Core Scientific (CORZ) Status Update summary

2024 achievements and transformation

• Exited Chapter 11, went public, and secured a major 16 MW CoreWeave deal in Q1.

• Announced a 200 MW CoreWeave conversion deal in Q2 and completed convertible note conversion in Q3.

• Restructured capital, eliminated prior debt, and finished 300 MW of CoreWeave options.

• Ended 2024 with a strong cash position and one of the largest, most profitable hosting contracts in data center history.

2025 and multi-year growth strategy

• Targeting over 1 GW of operational HPC infrastructure by 2027, with groundwork set in 2024.

• Maintaining 400 MW for Bitcoin mining, with 15 exahash Block chips arriving in H2 2025.

• Aiming to be among the largest HPC businesses, while sustaining a robust Bitcoin mining operation.

HPC contract execution and site development

• Five sites being converted for CoreWeave, including Denton and Muskogee, with three more in progress.

• Conversion involves both refurbishing and new builds, with costs ranging $5M–$8M per MW.

• CoreWeave covers 100% of CapEx; repayment is $1.5M per MW over two years via revenue credit.

• 200 MW operational by end of Q2 2025, ramping to 270 MW by year-end and 500 MW by end of 2026.