Core Scientific to exit Bitcoin mining by year‑end 2026 and become pure AI colocation provider
Core Scientific said it will wind down its remaining self‑mining operations in the fourth quarter of 2026 and start 2027 as a dedicated high‑density AI colocation business. Q3 2026 revenue reached $232.9 million, with colocation services accounting for about 92.5 % of sales. The company has contracted roughly 1.1 GW of AI‑focused capacity that is expected to generate about $1.8 billion of annual run‑rate revenue once fully delivered.
Why it matters
The shift moves the company away from volatile Bitcoin mining to higher‑margin, longer‑term colocation leases, which could improve profitability. Macquarie kept an Outperform rating but cut its price target to $25, reflecting a more modest near‑term outlook.
Key facts
- 1Q3 2026 revenue was $232.9 million. crowdfundinsider.com
- 2Colocation services contributed $215.4 million, or roughly 92.5 % of total revenue. crowdfundinsider.com
- 3Self‑mining revenue declined to $12.3 million. crowdfundinsider.com
- 4Core Scientific plans to complete the mining wind‑down in Q4 2026 and operate solely as an AI colocation provider in 2027. crowdfundinsider.com
- 5The firm has contracts for about 1.1 GW of capacity, projected to support $1.8 billion of average annual run‑rate revenue. crowdfundinsider.com
- 6Core Scientific sold 816 BTC in Q3 2026. tradingview.com
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.