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Call sheet · Q2'26

Core Scientific (CORZ)

Q2'26 earnings call · held July 28, 2026 · compared with the Q1'26 call · management-credibility review
6/12
Disclosure score
3 high, 3 medium, 1 low flags
Financial quality
Bottom line
The sleeper story is that CORZ just gave AMD a 2.5 GW call option through a warrant structure while only securing 530 MW of firm commitments, effectively capping their upside for years. The market sees '$14 billion contract' but misses that it's mostly modified gross leases with mysterious neoclouds requiring backstops, not the triple-net structures that trade at premium multiples. The binding constraint is now AMD exclusivity: CORZ can't sell to other hyperscalers at their best sites even if AMD drags its feet. 'We won't be speaking to customers while the additional capacity is under the reservation agreement' is the quote that matters. My view changes if they reveal the neocloud is a legitimate scaled player or if AMD exercises even 500 MW of additional capacity within 6 months.

The 30-second version

  • The 2.5 GW warrant tells the real story: AMD gets massive optionality for minimal upfront commitment
  • AMD deal at $14B validates strategy BUT it's mostly modified gross leases with neocloud middlemen, not the triple-net gold standard
  • Behind-the-meter power expansion from 'evaluation phase' to active pipeline is the sleeper: 2 GW by 2028-2030

What changed this quarter

MetricQ1'26Q2'26Change
Billable Megawatts243 MW (Q1 2026)437 MW (Q2 2026)+194 MW sequential surge
Co-location Revenue (GAAP)$88M (Q1 2026)$137M (Q2 2026)+56% sequential acceleration
Total Contracted Capacity590 MW (Q1 2026)1,120 MW (Q2 2026)+90% capacity expansion
Base Contracted Revenue$10B (Q1 2026)$24B (Q2 2026)+140% backlog explosion
Cash SG&A$32M (Q1 2026)$36M (Q2 2026)+13% cost creep
Bitcoin Miners Online30% fewer than Q4 202530% fewer than Q1 2026Accelerating wind-down
Self-Mining SitesNot specified2 sites onlyNear-complete exit
Liquidity Position$2.9B post-financing (Q1)$1.8B (Q2)-$1.1B burn in 90 days
Build Cost Per MWNot disclosed$11-12MFirst cost disclosure
AMD Initial Commitment0 MW530 MWNew anchor tenant

Accountability tracked

7 new promises made4 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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