Technology
Core Scientific's Q2 FY2026 revenue more than doubled year-over-year to $164.2M driven by rapid colocation capacity ramp with CoreWeave, but the company posted a $1.16B net loss (vs $936.8M loss a year ago) largely due to a $1.05B non-cash change in fair value of warrants, while stockholders' equity remained deeply negative at -$2.42B following a major debt-funded capital raise for data center expansion.
Key risk: Single-customer revenue concentration with CoreWeave
HPC colocation revenue is currently derived from a single customer (CoreWeave), representing approximately 77% of total revenue for the six months ended June 30, 2026. The company competes for new customers against major data center REITs, hyperscalers, and purpose-built developers with greater resources, and failure to diversify leaves growth constrained and revenue highly exposed if CoreWeave reduces, delays, or terminates its commitments.