CORZ

HPC and Data Center Expansion & Transformation

Cluster Description

This cluster gathers all commitments focused on expanding, modernizing, and diversifying Core Scientific’s digital infrastructure. It includes initiatives to build new data centers, upgrade capacity for high-performance computing (HPC) and colocation services, and modify facilities to meet evolving customer demands. More recent commitments (from early‐2025) supersede older announcements regarding similar infrastructure expansion and transformation.

Commitments

• 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.
• 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.
• 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).
• 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.
• 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).
• Published 2025-02-19 – Commitment to establish a new high-performance computing facility in Auburn, Alabama, including significant local workforce expansion and economic contributions.
• (Older examples, now superseded) Various 2024 documents detailed similar HPC and data center expansion projects – these earlier commitments are updated by the more recent plans above.

Strategic Transition & Diversification

Cluster Description

This cluster encompasses commitments to pivot Core Scientific’s business focus and diversify its revenue streams by reducing reliance on bitcoin mining. The initiatives include transitioning operations toward HPC hosting and colocation services as well as broadening the customer base beyond legacy partnerships.

Commitments

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

Bitcoin Mining Operations & Energy Efficiency

Cluster Description

This group includes commitments related to the company’s bitcoin production, the provision of hosting services for customer-owned miners, and initiatives to reduce power consumption. Efforts center on maintaining and improving operational efficiency and sustainability in digital asset mining.

Commitments

• Published 2025-04-07 – Commitment to increase self-mined bitcoin production, recording an increase from 215 (February 2025) to 247 bitcoins (March 2025).
• 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).
• 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.
• 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.
• (Older examples) Several 2024 documents detailed power reduction and grid support measures that align with these ongoing, updated commitments.

Financial Strategy & Capital Management

Cluster Description

This cluster covers commitments related to strengthening Core Scientific’s financial foundation via strategic capital allocation, convertible notes offerings, debt repayment, and disciplined investment in growth. Recent initiatives post-bankruptcy have focused on financial flexibility and efficient use of capital to support infrastructure and operational enhancements.

Commitments

• Published 2025-05-13 – Commitment to strengthen the company’s financial foundation following its emergence from bankruptcy, including targeted capital raises.
• 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 (e.g., working capital, acquisitions, capital expenditures).
• Published 2024-12-03 and 2024-12-02 – Commitments associated with the proposed and later upsized convertible notes offering, including provisions for repurchase and redemption, which have been superseded by the more recent financial strengthening measures.
• 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.
• (Additional older convertible-note and debt management measures from 2024 have been updated by the strategic initiatives in 2025.)

Leadership & Organizational Transitions

Cluster Description

This cluster highlights commitments associated with leadership changes and organizational restructuring, ensuring that the company’s management team is optimized for executing growth strategies. These include board appointments, CFO transitions, and strategic marketing hires intended to enhance corporate governance and market strategy.

Commitments

• Published 2025-05-16 – Appointment of Elizabeth Crain to the Board of Directors to guide long-term growth, reflecting enhanced financial and strategic oversight.
• Published 2025-03-03 – Commitment to transition to a new Chief Financial Officer (Jim Nygaard), aimed at strengthening leadership and financial strategy.
• Published 2025-01-09 – Strategic marketing hire (Scott Brueggeman as CMO) to drive brand presence and capture market opportunities.
• (Older CFO transition communications from 2024 have been superseded by the latest transition announcements.)

Investor Relations & Communication

Cluster Description

This cluster encompasses commitments aimed at maintaining transparency and stakeholder engagement through regular financial disclosures, investor conferences, and earnings calls. These initiatives ensure clear communication of performance metrics and strategic direction to the investment community.

Commitments

• Published 2024-10-30 – Commitment to issue and discuss Q3 fiscal year 2024 earnings via a conference call, reinforcing transparency in financial performance.
• Published 2024-08-30 – Active participation in investor conferences throughout September 2024 to engage with stakeholders and communicate strategic updates.
• Published 2024-07-31 – Scheduled Q2 2024 earnings release and conference call to deliver timely financial results and performance metrics.
• Published 2024-08-13 – Participation in growth conferences, underscoring the company’s commitment to regular investor engagement.