Core Scientific’s $24B AI comeback faces debt test

Core Scientific’s transformation from bankrupt Bitcoin miner to U.S. artificial intelligence infrastructure provider accelerated during the second quarter of 2026. Summary Core Scientific reported 1.1 gigawatts leased, representing over $24 billion in total potential contracted revenue. Second-quarter colocation revenue reached $136.7 million, while self-mining revenue declined to $21.5 million during 2026. AMD agreements cover five sites and 530 megawatts, with deployments scheduled to begin during 2027. Core Scientific spent $954.2 million on capital expenditures during 2026’s first six months, filings show. Long-term debt reached approximately $4.3 billion as AI construction increased financing needs and execution risks. The company reported approximately 1.1 gigawatts of leased customer power capacity and more than $24 billion in potential revenue under long-term contracts. The July 28 results also showed that high-density colocation had become the company’s largest business. Colocation produced $136.7 million of Core Scientific’s $164.2 million in quarterly revenue. Digital asset self-mining contributed $21.5 million. The turnaround is supported by signed contracts with CoreWe...