Core Scientific Posts $347 Million Q1 Loss, Sells Bitcoin to Fund AI Data Center Pivot

Core Scientific was once a major North American Bitcoin miner and completed its bankruptcy restructuring on January 23, 2024. The April 20 halving that year cut block rewards from 6.25 Bitcoin to 3.125, while rising network hashrate further squeezed mining returns. The company has since redirected its power and data-center assets toward HPC and AI hosting, a transition critical to restoring revenue growth.

Core Scientific reported fourth-quarter 2025 revenue of $79.8 million on March 2, 2026, down 16% from a year earlier and below Wall Street's $90.4 million estimate. Its shares weakened following the announcement. The company sold more than 1,900 Bitcoin in January for about $175 million and plans to liquidate nearly all its remaining holdings in the first quarter. It is also expanding power capacity at sites including Pecos, Texas, as it advances its HPC and AI infrastructure buildout.