The revenue mix is the clearest evidence of the transition. Colocation supplied most of the quarter's sales, with digital-asset self-mining contributing $21.5 million and hosted mining $6.0 million. Core Scientific says it is repurposing its remaining mining facilities for high-density computing when site conditions and economics support the conversion.
Operating progress and net loss tell different stories
Adjusted EBITDA was $41.1 million, compared with $8.9 million in the first quarter, and liquidity increased to $1.82 billion. Those measures point to stronger operating activity and a larger funding base for construction. Capital spending also jumped to $797.5 million, reflecting the cost of building and converting sites for customers with demanding power and cooling requirements.
GAAP earnings moved in the other direction. Core Scientific reported a net loss of $1.16 billion, driven mainly by a $1.05 billion change in the fair value of warrant liabilities as the company's share price rose. The quarter also included $41.9 million of contract-termination expense and $27.0 million of startup costs. Those items do not erase the colocation revenue, but they make the bottom line a poor shorthand for the operating trend.
The capacity headline still needs a delivery schedule
Core Scientific says its agreements with AMD could support up to 2.5 GW of leasable capacity, anchored by 15-year agreements covering about 530 MW across five sites. The company also reports about 1.1 GW of total leased customer power and more than $24 billion of potential contracted revenue.
The second-quarter figures make the next questions concrete. How quickly does billed power become occupied capacity? How much of the $797.5 million in capital spending is tied to signed customers, and what return does each site need to earn? The revenue is arriving, but the capital cycle is only beginning.
