Core Scientific Doubles Revenue as AI Business Takes Over

A former Bitcoin mining giant is now making most of its money from artificial intelligence — and its latest results show just how big that shift has become.

Core Scientific, a company that runs large data centers (big buildings full of powerful computers), reported that its revenue more than doubled in the second quarter of 2025. The star of the show was its AI colocation business — where the company rents out space and computing power in its data centers to other companies that need it for AI work.

Here are the key numbers:

• Total revenue: $164.2 million, up from $78.6 million a year earlier
• AI colocation revenue: $136.7 million, a massive jump from just $10.6 million last year
• Gross profit (money left after basic costs): $70 million, up from $5 million

Despite this strong growth, the company reported a net loss of $1.15 billion (net loss means it lost more money than it made on paper). But there's an important detail: this was mostly a non-cash charge — meaning no real money left the company. It came from an accounting rule tied to "warrants" (a type of financial contract) becoming more valuable as the company's stock price rose. Ironically, the loss partly reflects good news.

The big story is Core Scientific's pivot away from Bitcoin mining. It once was one of the world's largest Bitcoin miners but now holds fewer than 1,000 Bitcoin. Instead, it's betting on the booming demand for AI computing power.

The company also announced a major partnership with chipmaker AMD, which could eventually support up to 2.5 gigawatts of data center capacity. This deal could bring in more than $14 billion in future contracted revenue over 15 years.

Other former crypto miners like IREN and Hut 8 are making similar moves, signing multibillion-dollar AI deals.

Investors reacted cautiously — Core Scientific's shares fell more than 4% after the report, though the stock is still up 36% for the year.

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