CORZ

Bitcoin Mining Operations & Production Efficiency

Cluster Description

This cluster groups commitments relating to the scaling and efficiency of Core Scientific’s bitcoin mining operations. It includes targets for enhancing self‐mining production, upgrading mining fleet performance, and maintaining robust hosted miner services. When similar updates appear across documents, the most recent version (e.g. March–April 2025 updates) supersedes older monthly metrics.

Commitments

• 2025-04-07 – Self‐Mining Bitcoin Production Increase: Increase self‐mined bitcoin production to 247 in March 2025 (up from 215 in February 2025), demonstrating an ongoing commitment to optimize mining operations.
• 2025-04-07 – Hosting Services Expansion: Continue offering hosting services for customer-owned bitcoin miners by supporting approximately 7,000 miners, contributing to bitcoin earnings (17 bitcoin reported for March 2025).

High-Performance Computing (HPC) Expansion & Hosting Capabilities

Cluster Description

This cluster aggregates commitments on expanding HPC hosting solutions and infrastructure. It covers long-term hosting contracts, site expansions (including new facilities), and capacity additions designed to boost revenue and diversify service offerings. More recent announcements (from early 2025) override older or preliminary commitments.

Commitments

• 2025-02-26 – Contracting HPC Hosting Capacity: Fully contract the remaining HPC hosting capacity through new customer agreements with a projected total revenue potential of $8.7 billion, and actively work to diversify the customer base by reducing overreliance on CoreWeave.
• 2025-02-26 – Expansion of HPC Infrastructure at Denton, TX: Add 70 MW of power capacity at the Denton site with Core Scientific funding $104 million in capital expenditures, increasing total contracted HPC infrastructure.
• 2025-02-19 – Expansion into Auburn, Alabama: Establish a new high-performance computing facility with an initial investment of approximately $135 million, supporting AI and enterprise workloads while boosting local economic impact.

Financial Management & Capital Strategy

Cluster Description

This cluster consolidates commitments on managing capital, optimizing debt, and funding growth initiatives. It includes convertible note offerings, strategic use of raised capital, and M&A efforts. Recent updates—such as the upsized convertible senior notes from January 2025—supersede earlier proposals to reflect the evolving financial strategy.

Commitments

• 2025-01-27 – Convertible Senior Notes Offering: Announced offering initially targeted at $500 million and later upsized to $550 million in convertible senior notes due 2031, with detailed pricing, conversion rate, redemption, and repurchase terms to support general corporate purposes.
• 2025-02-26 – M&A Strategy for Growth: Commit to pursuing strategic mergers and acquisitions aimed at enhancing capacity and diversifying the customer base, reinforcing long-term revenue predictability.

Energy Efficiency, Sustainability & Grid Support

Cluster Description

This cluster brings together commitments focused on reducing energy consumption and supporting local electrical grids. Through improvements in power efficiency at data centers and consistent delivery of megawatt hours to grid partners, Core Scientific demonstrates its dedication to sustainability. In cases of similar commitments, the most recent details (e.g. from 2025-04-07) have been prioritized.

Commitments

• 2025-04-07 – Power Consumption Reduction: Deliver 35,295 megawatt hours to local electrical grids in March 2025 as part of an ongoing effort to reduce power consumption and support grid stability.

Leadership & Organizational Changes

Cluster Description

This cluster covers executive transitions and key strategic hires intended to strengthen the company’s leadership and drive its growth agenda. Updates in this area help signal improved corporate governance and a renewed focus on strategic initiatives.

Commitments

• 2025-03-03 – CFO Transition: Transition to a new Chief Financial Officer, Jim Nygaard, effective March 17, 2025, to reinforce financial strategy and operational leadership, with a structured handover from outgoing CFO Denise Sterling.
• 2025-01-09 – Strategic Marketing Hire: Appoint Scott Brueggeman as Chief Marketing Officer to enhance brand presence, drive growth, and expand market opportunities in digital infrastructure and bitcoin mining sectors.

Reorganization, Restructuring & Emerging from Chapter 11

Cluster Description

This cluster groups commitments associated with Core Scientific’s turnaround efforts, including Chapter 11 emergence, debt reduction, and related reorganization measures. These commitments are crucial for restoring financial stability and positioning the company for future growth, with the most recent restructuring updates (e.g. early January 2024) superseding prior ones.

Commitments

• 2024-01-23 – Reorganization and Debt Reduction: Successfully reduce debt by converting $400 million in equipment lender and convertible note holder debt to equity as part of the Chapter 11 Plan of Reorganization, enhancing the financial foundation.
• 2024-01-16 – Post-Emergence Growth Plan: Confirm the execution of a multi-year growth strategy, including increasing mining capacity and operational efficiency, to create shareholder value following the planned exit from Chapter 11.

Investor Relations & Market Communication

Cluster Description

This cluster consolidates commitments aimed at transparent communication and proactive engagement with investors and analysts. Regular earnings releases, conference calls, and participation in industry conferences highlight Core Scientific’s commitment to keeping stakeholders informed about performance and strategic initiatives.

Commitments

• 2024-08-13 – Participation in Growth Conference: Announce active participation in key investor conferences (e.g. the 44th Annual Cannacord Genuity Growth Conference) to discuss performance and strategic direction.
• 2024-05-03 – Earnings Release and Conference Call: Commit to issuing comprehensive financial results followed by a conference call, reinforcing a dedication to transparency and timely market communication.
• 2023-11-13 – Investor and Analyst Presentation: Host a live webcast presentation to engage and provide insights to investors and analysts, demonstrating ongoing commitment to open stakeholder dialogue.