Core Scientific reported third quarter 2026 revenue of $232.9 million, significantly exceeding analyst estimates of $196.85 million. The company's strategic pivot toward high-density colocation (HDC) for AI workloads drove a 57% sequential increase in colocation revenue, while Adjusted EBITDA margins expanded from 25% to 57%.

Key Highlights

  • Colocation revenue rose to $215.4 million, driven by the continued delivery of billing megawatts under major contracts.
  • Billing capacity reached 485 MW as of September 30, 2026, representing over $700 million in average annualized colocation revenue.
  • Net income for the quarter was $1.18 billion, primarily driven by a $1.03 billion non-cash gain related to the change in fair value of warrant liabilities.