CORZ

Cluster: HPC and Data Center Expansion & Transformation

Commitment: Published 2025-05-07 – Commitment to advance the build-out of billable capacity for CoreWeave with targets of 250 MW in 2025 and further expansion by early 2027.

✅ On Track | Certainty: 95%

Analysis: Recent updates from the Q1 2025 earnings call and financial results (Documents 4 and 5, both dated 2025-05-07) confirm that the company is on pace to deliver 250 MW of billable capacity by year‑end. The delivery of the first tranche (8 MW) and the ongoing construction efforts support the commitment. The focus on expansion is consistently reiterated, with no conflicting evidence from older documents.

Progress:* 2025-05-07 – Q1 2025 Earnings Call transcript confirms the transition in capacity delivery and the target of 250 MW by 2025.* 2025-05-07 – Fiscal First Quarter 2025 Financial Results report explicitly states the on-track status for CoreWeave’s billable capacity.

Commitment: Published 2025-02-27 – Commitment to transition from traditional bitcoin mining to high-density colocation services along with constructing and refurbishing facilities (e.g., converting ten facilities, utilizing 870 MW of power) to support AI and HPC workloads.

✅ On Track | Certainty: 90%

Analysis: Evidence from the 2025-02-27 Management’s Discussion (Document 3) highlights the strategic shift toward high-density colocation services and facility refurbishment. This update details facility conversions to support AI and HPC, aligning with the declared commitment. No recent update contradicts this direction; rather, it reinforces the shift away from solely bitcoin mining.

Progress:* 2025-02-27 – Management’s Discussion and Analysis (Document 3) confirms the strategic transition and refurbishment of facilities.* 2025-05-07 – Q1 2025 Earnings Call (Document 4) reiterates the focus on colocation and diversification of infrastructure.

Commitment: Published 2025-02-26 – Commitment to contract additional HPC hosting capacity, including expanding infrastructure and diversifying the customer base (e.g., targeting less than 50% dependency on CoreWeave by 2028).

✅ On Track | Certainty: 90%

Analysis: Updates in recent earnings calls (Documents 4 and 5) discuss long‐term contracts and initiatives to diversify HPC hosting customers. The explicit target to reduce dependency on CoreWeave, as seen in these documents, supports this commitment. The evidence shows active contracting and planned diversification.

Progress:* 2025-05-07 – Q1 2025 Earnings Call (Document 4) indicates efforts to engage additional HPC hosting customers.* 2025-05-07 – Fiscal First Quarter 2025 Financial Results (Document 5) highlights strategic diversification away from single-provider dependency.

Commitment: Published 2025-02-26 – Expansion of HPC infrastructure at the Denton, TX site with plans to add 70 MW and target a total of 590 MW across multiple sites.

✅ On Track | Certainty: 95%

Analysis: A dedicated update (Document 11, published 2025-02-26) confirms the $1.2 billion expansion at Denton, TX that includes adding 70 MW. This document describes the overall strategy to reach 590 MW across multiple sites. The recent nature of the update and its detailed figures reinforce that the commitment is being met.

Progress:* 2025-02-26 – Announcement of $1.2 Billion Expansion at Denton, TX (Document 11) clearly states the addition of 70 MW with a target of 590 MW.* 2025-05-07 – Q1 2025 Earnings Call (Document 4) supports the focus on large-scale HPC facility upgrades.

Commitment: Published 2025-02-26 – Infrastructure expansion to 1,300 MW of powered capacity by year‑end 2024 (confirming the broader strategic push into HPC and colocation).

✅ On Track | Certainty: 90%

Analysis: Although this commitment references an earlier timeline (year‑end 2024), recent reports reiterate the strategic emphasis on expanding powered capacity for HPC and colocation. Updates (e.g., Document 12 from early 2025) note that earlier convertible and expansion measures have been superseded by the new 2025 initiatives, confirming that the strategy remains focused on high capacity.

Progress:* 2025-02-26 – Earlier commitments noted in Document 10 and Document 12 confirm that the 1,300 MW expansion was part of the strategic foundation.* Newer 2025 initiatives are built on that foundation, reinforcing continued infrastructure growth.

Commitment: Published 2025-02-19 – Commitment to establish a new high-performance computing facility in Auburn, Alabama, including significant local workforce expansion and economic contributions.

✅ On Track | Certainty: 95%

Analysis: The expansion announcement for Auburn, Alabama (Document 13, published 2025-02-19) clearly confirms plans to launch a new HPC facility with a starting capacity of 16 MW and further room for growth. The documented workforce expansion and local economic benefits align well with the commitment, and this update is the most recent evidence for the Auburn project.

Progress:* 2025-02-19 – Expansion Announcement of New High-Performance Computing Facility in Auburn, Alabama (Document 13) details facility capacity, investment figures, and workforce plans.* Industry commentary in related documents supports the broader strategic transit into HPC and colocation.

Cluster: Strategic Transition & Diversification

Commitment: Published 2025-05-07 – Commitment to transition from Bitcoin mining to colocation infrastructure, with expected gradual reduction in mining revenue as colocation efforts ramp up.

✅ On Track | Certainty: 95%

Analysis: The Q1 2025 earnings call (Document 4, 2025-05-07) emphasizes the company’s active shift from bitcoin mining to colocation. The update explains that as colocation capacity is built out, the revenue mix is expected to gradually shift, reinforcing the commitment. There is no conflicting evidence from recent updates.

Progress:* 2025-05-07 – Q1 2025 Earnings Call (Document 4) highlights the transformational shift to colocation infrastructure.* 2025-02-27 – Management discussion (Document 3) supports the strategic focus on diversifying revenue streams away from mining.

Commitment: Published 2025-02-27 – Strategic shift from traditional bitcoin mining towards leveraging existing infrastructure for diversified high-density colocation services.

✅ On Track | Certainty: 90%

Analysis: The 2025-02-27 update (Document 3) clearly outlines the strategic shift away from conventional mining operations, detailing how existing infrastructure is being repurposed for high-density colocation applications. The evidence supports a robust reorientation of resources, consistent with the commitment.

Progress:* 2025-02-27 – Management’s Discussion and Analysis (Document 3) confirms the use of existing facilities for colocation services.* 2025-05-07 – Q1 2025 Earnings Call (Document 4) reflects on the operational transition to diversified infrastructure services.

Commitment: Published 2025-02-26 – Diversifying the customer base by targeting non-CoreWeave engagements and signing long-term HPC hosting agreements to reduce reliance on a single partner.

✅ On Track | Certainty: 90%

Analysis: Recent updates (Documents 4 and 5, dated 2025-05-07) detail efforts to secure long-term contracts with a broadened customer base. This diversification strategy is clearly underway, as indicated by discussions of reducing dependency on CoreWeave to below 50% by 2028. The evidence remains current and consistent with the commitment.

Progress:* 2025-05-07 – Q1 2025 Earnings Call (Document 4) mentions initiatives to attract new HPC hosting customers.* 2025-05-07 – Fiscal First Quarter Financial Results (Document 5) emphasize diversification beyond CoreWeave.

Commitment: Published 2025-02-26 – Commitment to execute on existing HPC contracts while identifying additional contracts, reinforcing the strategic diversification away from solely bitcoin-focused operations.

✅ On Track | Certainty: 90%

Analysis: Complementary to other diversification initiatives, discussions in the management updates (Documents 4 and 5) confirm that the company is focused on executing current HPC agreements and actively seeking new partnerships. This reinforces the strategic move away from a bitcoin-only revenue model.

Progress:* 2025-05-07 – Q1 2025 Earnings Call (Document 4) highlights the execution of existing HPC contracts.* 2025-05-07 – Financial results (Document 5) note further steps to identify and secure additional contracts.

Cluster: Bitcoin Mining Operations & Energy Efficiency

Commitment: Published 2025-04-07 – Commitment to increase self-mined bitcoin production, recording an increase from 215 (February 2025) to 247 bitcoins (March 2025).

✅ On Track | Certainty: 95%

Analysis: Document 6, published on 2025-04-07, explicitly confirms that self-mined bitcoin production increased to 247 in March 2025 from 215 in February, exactly aligning with the commitment’s numerical targets. This clear measurable indicator demonstrates progress.

Progress:* 2025-04-07 – Production and Operations Updates for March 2025 (Document 6) report the increase to 247 self-mined bitcoins.* 2025-03-05 – February production updates (Document 7) provide the baseline figure of 215 bitcoins.

Commitment: Published 2025-03-05 – Ongoing optimization of self-mining operations, with consistent production levels and a focus on energy efficiency (e.g., average fleet efficiency of 24.4 J/TH).

✅ On Track | Certainty: 90%

Analysis: The February update (Document 7, published 2025-03-05) confirms consistent bitcoin production numbers and cites an average fleet efficiency of 24.4 J/TH. Subsequent reporting in March (Document 6) shows continued operational consistency and minimal efficiency drift, thereby supporting the commitment.

Progress:* 2025-03-05 – February production update (Document 7) details operation levels and efficiency metrics.* 2025-04-07 – March update (Document 6) corroborates ongoing operational optimization.

Commitment: Published 2025-02-05 – Commitment to deliver robust hosting services for approximately 7,000 customer-owned bitcoin miners, generating around 17 bitcoins, while also reducing power consumption by delivering high megawatt-hour outputs to local grids.

✅ On Track | Certainty: 95%

Analysis: Documents 6, 14, and 15 consistently report that customer-owned miners have generated about 17 bitcoins in the relevant periods. Furthermore, multiple updates detail significant megawatt-hour contributions to local grids, confirming the dual focus on hosting services and energy efficiency.

Progress:* 2025-02-05 – Production and Operations Updates (preceding periods in Documents 14 and 15) report exactly 17 bitcoins earned by customer-hosted miners.* 2025-04-07 – March update (Document 6) reinforces robust hosting outcomes combined with documented power delivery metrics.

Commitment: Published 2025-01-06 – Commitment anchored on maintaining high levels of bitcoin production (e.g., 291 bitcoins in December 2024) alongside data center hosting services.

✅ On Track | Certainty: 90%

Analysis: The December 2024 update (Document 19, published 2025-01-06) confirms that bitcoin production was maintained at 291 bitcoins, supporting the claim of high production levels. This, paired with continuous hosting service metrics, indicates that the commitment is being upheld.

Progress:* 2025-01-06 – Production and Operations Updates for December 2024 (Document 19) confirm the 291 bitcoin production figure.* 2025-02-05 and subsequent updates consistently report related hosting service performance.

Cluster: Financial Strategy & Capital Management

Commitment: Published 2025-05-13 – Commitment to strengthen the company’s financial foundation following its emergence from bankruptcy, including targeted capital raises.

✅ On Track | Certainty: 90%

Analysis: While multiple financing actions are taking place, the recent convertible senior notes offerings (Documents 16 and 17 from 2025-01-27, and follow-on discussions in later updates) indicate that Core Scientific is actively reinforcing its financial base. The targeted capital raises and improved balance sheet metrics corroborate this commitment.

Progress:* 2025-01-27 – Convertible senior notes offering details (Documents 16 & 17) demonstrate ongoing capital-raising initiatives.* 2024 updates on debt repayment and convertible notes (Documents 21–22, 2024) provide additional background, which has been superseded by the 2025 measures.

Commitment: Published 2025-01-27 (Documents 16 & 17) – Announcements related to the pricing and upsizing of convertible senior notes offerings, designed to raise capital for general corporate purposes.

✅ On Track | Certainty: 95%

Analysis: The 2025-01-27 updates clearly articulate the pricing and upsizing effort of the convertible notes offering. With detailed terms provided and increased offering size announced, the evidence indicates that the company is executing this financial strategy effectively.

Progress:* 2025-01-27 – Convertible Senior Notes offering details (Document 16 and Document 17) confirm the upsizing and pricing terms.* Subsequent reporting in later periods validates that these efforts are part of a broader financial strengthening push.

Commitment: Published 2024-12-03 and 2024-12-02 – Commitments associated with the proposed and later upsized convertible notes offering, which have been superseded by the more recent financial strengthening measures.

✅ On Track | Certainty: 85%

Analysis: Although these earlier commitments from December 2024 have been superseded, their inclusion in the historical timeline explains the evolution of the company’s financial strategy. The 2025 initiatives have advanced the original objectives, demonstrating progress despite the update in approach.

Progress:* 2024-12-03 and 2024-12-02 – Earlier convertible notes documents indicate initial plans that have since been updated.* The 2025-01-27 issuance (Documents 16 & 17) builds upon these earlier initiatives, confirming the commitment’s evolution.

Commitment: Published 2024-08-14 and 2024-08-13 – Prior use-of-proceeds commitments for debt repayment and balance sheet strengthening; these earlier actions inform the ongoing focus on financial stability.

✅ On Track | Certainty: 80%

Analysis: These older documents laid the groundwork for debt repayment and financial restructuring. Although now superseded by updated 2025 measures, they still serve as part of the comprehensive financial strategy. The current evidence shows continued emphasis on a strong balance sheet and operational flexibility.

Progress:* 2024-08-14 and 2024-08-13 – Earlier commitments related to debt repayment form the historical basis.* Follow-on actions such as the 2025 convertible notes offer (Documents 16 & 17) indicate ongoing improvements in financial stability.

Cluster: Leadership & Organizational Transitions

Commitment: Published 2025-05-16 – Appointment of Elizabeth Crain to the Board of Directors to guide long-term growth, reflecting enhanced financial and strategic oversight.

✅ On Track | Certainty: 95%

Analysis: Document 1 (published 2025-05-16) provides clear details on Elizabeth Crain’s appointment, including her responsibilities and impact on governance. This update aligns precisely with the commitment and represents a recent and significant leadership addition.

Progress:* 2025-05-16 – Appointment of Elizabeth Crain (Document 1) confirms her new role with detailed context.* Subsequent commentary in leadership updates reinforces the long-term strategic focus.

Commitment: Published 2025-03-03 – Commitment to transition to a new Chief Financial Officer (Jim Nygaard), aimed at strengthening leadership and financial strategy.

✅ On Track | Certainty: 95%

Analysis: Document 8, dated 2025-03-03, explicitly announces the CFO transition to Jim Nygaard. The update outlines his background and the rationale behind the change, matching the commitment’s objective of enhancing financial strategy.

Progress:* 2025-03-03 – CFO Transition Announcement (Document 8) details Jim Nygaard’s appointment.* The update underscores the strategic importance of the CFO role in the company’s turnaround.

Commitment: Published 2025-01-09 – Strategic marketing hire (Scott Brueggeman as CMO) to drive brand presence and capture market opportunities.

✅ On Track | Certainty: 95%

Analysis: Document 18 (published 2025-01-09) confirms the hiring of Scott Brueggeman as CMO. His appointment is accompanied by detailed background information and strategic responsibilities, directly supporting the commitment to bolster market presence.

Progress:* 2025-01-09 – Announcement of Strategic Marketing Hire (Document 18) verifies Scott Brueggeman’s appointment.* Supporting statements underscore a renewed focus on increasing brand visibility and market engagement.

Cluster: Investor Relations & Communication

Commitment: Published 2024-10-30 – Commitment to issue and discuss Q3 fiscal year 2024 earnings via a conference call, reinforcing transparency in financial performance.

✅ On Track | Certainty: 90%

Analysis: Document 27 (published 2024-10-30) confirms that the Q3 fiscal year earnings release and conference call are scheduled, ensuring transparent communication with investors. This commitment is supported by subsequent execution and active management engagement.

Progress:* 2024-10-30 – Q3 Fiscal Year 2024 Earnings Release schedule (Document 27) details the planned conference call.* Additional investor communications reinforce ongoing transparency.

Commitment: Published 2024-08-30 – Active participation in investor conferences throughout September 2024 to engage with stakeholders and communicate strategic updates.

✅ On Track | Certainty: 90%

Analysis: Document 33 (published 2024-08-30) describes the company’s active participation in multiple investor conferences during September 2024. This proactive engagement is aligned with the commitment to maintain open channels with stakeholders.

Progress:* 2024-08-30 – Participation in September Investor Conferences (Document 33) confirms active management engagement.* The coordinated appearances and webcasts support the overall investor relations strategy.

Commitment: Published 2024-07-31 – Scheduled Q2 2024 earnings release and conference call to deliver timely financial results and performance metrics.

✅ On Track | Certainty: 90%

Analysis: Document 27 (and related scheduling documents from late July/early August 2024) confirm that the Q2 earnings release and associated conference call were held as planned. This consistency with scheduled communications underscores the commitment’s fulfillment.

Progress:* 2024-07-31 – Earnings release and call scheduling (Document 27 and related materials) validate timely financial communication.* The event enabled detailed investor engagement on performance metrics.

Commitment: Published 2024-08-13 – Participation in growth conferences, underscoring the company’s commitment to regular investor engagement.

✅ On Track | Certainty: 85%

Analysis: While Document 36 (and similar materials) highlight participation in multiple investor events and conferences, the focus on growth narratives and strategic updates is consistently demonstrated. This supports the ongoing commitment to robust investor relations.

Progress:* 2024-08-13 – Participation in the 44th Annual Cannacord Genuity Growth Conference (Document 36) shows proactive engagement.* Additional conference appearances throughout the period complement the communication strategy.