Core Scientific (CORZ) Status Update summary

2024 achievements and transformation

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

• Announced a 200 MW CoreWeave conversion deal in June and completed mandatory convertible notes conversion.

• Restructured capital, eliminated Chapter 11 debt, and finished 300 MW of CoreWeave options.

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

2025 and multi-year growth strategy

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

• Maintaining 400 MW dedicated to 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.

• Refurbishment includes both conversions and new builds, with costs ranging $5M–$8M per MW.

• CoreWeave covers 100% of CapEx, with repayments structured over two years via revenue credits.

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