Core Scientific’s AI Colocation Revenue Jumps to $215M as Mining Role Shrinks

TL;DR: Core Scientific reported $215.4 million in third-quarter colocation revenue, nearly 60% above the prior quarter, while billing 485 MW of capacity. Its results show how an operator once known for Bitcoin mining is building a much larger business around contracted AI infrastructure. Some Bitcoin mining companies have talked about their artificial-intelligence ambitions for years. Core Scientific’s latest financials show what that transition looks like once facilities begin producing substantial revenue from customers. According to its November 5 earnings release, the company generated $215.4 million of colocation revenue in the third quarter of 2026, up from $136.7 million in the second quarter and $15 million a year earlier. Total quarterly revenue reached $232.9 million. Billing capacity is replacing hashrate as the central metric Core Scientific said it was billing for 485 megawatts as of September 30, representing more than $700 million in average annualised colocation GAAP revenue. That is a different unit of operating performance from hashrate or Bitcoin produced. It describes contracted power and computing infrastructure delivered to tenants. The move is important becau...