TechFlow news, on February 27, according to The Block, Nasdaq-listed Core Scientific announced an expanded partnership with AI supercomputing company CoreWeave to build out its data center in Denton, Texas, expected to generate $1.2 billion in contract revenue. Following the announcement, the company's stock rose 12.29% in after-hours trading, increasing from its closing price of $10.02 to $11.25.
The expansion will add 70 megawatts of capacity to Core’s Denton site, bringing the total critical IT load to 260 megawatts. Adam Sullivan, CEO of Core Scientific, said: "By expanding capacity in Denton, we are building one of the largest GPU supercomputers in North America." After the expansion, the total high-performance computing (HPC) infrastructure contracts between Core Scientific and CoreWeave will reach approximately 590 megawatts across six sites, with cumulative expected revenue from the collaboration exceeding $10 billion.
Financial reports show that Core Scientific’s total revenue for 2024 was $510.7 million, up 1.6% year-on-year. Of this, cryptocurrency self-mining revenue amounted to $408.7 million, hosted mining revenue was $77.6 million, and HPC hosting revenue was $24.4 million. The company reported a net loss of $1.3 billion last year, widening from a net loss of $246.5 million in 2023, primarily due to a $1.4 billion fair value adjustment related to warrants and other contingent value rights.
