> ## Content Index > Fetch the complete content index at: https://www.sotkn.com/llms.txt > Use this file to discover other available public pages before exploring further. # What Does Core Scientific Do? The CoreWeave and AMD Landlord - URL: https://www.sotkn.com/stack/ai-data-centers/what-does-core-scientific-do/ - Published: 2026-10-24T13:19:38.000Z - Updated: 2026-10-24T13:19:38.000Z - Description: Core Scientific is a former Bitcoin miner that now leases powered AI data center halls: about 1.1 GW signed with CoreWeave, AMD and an unnamed neocloud, 437 MW billing by mid-July 2026, and one tenant still paying almost all the rent. - Author: Sean - Tags: #layer-ai-data-centers Core Scientific is a Nasdaq-listed US company that owns data center sites with large grid connections, builds high-density halls on them and leases those halls to AI companies on 12- to 15-year contracts. It was one of the largest US Bitcoin miners and still mines, but in the June 2026 quarter leasing (it calls it high-density colocation) brought in $136.7 million of its $164.2 million revenue. It has signed about 1.1 GW of critical IT capacity: about 590 MW to CoreWeave, 377 MW to AMD and 152 MW to a neocloud it does not name. In mid-July 2026, 437 MW was live and billing. `AI DATA CENTERS` · `Data as at 10 Sep 2026` · `Next update: after Core Scientific's Q3 2026 results (5 Nov 2026)` **Affects:** AI Data Centers · Neoclouds · US Core Scientific is the third former Bitcoin miner on the [AI Data Centers layer](https://www.sotkn.com/stack/ai-data-centers/), after [IREN](https://www.sotkn.com/stack/ai-data-centers/what-does-iren-do/) and [TeraWulf](https://www.sotkn.com/stack/ai-data-centers/what-does-terawulf-do/). Like TeraWulf and [Applied Digital](https://www.sotkn.com/stack/ai-data-centers/what-does-applied-digital-do/), it stops at the building: the tenant brings the computers. Its first and biggest tenant is [CoreWeave](https://www.sotkn.com/stack/neoclouds/what-does-coreweave-do/), which tried to buy it in 2025\. Read [What Is an AI Data Center?](https://www.sotkn.com/explained/what-is-an-ai-data-center/) and [Hyperscale vs Colocation Data Centers](https://www.sotkn.com/explained/hyperscale-vs-colocation-data-center/) first if the terms are new. **In short:** Core Scientific controls grid power and land in seven US states, builds data center halls and leases them on long take-or-pay contracts to AI tenants who run their own computers inside. It has about 1.1 GW of critical IT leased: about 590 MW to CoreWeave across five sites, mostly built, plus 529 MW signed in July 2026 with AMD and an unnamed neocloud, due from 2027 to 2028\. It says those contracts carry more than $24 billion of potential revenue. About 437 MW was billing in mid-July. The stuck step is moving from one tenant to three: CoreWeave was 77% of revenue in the first half of 2026, and the AMD halls are not built yet. *Education only, not advice to buy or sell any security. Figures are from Core Scientific's Form 10-Q for the quarter to 30 June 2026, its second-quarter results release and presentation and the AMD partnership release (all 28 July 2026), its releases of 14 and 27 August 2026, its Form 8-K of 10 September 2026 and its 2025 annual report, dated as shown. All $ figures are US dollars. MW here means critical IT load (what Core Scientific calls leasable or leased customer power) unless we say gross.* ## Numbers that matter Leased capacity \~1.1 GW CoreWeave \~590 MW at five sites + AMD 377 MW + an unnamed neocloud 152 MW · Jul 2026 **Contracted** Billing 437 MW Live and paying in mid-July 2026, about $635m of average annualised colocation revenue; 395 MW at 30 June **Paid** Contracted revenue $24bn+ Potential revenue on all leases: CoreWeave $10bn+ over 12 years, AMD and neocloud $14bn+ base over 15 years · Jul 2026 **Signed** Q2 2026 revenue $164.2m Colocation $136.7m, Bitcoin self-mining $21.5m, hosted mining $6.0m; adjusted EBITDA $41.1m · 28 Jul 2026 **Paid** Tenant concentration 77% CoreWeave's share of total revenue in the six months to 30 June 2026; all colocation revenue so far **Bind** Debt $4.39bn $3.3bn of 7.75% secured notes due 2031 + $1.085bn convertible notes; $1.82bn cash and bitcoin · 30 Jun 2026 **Funded** Status chips are Second Order's read. MW figures are critical IT load as Core Scientific reports it; its gross utility power (2,115 MW at 30 June 2026) is higher. Annualised revenue figures are the company's own estimates. ## What does Core Scientific actually do? Secure the power. Convert or build the hall. Lease it for 12 to 15 years. **Power first. Halls second. Tenants pay a fixed fee every month.** 1. **It holds sites with big grid connections.** At 30 June 2026 Core Scientific had 11 facilities in Alabama, Georgia, Kentucky, North Carolina, North Dakota, Oklahoma and Texas, with 2,115 MW of gross utility power under contract, up from 1,426 MW at the end of 2025\. In 2026 it bought land in Hunt County, Texas for about $233 million with a power agreement for about 430 MW of gross capacity, and in August it closed the purchase of Polaris DS next to its Muskogee, Oklahoma site for about $444 million, adding about 440 MW of in-service grid power. 2. **It turns mining sites into AI halls, and builds new ones.** Its first AI halls, for CoreWeave, were built at existing sites at Denton (Texas), Dalton (Georgia), Muskogee, Marble (North Carolina) and Austin. New capacity for AMD and the neocloud goes into Pecos and Hunt County (Texas), Auburn (Alabama), Dalton and Muskogee. Core Scientific estimates $11–12 million per MW as the average cost of its site build-outs, plus $1–2 million per MW of tenant fit-out. 3. **It leases each hall to a tenant on a long, fixed-fee contract.** CoreWeave's contracts run 12 years with two five-year options (Austin is seven years). The AMD and neocloud leases run 15 years with three five-year options. The tenant pays a fixed monthly fee for its capacity, plus power and utilities passed through without markup; Core Scientific runs the site around the clock. | Step | What it means | Where the risk sits | | -------------- | -------------------------------------------------------------------- | --------------------------------------------------------- | | Power and land | 2,115 MW gross grid power at 11 sites in seven states | Texas sites wait on ERCOT's final allocation for new load | | Halls | Converted mining sites plus new campuses at Hunt County and Muskogee | $11–12m per MW build cost; dates written into leases | | Leases | 12-year CoreWeave and 15-year AMD and neocloud contracts | CoreWeave pays nearly all of today's rent | | Credit support | AMD may cure the neocloud's defaults and protects its own equipment | AMD has the right, not the obligation, to step in | The pivot started in February 2024, a month after Core Scientific emerged from Chapter 11 bankruptcy, when it signed a 16 MW contract with CoreWeave at Austin. A 200 MW contract followed in June 2024, and options exercised through early 2025 took CoreWeave to about 590 MW across five sites. In July 2025 CoreWeave agreed to buy Core Scientific in an all-stock deal; Core Scientific's shareholders voted the deal down on 30 October 2025 and the agreement ended with no termination fee. The July 2026 deal with AMD is the second leg. AMD leased 377 MW at Pecos, Muskogee and Hunt County, and a neocloud leased 152 MW at Auburn and Dalton. AMD also holds a right, through 28 December 2028, to lease up to 1,925 MW more. "Our proven execution capabilities and ability to deliver high-density infrastructure at scale position us to support AMD's technology roadmap," chief executive Adam Sullivan said in the announcement. First deliveries are due at Pecos and Auburn in the first half of 2027, Dalton and Muskogee in the second half, Hunt County in the first half of 2028, with all 530 MW delivered by the end of 2028, according to the company's presentation. Bitcoin mining is being wound down to make room. Self-mining revenue fell to $21.5 million in the June 2026 quarter from $62.4 million a year earlier. In the first quarter Core Scientific took a $266.5 million impairment on mining equipment and sites, and in the second it paid to end a contract for new mining machines with Block, booking a $41.9 million loss. It held 848 bitcoin at 30 June 2026, down from 2,537 at the end of 2025. --- ## How does Core Scientific make money? Fixed monthly fees on leased halls, plus what is left of Bitcoin mining. In order: - **Colocation revenue**: $136.7 million in the June 2026 quarter, about 83% of total revenue of $164.2 million (our arithmetic: 136.7 ÷ 164.2), up from $77.5 million in the March quarter as billing capacity rose from 225 MW to 395 MW. Power is passed through to tenants without markup and counted inside revenue, with a matching cost. - **Bitcoin self-mining and hosting**: $21.5 million from mining for its own account and $6.0 million from hosting other miners' machines in the same quarter. - **Profit**: gross profit was $70.0 million and adjusted EBITDA $41.1 million in the quarter. The net loss of $1,155.3 million was mostly a $1,045.5 million non-cash charge from revaluing warrants and contingent value rights as the share price rose; that is not cash leaving the business. - **Contracted, not yet earned**: Core Scientific puts potential contracted revenue at more than $24 billion across about 1.1 GW. CoreWeave's contracts carry more than $10 billion over their terms, or about $850 million a year on average; the AMD and neocloud leases carry more than $14 billion of potential base revenue over 15 years. - **Customer money up front**: CoreWeave funds up to $1.5 million per MW (about $750 million in total) of the build-out, credited back against no more than half of each month's fee until repaid. Prepayments sat in deferred revenue of $654.4 million at 30 June 2026 (our arithmetic: $287.2m current + $367.2m non-current). **Our arithmetic.** CoreWeave's \~$850 million a year over \~590 MW is about $1.44 million per MW per year (850 ÷ 590). The AMD and neocloud base revenue of $14 billion over 15 years is about $933 million a year (14,000 ÷ 15), or about $1.76 million per MW per year over 529 MW (933 ÷ 529). Those are averages of the company's 'more than' figures, not rent rates, and Core Scientific has not said how they split between AMD and the neocloud. In mid-July, 437 of about 1,119 leased MW were billing, about 39% (437 ÷ 1,119). At its own $11–12 million per MW estimate, building 529 MW would cost roughly $5.8–6.3 billion before fit-out (529 × 11 and 529 × 12). **Who funds the build.** For CoreWeave's halls, partly CoreWeave itself through the capex credit, and partly bondholders: in May 2026 a Core Scientific subsidiary sold $3.3 billion of 7.75% senior secured notes due 2031, with CoreWeave's payments going into a lockbox tied to those notes. Principal repayments start at 11.5% a year of the original amount, about $379.5 million a year (our arithmetic: 3,300 × 11.5%), once rent has started and the related revenue credits have ended; the 10-Q assumes 15 November 2029\. Core Scientific gave noteholders an uncapped guarantee that it will finish the specified halls. It has not said how it will finance the AMD and neocloud halls. **Who gets paid.** Contractors and equipment makers at its construction sites; utilities in seven states; bondholders on 7.75% secured debt; and AMD, which holds a warrant to buy up to 30 million Core Scientific shares at $23.47, vesting at 12,222 shares per MW it leases. About 6.5 million vested with the July leases. **Who pays.** CoreWeave, AMD and the neocloud, monthly, for 12 to 15 years. Money sticks once a hall is handed over and billing starts; until then Core Scientific carries the build cost. --- ## What limits it? One tenant first. Building second. Texas power third. 1. **One tenant pays almost all the rent.** All colocation revenue so far comes from CoreWeave, 77% of total revenue in the first half of 2026\. During the half CoreWeave moved some of its contracts to a special-purpose subsidiary, CW SPV, though CoreWeave stays a primary obligor. Core Scientific's own 10-Q says its practical ability to collect from CoreWeave after a default would depend on CoreWeave's financial condition at the time. Our [CoreWeave credit Wire](https://www.sotkn.com/wire/coreweave-cds-1000-bp-gartner-neocloud-shakeout-wire/) tracks how lenders price that risk. 2. **The second and third tenants are still construction sites.** None of the 529 MW for AMD and the neocloud bills before 2027, and Hunt County not before 2028\. CoreWeave's own build is not finished either: at Dalton, about 30 of 175 leased MW was billing in mid-July, with completion due in early 2027. 3. **Texas power is not final.** On 10 September 2026 Core Scientific said ERCOT has conditionally approved its Pecos (300 MW existing plus 300 MW studied) and Hunt County (431 MW) power under the grid operator's Batch Zero process for large new loads, but final allocations and ramp schedules come only when that process ends. Denton's existing 297 MW is outside Batch Zero. Our note on [the Texas large-load rule](https://www.sotkn.com/markets/us/us-texas-large-load-rule-october-2026/) explains the queue. 4. **Unleased power costs money to hold.** The 27 August credit facilities include a $500 million letter-of-credit line for utility obligations, which the company expects to release about $300 million of restricted cash. Beyond the power earmarked for the AMD sites and AMD's expansion option, the company lists only about 170 MW of leasable power, at Calvert City, Kentucky and Grand Forks, North Dakota, as uncommitted. Where the filings are silent we say so. Core Scientific has not named the neocloud tenant, said how it will finance the AMD and neocloud halls, split the $14 billion between AMD and the neocloud, disclosed rent per MW on any lease, said how it will account for the AMD warrant, or given ERCOT's final allocations for Pecos and Hunt County, so we do not estimate those. --- ## Who else does this? Roles, not a league table. | Company | What it does | What makes it different | | ------------------------------------------------------------------------------------------------ | ------------------------------------------------- | ----------------------------------------------------------------------------------- | | **Core Scientific** | Owns power and halls; leases them for 12–15 years | \~1.1 GW leased to CoreWeave, AMD and a neocloud; AMD can lease up to 1,925 MW more | | **[TeraWulf](https://www.sotkn.com/stack/ai-data-centers/what-does-terawulf-do/)** | Another former miner leasing powered halls | 839 MW leased to Core42, Fluidstack and Anthropic; Google backstops Fluidstack | | **[Applied Digital](https://www.sotkn.com/stack/ai-data-centers/what-does-applied-digital-do/)** | Builds halls and leases them to GPU clouds | 1.41 GW leased, 250 MW live; never a large self-miner | | **[IREN](https://www.sotkn.com/stack/ai-data-centers/what-does-iren-do/)** | Owns power, halls and GPUs; rents compute | Carries GPU risk Core Scientific leaves to its tenants | | **[CoreWeave](https://www.sotkn.com/stack/neoclouds/what-does-coreweave-do/)** | GPU cloud and Core Scientific's main tenant | Leases \~590 MW; agreed to buy Core Scientific in 2025 before shareholders said no | What separates Core Scientific is the tenant mix it is moving to. TeraWulf and Applied Digital lease to clouds and AI labs; Core Scientific's newest tenant is a chipmaker, AMD, leasing capacity for its own customers' deployments and standing behind a neocloud's lease. That gives it a second large counterparty after CoreWeave, but most of that rent starts only in 2027 and 2028. --- ## What would change this view? The read on the model weakens if: - CoreWeave misses payments, renegotiates, or its SPV structure weakens Core Scientific's claim on the rent. - The Dalton build or the first AMD and neocloud deliveries at Pecos and Auburn slip well past 2027. - ERCOT's final Batch Zero allocation gives Pecos or Hunt County less power, or a slower ramp, than the leases need. - AMD does not take up any of its 1,925 MW option before it expires at the end of 2028. - Financing for the AMD and neocloud halls proves costlier than the 7.75% CoreWeave notes, or harder to raise. It stays intact while CoreWeave keeps paying, the Dalton halls finish in early 2027, the first AMD and neocloud halls bill on schedule, and Texas power is confirmed at the levels the leases assume. --- ## Practical takeaways - Core Scientific is a data center landlord with a shrinking Bitcoin business: it owns the power and halls, and its tenants own the computers. - About 1.1 GW leased to CoreWeave, AMD and an unnamed neocloud; 437 MW billing in mid-July 2026; more than $24 billion of potential contracted revenue. - CoreWeave's contracts average about $1.44 million per MW per year and the AMD and neocloud leases about $1.76 million (our arithmetic). - CoreWeave was 77% of revenue in the first half of 2026; AMD's halls start billing only from 2027. - The stuck step is going from one paying tenant to three: building 529 MW on time and getting final Texas power for it. --- ## FAQ **What does Core Scientific do?** Core Scientific is a Nasdaq-listed US company that owns data center sites with large grid connections and leases high-density halls to AI companies on 12- to 15-year contracts. The tenants bring their own computers. It also still mines some Bitcoin, a business it is winding down as it converts sites for AI tenants. **Is Core Scientific still a Bitcoin miner?** Partly. In the June 2026 quarter Bitcoin self-mining brought in $21.5 million of its $164.2 million revenue, while data center leasing brought in $136.7 million. It took a $266.5 million impairment on mining assets in early 2026 and held 848 bitcoin at 30 June 2026. **Who are Core Scientific's customers?** CoreWeave leases about 590 MW across Denton, Dalton, Muskogee, Marble and Austin. In July 2026 AMD leased 377 MW at Pecos, Muskogee and Hunt County, and a neocloud Core Scientific has not named leased 152 MW at Auburn and Dalton, with AMD providing credit support. CoreWeave was 77% of total revenue in the first half of 2026. **What is the Core Scientific AMD deal?** Signed on 27 July 2026: 15-year leases for 377 MW to AMD and 152 MW to a neocloud, worth more than $14 billion of potential base revenue. AMD can lease up to 1,925 MW more through 28 December 2028 and received a warrant for up to 30 million shares at $23.47, vesting with each MW it leases. Deliveries run from early 2027 to the end of 2028. **Did CoreWeave buy Core Scientific?** No. CoreWeave agreed to buy Core Scientific in an all-stock deal in July 2025, but Core Scientific's shareholders rejected it on 30 October 2025 and the agreement ended without a termination fee. CoreWeave remains its largest tenant. **Is Core Scientific a good investment?** We do not make buy or sell calls, and nothing here is a recommendation. We can tell you what it owns, how it gets paid and which numbers would change the picture. The decision is yours. --- ## Keep reading on the map - **The layers:** [AI Data Centers](https://www.sotkn.com/stack/ai-data-centers/) · [Neoclouds](https://www.sotkn.com/stack/neoclouds/) - **The terms:** [What Is an AI Data Center?](https://www.sotkn.com/explained/what-is-an-ai-data-center/) · [What Is a Data Center Lease?](https://www.sotkn.com/explained/data-center-lease-explained/) · [RPO vs Take-or-Pay](https://www.sotkn.com/explained/rpo-vs-take-or-pay/) - **The tenants:** [What Does CoreWeave Do?](https://www.sotkn.com/stack/neoclouds/what-does-coreweave-do/) · [AMD backs Fermi's Texas lease](https://www.sotkn.com/wire/amd-backs-fermi-222-mw-data-center-power-lease-wire/) - **Other miners and landlords:** [What Does TeraWulf Do?](https://www.sotkn.com/stack/ai-data-centers/what-does-terawulf-do/) · [What Does IREN Do?](https://www.sotkn.com/stack/ai-data-centers/what-does-iren-do/) · [What Does Applied Digital Do?](https://www.sotkn.com/stack/ai-data-centers/what-does-applied-digital-do/) · [Cipher's hall clock](https://www.sotkn.com/analysis/cipher-barber-lake-hall-clock-stuck-step-what-price-assumes/) - **Where it happens:** [US](https://www.sotkn.com/markets/us/) · [Texas large-load rule](https://www.sotkn.com/markets/us/us-texas-large-load-rule-october-2026/) The members cut on signed leases waiting for handover is already live: [If $1.1 trillion of signed leases waits on handover, where does cash stick?](https://www.sotkn.com/analysis/if-1-1-trillion-of-leases-waits-on-handover-where-cash-sticks/). This page stays the free Stack read of the Core Scientific model. ## Sean Writes Second Order by TKN — a plain-English map of AI infrastructure. Who gets paid, where money sticks, which step is stuck. Not investment advice. [Author page →](https://www.sotkn.com/author/sean/) · [Editorial standards →](https://www.sotkn.com/editorial-standards/) ## How we check this Figures come from Core Scientific's Form 10-Q for the quarter ended 30 June 2026, its second-quarter results release and earnings presentation and the Core Scientific–AMD release (all 28 July 2026), its Polaris release of 14 August 2026, its credit facilities release of 27 August 2026, its Form 8-K on Texas power of 10 September 2026 and its 2025 annual report of 2 March 2026, plus the peer filings listed below, each dated. Where we work something out ourselves, the arithmetic is shown in full. Core Scientific has not named the neocloud tenant, given a financing plan for the AMD and neocloud halls, split the $14 billion by tenant, disclosed rent per MW, set out the AMD warrant accounting or received final ERCOT allocations, so we do not estimate those. Social media posts and press reports are not used. **Last reviewed:** 24 Oct 2026 · **Next review:** after Core Scientific's Q3 2026 results (5 Nov 2026) or ERCOT's final Batch Zero allocation Spot an error? Tell us and we will correct it and note the change here. [Our editorial standards →](https://www.sotkn.com/editorial-standards/) ## References 1. Core Scientific, [Quarterly Report on Form 10-Q for the quarter ended June 30, 2026](https://www.sec.gov/Archives/edgar/data/1839341/000183934126000014/core-20260630.htm?ref=sotkn.com) (company, SEC filing), 28 Jul 2026 — capacity metrics (2,115 MW gross, 1,275 MW leasable, 590 MW leased, 395 MW billing), CoreWeave 77% of revenue and SPV assignment, AMD and Neocloud lease terms, AMD warrant, debt table, Senior Secured Notes amortisation and completion guarantee, Hunt County and Polaris terms, bitcoin holdings 2. Core Scientific, [Core Scientific Announces Second Quarter 2026 Results (Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1839341/000183934126000013/q22026corescientificinc-ea.htm?ref=sotkn.com) (company, SEC exhibit 99.1), 28 Jul 2026 — Q2 revenue, colocation revenue, gross profit, net loss, adjusted EBITDA, capex, liquidity, \~1.1 GW leased, $24bn+ contracted, 437 MW billing in mid-July 3. Core Scientific, [Second Quarter 2026 Earnings Call presentation (Exhibit 99.2)](https://www.sec.gov/Archives/edgar/data/1839341/000183934126000013/q2fy26earningsdeck728am.htm?ref=sotkn.com) (company, SEC exhibit 99.2), 28 Jul 2026 — leased MW by site and tenant, CoreWeave contract summary (\~$850m a year, capex credit, 80–85% margin target), AMD delivery schedule, $11–12m per MW build-cost estimate, uncommitted power, pro forma share count 4. Core Scientific and AMD, [Core Scientific and AMD Announce Infrastructure Partnership (Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1839341/000183934126000012/amdpr.htm?ref=sotkn.com) (company, SEC exhibit 99.1), 28 Jul 2026 — more than 500 MW for AMD from 2027, option to scale to 2.5 GW, market-priced warrants, AMD and Core Scientific quotes 5. Core Scientific, [Core Scientific Completes Acquisition of Polaris DS (Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1839341/000183934126000018/polarisclosingvf20260814.htm?ref=sotkn.com) (company, SEC exhibit 99.1), 14 Aug 2026 — \~440 MW of in-service gross power at Muskogee, \~$444m price, plan for \~1.5 GW gross / \~1.0 GW leasable, next \~82 MW from 2H 2027 6. Core Scientific, [Core Scientific Secures $600 Million of Senior Secured Credit Facilities (Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1839341/000183934126000021/revolverprvf.htm?ref=sotkn.com) (company, SEC exhibit 99.1), 27 Aug 2026 — $100m revolver and $500m letter-of-credit facility for utility obligations, pricing, \~$300m of restricted cash expected to be released 7. Core Scientific, [Current Report on Form 8-K: power status of Texas data centers](https://www.sec.gov/Archives/edgar/data/1839341/000183934126000023/core-20260910.htm?ref=sotkn.com) (company, SEC filing), 10 Sep 2026 — ERCOT status for Denton (297 MW + 74 MW), Pecos (300 MW + 300 MW studied, Batch Zero) and Hunt (431 MW, Batch Zero); final allocation pending 8. Core Scientific, [Annual Report on Form 10-K for the year ended December 31, 2025](https://www.sec.gov/Archives/edgar/data/1839341/000162828026013305/core-20251231.htm?ref=sotkn.com) (company, SEC filing), 2 Mar 2026 — 2025 revenue mix, history of the CoreWeave contracts, end of the CoreWeave merger agreement on 30 Oct 2025, emergence from Chapter 11 in Jan 2024, utility capacity by site, 325 employees 9. TeraWulf, [Q2 2026 Business Update presentation (Exhibit 99.2)](https://www.sec.gov/Archives/edgar/data/1083301/000108330126000162/terawulfq22026investorpr.htm?ref=sotkn.com) (company, SEC exhibit 99.2), 5 Aug 2026 — 839 MW leased by tenant, 2.1 GW pipeline by site, illustrative $10–12m per MW and \~85% NOI margin target, Lake Mariner lease amendments, debt and share count 10. Applied Digital, [Applied Digital Reports Fiscal First Quarter 2027 Results](https://ir.applieddigital.com/news-events/press-releases/detail/163/applied-digital-reports-fiscal-first-quarter-2027-results?ref=sotkn.com) (company), 7 Oct 2026 — 1.41 GW leased, 250 MW live, about $36bn contracted, HPC and hosting revenue, debt and cash