Core Scientific designs, builds, and operates large-scale data centers in the U.S., and is in the middle of a pivot from Bitcoin mining to high-density colocation (HDC) for AI and high-performance computing workloads. The company owns or leases ten data centers across seven states, representing approximately 920 MW of leasable customer power capacity. Core Scientific's HDC business provides customers with physical space, power, and cooling infrastructure under long-term, take-or-pay lease arrangements — customers bring and manage their own hardware. These contracts are typically structured as 10+ year leases where customers pay for reserved power capacity regardless of utilization, generating highly predictable recurring revenue. Core Scientific's anchor HDC customer is CoreWeave, an AI cloud provider, with whom Core Scientific has contracted approximately 590 MW of capacity, representing over $10B in contracted revenue potential. A notable feature of the CoreWeave relationship is that CoreWeave funds virtually all of the associated buildout CapEx, reducing Core Scientific's capital burden. Bitcoin self-mining — where Core Scientific operates its own fleet of miners and sells the Bitcoin rewards earned — generated the majority of 2025 revenue, but this segment is shrinking as facilities convert to HDC. Core Scientific is also winding down its legacy hosted Bitcoin mining segment. HDC is expected to become the dominant revenue stream in 2026 and beyond, with Core Scientific targeting full portfolio conversion to HDC over three years and a reduction of CoreWeave's share of billable capacity to below 50% by end of 2028 through new customer additions.