CORZ

Cluster: High‐Performance Computing (HPC) Expansion & Hosting

Commitment: 2025-05-07 (Doc 4 – Q1 2025 Earnings Call Transcript): Expand data center capacity by adding ~300 MW across existing sites (and target an additional 400 MW of new sites), with plans to achieve a combined 700 MW. This commitment supersedes earlier HPC capacity plans from February 2025.

✅ On Track | Certainty: 90%

Analysis: Recent earnings call remarks from 2025-05-07 confirm that the company is shifting its focus away from legacy plans, emphasizing the expansion of data center capacity with a clear target of 700 MW. The recency of this update overrides prior February plans.

Progress:* 2025-05-07 – Document 4 (Q1 2025 Earnings Call Transcript) confirms the strategy to add ~300 MW across existing sites and pursue an additional 400 MW at new sites.* Earlier plans from February 2025 have been superseded by the more extensive and recent 2025-05-07 update.

Commitment: 2025-05-07 (Doc 4): Execute CoreWeave contracts by building out 570 MW of total billable capacity – with tranche deliveries starting immediately and targets set for 250 MW in 2025 and 590 MW by early 2027.

✅ On Track | Certainty: 90%

Analysis: The earnings call from 2025-05-07 clearly outlines phased delivery targets under the CoreWeave contracts, with immediate tranches and defined future milestones. This structured approach aligns with the company’s recent strategic communications.

Progress:* 2025-05-07 – Document 4 details the execution steps and phased capacity targets (250 MW in 2025 and 590 MW by early 2027) for the CoreWeave contracts.* The phased approach is corroborated by related commentary on hosting strategy in recent updates.

Commitment: 2025-02-27 (Doc 3 – MD&A): Develop and refurbish facilities to support HPC workloads (leveraging 870 MW of billable power load across ten facilities), a commitment that is now updated by later 2025 initiatives.

✅ On Track | Certainty: 85%

Analysis: The MD&A update from 2025-02-27 provided solid plans for refurbishing facilities with an 870 MW power load. Although this commitment has been updated by later initiatives, the 2025-02-27 update establishes a clear baseline for refurbishment efforts in support of HPC workloads.

Progress:* 2025-02-27 – Document 3 (MD&A) outlines the refurbishment plans to achieve an 870 MW billable power load.* Later 2025 communications indicate that these efforts have been recalibrated but remain consistent with the company’s strategic pivot.

Commitment: 2025-05-07 (Doc 4): Transition from bitcoin mining operations to an emphasis on high-density colocation infrastructure to address AI-driven computing needs, reinforcing the strategic pivot toward HPC services.

✅ On Track | Certainty: 90%

Analysis: The transition noted in the 2025-05-07 update reflects a deliberate strategic shift. The emphasis on high-density colocation infrastructure aligns with market demand for AI-driven computing, with recent summaries underscoring this pivot.

Progress:* 2025-05-07 – Document 4 confirms the move away from solely bitcoin mining toward high-density colocation aimed at AI workloads.* The transition is reinforced by other updates (e.g., Document 3) indicating a broader reorientation toward HPC services.

Cluster: Bitcoin Mining Operations & Efficiency

Commitment: 2025-04-07 (Doc 6 – Production and Operations Updates for March 2025): Increase self‐mining bitcoin production (247 bitcoins in March 2025, up from 215 in February 2025) to demonstrate operational efficiency improvements.

✅ On Track | Certainty: 95%

Analysis: The production update on 2025-04-07 shows a clear improvement in self-mined bitcoin output, indicating operational efficiency gains. The increase from 215 to 247 bitcoins confirms progress and aligns with the commitment.

Progress:* 2025-04-07 – Document 6 highlights an increase in self-mined bitcoin production to 247 in March.* This performance improvement is directly compared to February’s figure (215), providing clear, measurable evidence.

Commitment: 2025-03-05 (Doc 7 – February 2025 Production and Operations Updates): Maintain and optimize self‐mining operations (215 bitcoins earned in February 2025) and support hosting services for approximately 7,000 customer‐owned miners.

✅ On Track | Certainty: 95%

Analysis: The February updates from 2025-03-05 confirm steady self‐mining operations with 215 bitcoins produced, alongside sustained support for customer-hosted miners. Consistent operational metrics and customer hosting services support this commitment.

Progress:* 2025-03-05 – Document 7 reports 215 self-mined bitcoins for February 2025.* The update also confirms the operational support for roughly 7,000 customer-owned miners, ensuring diversified revenue streams.

Commitment: 2025-02-05/2025-02-05 (Docs 14 & 15 – January 2025 Production and Operations Updates): Commit to bitcoin production targets (256 bitcoins in January 2025) and support robust hosting services for customer miners (hosting ~7,000 miners yielding ~17 bitcoins).

✅ On Track | Certainty: 95%

Analysis: January 2025 updates consistently report achieving the targeted production of 256 bitcoins and maintaining hosting services that yield about 17 bitcoins for customers. The recency and consistency reinforce that operational targets are being met.

Progress:* 2025-02-05 – Documents 14 and 15 record production of 256 bitcoins in January 2025.* Evidence also confirms customer hosting services for approximately 7,000 miners with a yield of around 17 bitcoins.

Commitment: 2024-06-05 to 2024-01 (Earlier documents): Multiple commitments on deploying new Bitmain S19/S21 miners and improving fleet energy efficiency; these have been updated by the higher production and efficiency targets noted in 2025 documents.

✅ On Track | Certainty: 80%

Analysis: While earlier 2024 documents outlined numerous mining and efficiency initiatives, the 2025 updates have replaced these with higher targets. The latest data confirm that the company has built on earlier commitments with improved figures, superseding the older information.

Progress:* 2025 updates (Documents 6, 7, 14 & 15) show improved production metrics compared to older targets from 2024.* The newer targets override the earlier commitments, confirming an upward trend in operational efficiency.

Cluster: Capital Structure, Financing & Financial Restructuring

Commitment: 2025-01-27 (Docs 16 & 17 – Convertible Senior Notes Offering): Announce and price convertible senior notes offerings (initial $500–$550 million with an option for up to $75 million more) due 2031.

✅ On Track | Certainty: 90%

Analysis: The recent updates on January 27, 2025 (Docs 16 & 17), demonstrate that the company has successfully announced and priced the convertible senior notes offering. This modern offering updates and supersedes prior financing plans.

Progress:* 2025-01-27 – Documents 16 and 17 detail the pricing and terms of the convertible senior notes, including the increased offering size.* These updates confirm the new financing strategy aimed at strengthening liquidity and supporting operational growth.

Commitment: 2024-12-02 to 2024-12-03 (Docs 21, 22 & 37): Commitments to use proceeds from convertible notes for debt repayment and general corporate purposes—now superseded by the 2025 offerings.

✅ On Track | Certainty: 85%

Analysis: Earlier 2024 commitments regarding the use of convertible note proceeds for debt repayment have been effectively superseded by the more recent 2025 notes offering. The update indicates a clear evolution in the financing strategy.

Progress:* 2024-12-02/03 – Documents 21, 22, and 37 originally detailed proceeds usage, but these are now replaced by the January 2025 offering.* The latest financing update confirms that the 2025 convertible notes offering is the current strategic priority.

Commitment: 2024-08-14 & 2024-08-13 (Docs 34 & 35): Repayment of outstanding loans and redemption of senior secured notes as part of balance sheet strengthening.

✅ On Track | Certainty: 85%

Analysis: Documents from August 2024 showed proactive steps in loan repayment and note redemption. Although these actions have laid the foundation for the newer 2025 offerings, they continue to contribute to an overall stronger balance sheet.

Progress:* 2024-08-14 & 2024-08-13 – Documents 34 and 35 detail significant repayment and redemption measures.* These actions underpin the ongoing debt reduction and support the updated financing strategy in 2025.

Commitment: Ongoing liquidity and financial flexibility commitments (as reflected across multiple documents).

✅ On Track | Certainty: 90%

Analysis: The company’s continuous efforts in maintaining liquidity and ensuring financial flexibility remain evident across both 2024 and 2025 documents. The recent notes offering reinforces this ongoing commitment.

Progress:* Multiple updates across 2024 and 2025 (including Docs 16, 17) underscore a sustained effort to preserve liquidity.* The overall strategy confirms that the company is well-positioned for future growth and operational pivots.

Cluster: Energy Efficiency, Power Consumption Reduction & Grid Support

Commitment: 2025-04-07 (Doc 6): Reduce power consumption at data centers by delivering 35,295 MWh to local grids in March 2025, exemplifying ongoing efficiency improvements.

✅ On Track | Certainty: 95%

Analysis: The March 2025 update clearly states that 35,295 MWh were delivered to local grids, demonstrating tangible, measurable progress towards energy efficiency and grid support.

Progress:* 2025-04-07 – Document 6 shows a delivery of 35,295 MWh, meeting the stated target.* This figure provides strong, recent evidence of operational improvements in energy management.

Commitment: 2025-03-05 (Doc 7): Commit to grid support by delivering 50,373 MWh in February 2025.

✅ On Track | Certainty: 95%

Analysis: The February data confirms that Core Scientific delivered 50,373 MWh to local grids, supporting its grid support commitment with clear quantitative evidence.

Progress:* 2025-03-05 – Document 7 confirms the delivery of 50,373 MWh as planned.* The report reinforces the company’s continuous focus on energy efficiency.

Commitment: 2025-02-05 (Docs 14 & 15): Report power reduction commitments in January 2025 with deliveries around 48,236 MWh, updating previous targets.

✅ On Track | Certainty: 95%

Analysis: January 2025 updates from Docs 14 and 15 provide a measured delivery figure (approximately 48,236 MWh), consistent with the company’s strategic emphasis on improving power consumption metrics.

Progress:* 2025-02-05 – Documents 14 and 15 detail delivery figures of about 48,236 MWh in January 2025.* These updates confirm that energy reduction targets are being met and even updated from earlier plans.

Commitment: Earlier documents (2024 series) include similar commitments on power allocation and grid support—the 2025 figures now serve as the most recent metrics superseding those earlier targets.

✅ On Track | Certainty: 90%

Analysis: While earlier 2024 documents presented similar power allocation commitments, the 2025 updates provide the most current and relevant metrics, clearly superseding previous targets.

Progress:* 2024 data has been replaced with more precise 2025 figures from Documents 6, 7, 14, and 15.* The updated metrics solidify the company’s ongoing commitment to energy efficiency and grid support.

Cluster: Management, Leadership & Organizational Transitions

Commitment: 2025-05-16 (Doc 1 – Appointment Announcement): Appointment of Elizabeth Crain to the Board of Directors to bolster financial leadership and support long-term growth strategies.

✅ On Track | Certainty: 95%

Analysis: The appointment of Elizabeth Crain, as reported on 2025-05-16, is a clear and recent step in strengthening the company's leadership. The update aligns with the strategic goal of reinforcing governance during a period of transformation.

Progress:* 2025-05-16 – Document 1 confirms Elizabeth Crain’s appointment to the Board of Directors.* This leadership change directly supports long-term strategic objectives.

Commitment: 2025-03-03 (Doc 8 – Planned CFO Transition Announcement): Transition to a new CFO, Jim Nygaard, effective March 17, 2025, with a seamless transition plan ending by May 1, 2025.

✅ On Track | Certainty: 95%

Analysis: The CFO transition announcement on 2025-03-03 clearly outlines the timeline and process for appointing Jim Nygaard. The detailed transition plan and definitive dates give strong evidence of effective leadership management.

Progress:* 2025-03-03 – Document 8 details the CFO transition effective March 17, 2025, with a planned completion by May 1, 2025.* The recency and clarity of this update underscore a smooth leadership change.

Commitment: Earlier leadership transition updates (e.g., from late 2024 and early 2024 documents) have been integrated into these recent 2025 commitments.

✅ On Track | Certainty: 90%

Analysis: Recent 2025 announcements have consolidated prior leadership transition efforts, ensuring that the current management team reflects the latest strategic direction. The integration of earlier updates into the new structure confirms evolution and improvement.

Progress:* Previous leadership transition documents from 2024 have been effectively superseded by the 2025 updates (Documents 1 and 8).* The updated structure is evidence of a unified and forward-looking governance strategy.

Cluster: Market Diversification & Customer Base Expansion

Commitment: 2025-05-07 (Doc 4): Diversify the customer base by reducing reliance on CoreWeave and engaging additional hyperscale cloud and large enterprise customers—targeting less than 50% reliance on CoreWeave by 2028, thereby superseding earlier market concentration strategies.

✅ On Track | Certainty: 90%

Analysis: The 2025-05-07 update in Document 4 outlines a clear strategy to reduce reliance on CoreWeave and expand the customer base. The target of less than 50% reliance by 2028 provides measurable guidance, and the recency of the update reinforces its validity.

Progress:* 2025-05-07 – Document 4 specifies the diversification strategy and new customer engagement efforts.* The strategy explicitly replaces earlier market concentration initiatives with updated, measurable targets.

Commitment: 2025-05-07 (Doc 4): Advance CoreWeave contracts and execute on delivering segmented capacity tranches, ensuring expanded and stable revenue streams through long-term customer agreements.

✅ On Track | Certainty: 90%

Analysis: This commitment, detailed in the same 2025-05-07 update, reinforces the dual focus on both contractual execution and customer diversification. The segmented capacity tranches offer visibility into long-term revenue stability.

Progress:* 2025-05-07 – Document 4 includes execution details for CoreWeave contracts with segmented delivery targets.* The update strongly supports the commitment to diversified revenue streams and improved customer engagement.

Commitment: 2025-01-09 (Doc 18 – Strategic Marketing Hire): Commit to strengthening brand presence and market leadership through the appointment of a new CMO, emphasizing long-term customer and market expansion.

✅ On Track | Certainty: 95%

Analysis: The strategic marketing hire announced on 2025-01-09 provides a clear signal that the company is actively investing in market diversification and enhanced brand presence. This appointment is a critical component of the overall diversification strategy.

Progress:* 2025-01-09 – Document 18 confirms the appointment of a new CMO to drive brand and market expansion.* The hire is directly linked to broadening the customer base and strengthening market positioning.

Commitment: Earlier diversification efforts from 2024 and prior documents have been updated by the 2025 commitments.

✅ On Track | Certainty: 85%

Analysis: While earlier diversification documents set the stage, the 2025 updates comprehensively refine and update the customer expansion strategy. The evolution from old to new targets confirms strategic progression.

Progress:* Previous diversification efforts have been superseded by the clear targets and hiring decisions in the 2025 updates.* The updated strategy is now firmly integrated into current market expansion initiatives.

Cluster: Emergence, Restructuring & Reorganization Post‐Chapter 11

Commitment: 2024-01-23 (Doc 62 – Emergence from Chapter 11 and Reorganization Update): Commit to a $400 million debt reduction through conversions, execute a multi-year growth plan, and increase operational capacity—all as part of the reorganization plan.

✅ On Track | Certainty: 90%

Analysis: The post–Chapter 11 update from 2024-01-23 outlines significant debt reduction and a clear growth plan that have been instrumental in the company’s restructuring. The confirmed debt reduction and growth initiatives provide strong evidence of successful reorganization.

Progress:* 2024-01-23 – Document 62 details the $400 million debt reduction and multi-year growth plan.* This update is a cornerstone of the company’s post-emergence strategy and confirms enhanced operational capacity.

Commitment: 2024-01-16 to 2024-01-05 (Docs 64–66): Announcements and filings related to establishing a new board, executing an equity rights offering, and confirming emergence from Chapter 11.

✅ On Track | Certainty: 90%

Analysis: A series of documents from January 2024 confirm key milestones in the reorganization process, including board restructuring and the equity rights offering. These actions collectively signify a successful emergence from bankruptcy.

Progress:* 2024-01-16 to 2024-01-05 – Documents 64–66 provide evidence of new board appointments and the execution of an equity rights offering that supports the restructuring plan.* The consolidation of these actions confirms that the reorganization milestones have been achieved.

Commitment: 2023-12 series (Docs 69–77): A range of commitments including extending equity rights, finalizing global settlements, and preserving jobs, which laid the groundwork for the successful reorganization and are now reflected in the company’s post-emergence strategic agenda.

✅ On Track | Certainty: 90%

Analysis: The December 2023 documents capture the final preparatory steps for the reorganization, including global settlements and measures to protect jobs. These commitments have provided a robust foundation for the company’s emergence and subsequent strategic direction.

Progress:* 2023-12 series – Documents 69–77 capture key restructuring measures that ensured a smooth exit from Chapter 11.* The integrated outcomes are now part of the company’s ongoing strategic agenda, reinforcing long-term stability.

Commitment: Subsequent 2024 updates (Docs 67–68) further confirm that the efforts to restructure, improve liquidity, and realign the balance sheet have culminated in a stronger financial position as Core Scientific emerges from bankruptcy.

✅ On Track | Certainty: 90%

Analysis: Additional 2024 updates reaffirm the success of the restructuring process, highlighting improvements in liquidity and balance sheet strength. These updates build confidence in the company’s post–Chapter 11 strategic outlook.

Progress:* 2024-01 updates (Docs 67–68) confirm that restructuring efforts are yielding a stronger financial position.* The cumulative evidence supports a stable emergence and a positive outlook for future growth.