Core Scientific revenue doubles in Q2 as AI colocation expansion accelerates

Written by Sam Bourgistaff writerReviewed by Robert Lakinstaff editorWritten by Sam Bourgistaff writerReviewed by Robert Lakinstaff editorCore Scientific revenue doubles in Q2 as AI colocation expansion acceleratesMarketsPublishedJul 28, 2026Core Scientific reported strong second-quarter revenue growth as AI colocation became its largest business, though a non-cash accounting charge resulted in a $1.15 billion net loss. Digital infrastructure company Core Scientific more than doubled its second-quarter revenue as rapid growth in its artificial intelligence and high-performance computing (HPC) colocation business continued to reshape its earnings profile following its pivot beyond Bitcoin mining.The company reported Tuesday that Q2 revenue increased to $164.2 million, up from $78.6 million a year earlier. Colocation revenue accounted for $136.7 million of the total, compared with just $10.6 million in the same period last year, while gross profit increased to $70 million from $5 million.Despite the revenue surge, Core Scientific reported a net loss of $1.15 billion, driven primarily by a non-cash accounting charge related to the rising value of outstanding warrants as its share price increased.The results underscore how several Bitcoin mining companies have diversified into AI and HPC infrastructure, seeking more stable, long-term revenue streams as demand for data center capacity surges.Once one of the world’s largest publicly traded Bitcoin miners, Core Scientific now generates the bulk of its revenue from colocation services while maintaining a comparatively modest Bitcoin treasury of fewer than 1,000 BTC, according to industry data.Core Scientific shares fell more than 4% following the earnings release, trimming its year-to-date gains.Core Scientific (CORZ) stock is up 36% this year. Source: Yahoo FinanceRelated: CoreWeave shows how crypto-era infrastructure quietly became AI’s backboneAMD partnership expands AI footprintAlongside its earnings, Core Scientific…

Core Scientific revenue doubles in Q2 as AI colocation expansion accelerates

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