Core Scientific reported Q2 revenue doubled as AI colocation became its largest business segment, demonstrating rapid pivot from Bitcoin mining.

Core Scientific reported Q2 2026 revenue of $164.2 million, more than doubling the $78.6 million from Q2 2025. The company posted a $1.155 billion net loss, driven by a non-cash remeasurement of warrant and contingent value right liabilities tied to its rising stock price—an accounting artifact rather than an operational failure. The same dynamic produced a $936.8 million loss in Q2 2025.

Strip out the non-cash noise, and the underlying business is accelerating rapidly, powered almost entirely by AI colocation rather than Bitcoin mining. Colocation services generated $136.7 million in Q2, up sharply from $77.5 million in Q1 2026, and now account for roughly 83% of total revenue.

By mid-July 2026, Core Scientific was billing for 437 MW of leased customer power capacity, up from 395 MW during Q2. Total leased customer power capacity sits at approximately 1.1 GW, carrying potential revenue exceeding $24 billion over the life of its contracts. Adjusted EBITDA rose to $41.1 million for the quarter, while liquidity remained at $1.819 billion, including cash and digital assets. The company spent $797.5 million in capital expenditures during Q2 alone.

On July 28, Core Scientific announced a strategic partnership with AMD comprising 15-year agreements covering approximately 530 MW across five sites, with potential base revenue exceeding $14 billion. The arrangement could eventually scale to 2.5 GW of capacity. AMD gains purpose-built infrastructure for its AI workloads without building and operating data centers; Core Scientific secures a blue-chip anchor tenant and a 15-year revenue commitment.

The sequential revenue jump from $115.2 million in Q1 to $164.2 million in Q2 reflects the colocation ramp. With 437 MW currently billing and a pipeline that could reach 2.5 GW through the AMD relationship alone, Core Scientific's quarterly capex outlay represents a concentrated bet on sustained AI infrastructure demand—a fundamental shift for investors who bought the stock as a Bitcoin proxy.