Core Scientific just posted Q2 2026 numbers that tell two very different stories depending on which line item you’re reading. Total revenue hit $164.2 million, more than doubling the $78.6 million it reported in Q2 2025. But a $1.155 billion net loss, driven by a non-cash remeasurement of warrant and contingent value right liabilities, made the income statement look like a horror movie.
That massive loss is essentially an accounting artifact tied to Core Scientific’s rising stock price, not an operational blowup. Strip out the non-cash noise, and the underlying business is accelerating fast, powered almost entirely by AI colocation rather than the Bitcoin mining operation that originally defined the company.
AI colocation is now the main act
Colocation services generated $136.7 million in Q2, up sharply from $77.5 million in Q1 2026. That single segment now accounts 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, which the company says carries potential revenue exceeding $24 billion over the life of its contracts.
