Core Scientific projects $1.8 billion annual run-rate as it exits Bitcoin mining for AI colocation

The former Bitcoin miner is betting its future on long-term AI data center leases, with about 1.1 GW of contracted capacity lined up Core Scientific is close to finishing the move from Bitcoin miner to landlord for AI hardware. Management now expects its colocation business to generate an average annualized GAAP revenue run-rate of approximately $1.8 billion once its facilities are fully operational. That figure rests on long-term leases, not on whatever Bitcoin happens to be doing this week. The numbers behind the pivot The projection came alongside Core Scientific’s Q3 2026 earnings, reported on November 5, 2026. The quarter shows how far the transition has already progressed. Colocation revenue reached $215.4 million, which made up 92% of total revenue of $232.9 million. Bitcoin mining, once the core business, is now a rounding error on the income statement. The company posted sequential revenue growth of nearly 60% in the quarter. Billing capacity stood at 485 MW as of September 30, 2026. The contracted pipeline is substantial. Core Scientific has approximately 1.1 GW of contracted power capacity. That includes 590 MW under a long-term deal with CoreWeave. Another 530 MW is tie...