Core Scientific (CORZ) Q2 2026: Revenue Doubles to $164M on HDC Ramp, AMD Deal Adds 2.5 GW Pipeline

Core Scientific (NASDAQ: CORZ) reported Q2 2026 revenue of $164.2 million, a 108.9% increase from $78.6 million in Q2 2025, as its high-density colocation business scaled rapidly from a standing start. Gross profit expanded to $70.0 million from $5.0 million in the year-ago quarter, reflecting the accelerating contribution of long-term colocation contracts. The company also disclosed a partnership with AMD with potential support for up to 2.5 GW of leasable capacity.

Q2 2026 Results

• Total revenue: $164.2 million, up 108.9% year-over-year from $78.6 million in Q2 2025
• Colocation revenue: $136.7 million in Q2 2026, compared with $10.6 million in Q2 2025, reflecting the ramp of high-density colocation services
• Gross profit: $70.0 million versus $5.0 million in Q2 2025
• Adjusted EBITDA: $41.1 million, up from $28.5 million in Q2 2025
• Capital expenditures: $797.5 million, compared with $121.3 million in Q2 2025, a 557.5% year-over-year increase reflecting active data center construction
• Liquidity: $1.82 billion as of June 30, 2026, versus $754.1 million a year earlier

What Drove the Results

The revenue acceleration was driven by billing megawatts reaching 395 MW in Q2 2026, versus a negligible base in Q2 2025, as Core Scientific converted leased capacity into active, revenue-generating customer deployments. Gross profit of $70.0 million represents a Q2 gross margin of 42.6%, a material improvement from the near-zero margin delivered a year ago when colocation was just beginning to ramp.

The GAAP net loss widened to $1.155 billion from $936.8 million in Q2 2025. The company stated the net loss was primarily driven by non-cash changes in the fair value of warrant liabilities, reflecting appreciation in Core Scientific's stock price during the quarter, rather than operational deterioration. Adjusted EBITDA of $41.1 million, which excludes non-cash items, reflects the underlying operating trajectory more directly.

Capital expenditure of $797.5 million in the quarter, more than six times the $121.3 million deployed in Q2 2025, underscores the scale of infrastructure investment underway. The company reported billing for 437 MW of capacity as of mid-July 2026, representing approximately $635 million in average annualized colocation GAAP revenue.

AMD Partnership and Contracted Revenue Pipeline

Core Scientific announced a partnership with AMD with the potential to support up to 2.5 GW of leasable capacity, anchored by 15-year agreements for approximately 530 MW across five sites and more than $14 billion of potential base contracted revenue. The company's total leased customer power capacity reached approximately 1.1 GW as of the release date, representing more than $24 billion of potential contracted revenue across its customer base. These long-duration agreements provide multi-year revenue visibility tied to physical capacity delivery rather than short-term demand cycles.

Wall Street View

Needham analyst John Todaro reiterated a Buy rating on Core Scientific with a $29 price target following the results. BTIG analyst Gregory Lewis also reiterated a Buy rating, maintaining a $38 price target. Both firms held their existing recommendations without change following the Q2 release.

Investor Takeaway

The Q2 print establishes that Core Scientific's pivot from Bitcoin mining to high-density colocation is producing real revenue at scale, with annualized colocation revenue now running at approximately $635 million based on mid-July billing. The $797.5 million in quarterly capital expenditure, while a significant balance sheet commitment, is largely backstopped by long-term contracted agreements: the AMD deal alone represents more than $14 billion of potential base contracted revenue across 15-year terms, suggesting the capex cycle is demand-driven rather than speculative. Investors watching the path to sustained GAAP profitability should note that warrant liability revaluation, a non-cash item tied to stock price appreciation, is the primary driver of the widening net loss figure.