Core Scientific revenue doubles in Q2 as AI colocation expansion accelerates

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...