Core Scientific posts $265M Q4 loss, unveils $1.2B data center plan

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.

Alongside its earnings report, the company announced a data center expansion in Texas in collaboration with CoreWeave. The company expects the project to generate $1.2 billion in contracted revenue as it positions itself as a provider of application-specific data centers for high-performance computing (HPC) workloads.