Core Scientific (CORZ) investor relations material

Strategic priorities and expansion

• Focused on expanding five new sites, supported by a recent capital raise that pre-funded significant equity for projects.

• Aggressively purchasing land and securing power for a three-year development pipeline, with first RFS in 2027.

• Diversifying the customer base and deploying capital to position for long-term contracts.

• Planning for future requirements, including 800V buildings for 2028 deliveries.

Market demand and customer requirements

• Notable shift in hyperscaler demand, with structural increases and evolving requirements for higher densities and new voltage standards.

• Customers increasingly require flexibility in design to accommodate rapid changes.

• Shift in hyperscaler willingness to allow over 50% behind-the-meter power, driving land and engineering needs.

Site development and operational learnings

• Pecos and Muskogee sites highlighted for their scale and expansion potential, with unique labor and infrastructure challenges addressed.

• Labor market remains highly competitive, with labor costs rising 20-30% and now comprising up to 40% of build costs.

• Key learnings include the importance of flexible design, strong national labor partners, and proactive supply chain management.