Core Scientific (CORZ) Stock: Director Buys 7,000 Shares as AI Pivot Accelerates

TLDR

• Core Scientific energized ~350 megawatts, up 64% from year-end, with ~200MW already billing
• The 590MW CoreWeave contract is advancing across five sites, representing ~$2 billion in infrastructure
• Development pipeline stands at 1.5 gigawatts; company secured a new 265-acre site in Hunt County, Texas
• CORZ failed to sign a new customer by its self-imposed deadline, and disclosed an accounting restatement with a material weakness in internal controls
• Director Eric Weiss purchased 7,000 CORZ shares on March 9 at $14.53, bringing his total holding to 252,262 shares

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Core Scientific (CORZ) is moving fast on its shift from Bitcoin mining to AI infrastructure — but a missed customer deadline and an accounting restatement are keeping things complicated.

Core Scientific, Inc., CORZ

The company reported roughly 350 megawatts energized, up from 213MW at year-end. That’s a jump of about 64%. Around 200 of those megawatts are now billing, and management said they’ll focus future disclosures on billable megawatts to better show commercial progress.

Progress on the CoreWeave deal continues to be the headline story. The 590MW contract now covers five active AI factory sites with roughly $2 billion in installed infrastructure and more than five million labor hours logged. Denton alone has about 130 billable megawatts, nearly double what it had in Q4.

Sites at Marble, Muskogee Phase 1, and Dalton Phase 1 are fully energized or in commissioning. All are ramping toward billing status.

The development pipeline now sits at about 1.5 gigawatts — only counting projects with contracted power or a clear path to it. That’s up roughly 600MW from the previous period.

New Sites and Capacity Moves

CORZ secured a contract for a 265-acre site in Hunt County, Texas, expected to support around 285 megawatts of leasable capacity once interconnected. The Dalton, Georgia facility is being expanded to 450 megawatts gross, and the Pecos, Texas site is being converted from Bitcoin mining to 200MW of colocation capacity within about a year.

The company also outlined its “Operation Forward Observer” strategy — getting the first data hall commissioned and securing long-lead equipment early to shorten time-to-revenue. A 30MW site in Auburn, Alabama already has critical equipment on-site, with the first 10MW targeted for the second half of 2026.

Liquidity sits at approximately $530 million, after selling around 1,900 Bitcoin in January for about $175 million. Management said it could raise up to $4 billion against stabilized CoreWeave-backed assets if needed.

Missed Deadline and Accounting Issue

Despite active talks, Core Scientific failed to sign a single new customer by the deadline it had publicly set. Two sites are under short exclusivity, but the miss is a gap investors will track closely. CORZ still generates most of its revenue from Bitcoin mining while the AI side ramps.

There was also an accounting restatement. The auditor flagged demolition costs that were incorrectly capitalized instead of expensed. The company says it doesn’t affect revenue, adjusted EBITDA, or net cash flow — but CORZ will carry a material weakness in internal controls for the next four quarters.

Management also cited slower hyperscaler engagement during its merger process as a reason for deal delays. Neocloud and AI lab customers are increasingly asking for investment-grade guarantees from large partners, adding time to negotiations.

On the insider front, Director Eric Weiss purchased 7,000 CORZ shares on March 9, 2026 at $14.53 per share. He now holds 252,262 shares. The company’s P/E ratio of 13.21 is below both the industry median of 21.65 and its own historical median.

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