Core Scientific's total revenue reached $164.2 million in the second quarter, up 109 percent year-over-year, as the bitcoin miner and data center operator accelerates artificial intelligence colocation capacity, according to the company's earnings announcement.
Colocation revenue alone surged to $136.7 million in Q2, a 1,190 percent increase from the same period last year. The segment now accounts for the bulk of Core Scientific's top line. Billing capacity expanded 170 megawatts quarter-over-quarter to reach 395 megawatts by the end of Q2, with an additional 42 megawatts deployed by mid-July to 437 megawatts.
The growth trajectory accelerated following Core Scientific's expanded partnership with Advanced Micro Devices announced in early 2026. The agreement covers a 530-megawatt base commitment with an option to add 2.5 gigawatts of additional capacity, anchoring the company's AI colocation strategy. AMD's chips power a significant portion of the generative AI inference and training workloads that data center operators have been racing to provision.
Core Scientific operates across Texas, Georgia, and other regions with low-cost power access. The company, once focused primarily on self-mining bitcoin, has repositioned itself as a hosting provider for GPU-intensive workloads.
The 1,190 percent year-over-year colocation growth outpaces the company's overall revenue expansion. Mining revenue contributed the remainder of Q2 results but was not separately itemized in the announcement.
Core Scientific's shift tracks activity across the industry. Other bitcoin miners including Marathon Digital and Hut 8 have also expanded data center hosting operations as competition in pure-play mining has tightened margins. Capacity deployment at the scale Core Scientific is announcing typically takes six to twelve months to fully operationalize, meaning the 42 megawatts added since quarter-end may not fully contribute to third-quarter results.
The number to watch is whether Core Scientific can sustain colocation revenue growth rates above 50 percent annually. If quarterly colocation revenue falls below $130 million after Q3 2026, the company faces a capacity or adoption constraint.
