Core Scientific posts $265M Q4 loss, unveils $1.2B data center plan
Core Scientific sees potential for over $10 billion in cumulative revenue with the artificial intelligence hyperscaler CoreWeave.
Bitcoin mining company Core Scientific unveiled plans for a $1.2 billion data center expansion in partnership with artificial intelligence startup CoreWeave. The announcement followed the company’s fourth-quarter 2024 earnings report, which showed a net loss of $265 million.
On Feb. 26, the Bitcoin (BTC) mining company published its fourth quarter and full-year results for 2024. It reported a net loss of $265.5 million in Q4, largely attributed to a $224.7 million “non-cash mark-to-market adjustment to warrants and other contingent value right liabilities.”
The company said the adjustment was necessary due to a significant year-over-year increase in its stock price, requiring it to update the accounting of financial obligations. Core Scientific emphasized that the loss did not represent actual cash outflows.
