Key Highlights

Core Scientific successfully energized approximately 350 megawatts of capacity, marking a 64% increase from year-end figures, with roughly 200MW currently generating revenue
The company’s 590MW CoreWeave agreement is progressing at five locations, representing approximately $2 billion in total infrastructure investment
Total development pipeline reaches 1.5 gigawatts; CORZ acquired a new 265-acre property in Hunt County, Texas
The company missed its self-imposed deadline for securing a new hyperscale customer and revealed an accounting restatement involving material internal control weaknesses
On March 9, Director Eric Weiss acquired 7,000 CORZ shares at $14.53 each, increasing his position to 252,262 shares

Core Scientific (CORZ) is accelerating its transformation from cryptocurrency mining operations to AI data center infrastructure — though recent accounting complications and delayed customer acquisitions present notable challenges.

Core Scientific, Inc., CORZ

The firm disclosed approximately 350 megawatts of energized capacity, climbing from 213MW at the close of last year. This represents roughly a 64% quarter-over-quarter expansion. Management indicated that approximately 200 of these megawatts are currently revenue-generating, and emphasized that future updates will prioritize billable capacity metrics to provide clearer visibility into commercial traction.

The CoreWeave partnership remains the central growth narrative. This 590MW agreement now encompasses five operational AI infrastructure sites with approximately $2 billion in deployed capital and over five million logged labor hours. The Denton facility alone now features around 130 billable megawatts, representing nearly double its Q4 capacity.

Additional facilities including Marble, Muskogee Phase 1, and Dalton Phase 1 have reached full energization or are currently in commissioning phases. Each location is progressing toward billable status.

The company’s development pipeline has expanded to approximately 1.5 gigawatts — limited to projects with secured power arrangements or established pathways to interconnection. This represents an increase of roughly 600MW from the prior reporting period.

Facility Expansion and Strategic Developments

Core Scientific announced a contract for a 265-acre property in Hunt County, Texas, anticipated to deliver around 285 megawatts of leasable capacity following interconnection. The company is expanding its Dalton, Georgia campus to 450 megawatts of gross capacity, while the Pecos, Texas location is being transitioned from cryptocurrency mining to 200MW of AI colocation infrastructure within approximately twelve months.

Management detailed its “Operation Forward Observer” initiative — prioritizing the commissioning of initial data halls and securing long-lead equipment components early to minimize time-to-revenue cycles. The 30MW Auburn, Alabama facility already has critical infrastructure components on-site, with the initial 10MW phase targeted for late 2026.

Available liquidity stands at approximately $530 million following the January liquidation of roughly 1,900 Bitcoin for about $175 million. Management indicated the potential to access up to $4 billion in financing against stabilized CoreWeave-related assets if necessary.

Customer Acquisition Setback and Financial Restatement

Despite ongoing negotiations with multiple prospects, Core Scientific failed to execute a single new hyperscale customer agreement by its publicly announced deadline. While two facilities are operating under limited exclusivity arrangements, this shortfall represents a monitoring point for equity holders. CORZ continues deriving the majority of revenue from Bitcoin mining operations as AI infrastructure scales.

The company also disclosed an accounting restatement. External auditors identified demolition expenses that were improperly capitalized rather than immediately expensed. While management maintains this adjustment doesn’t impact reported revenue, adjusted EBITDA, or operating cash flows — CORZ will report a material weakness in internal financial controls for the subsequent four quarters.

Leadership attributed some customer engagement delays to reduced hyperscaler activity during its recent merger proceedings. Additionally, neocloud providers and AI research laboratories increasingly require investment-grade backing guarantees from established infrastructure partners, extending negotiation timelines.

Regarding insider activity, Director Eric Weiss purchased 7,000 CORZ shares on March 9, 2026 at $14.53 per share. His total position now stands at 252,262 shares. The stock currently trades at a P/E ratio of 13.21, below both the sector median of 21.65 and its historical average.

The post Core Scientific (CORZ) Stock: Insider Buys 7,000 Shares Amid AI Infrastructure Expansion appeared first on Blockonomi.

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Filed under: Bitcoin - @ March 11, 2026 10:10 am