What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-03-02 compared with 2025-02-27 · 384 added, 241 removed, 27 unchanged (96% of the section changed)

Core Scientific, Inc.

(“we,” “us,” “our,” the “Company,” “Core Scientific,” or “Core”) is a leader in designing, building and operating digital infrastructure for high-performance computing.

Since our inception in 2018, we have been a premier provider and operator of dedicated, purpose-built facilities and software solutions for digital asset mining for ourselves and our third-party customers.

We believe that opportunities for growth exist in various applications of our data centers for third-party customers focused on cloud computing as well as machine learning and artificial intelligence, and in March 2024, we announced the provision of digital infrastructure colocation services to a third party engaged in high-performance computing (“HPC”).

In May 2024, we expanded our relationship with CoreWeave, Inc.

(“CoreWeave”) the artificial intelligence (“AI”) hyperscaler, to provide approximately 200 megawatts (“MW”) of digital infrastructure to host CoreWeave’s HPC operations and provided CoreWeave options with respect to the Company’s existing facilities to provide approximately 500 MW of digital infrastructure on similar terms.

In June and August 2024, the Company announced CoreWeave’s execution of options to secure an additional 70 MW and 112 MW, respectively, of infrastructure to host its HPC operations.

In October 2024, the Company announced that CoreWeave had exercised its final option for an additional 120 MW of infrastructure.

These new agreements leverage the Company’s existing digital infrastructure and expertise in third-party hosting solutions.

We believe that using our existing infrastructure for HPC hosting operations will provide more consistent dollar-based revenue and represents substantially less risk than our traditional digital asset self-mining or our digital asset hosted mining operations.

As a result, we intend to focus our business development and marketing efforts on expanding our HPC hosting customer base.

As a result, we initiated a significant strategic transition from bitcoin mining to hosting and colocation services for customers employing hosting services for HPC workloads such as artificial intelligence-related applications.

During 2024, we were substantially engaged in constructing, refurbishing, reallocating or converting a substantial portion of our ten facilities in Alabama (1), Georgia (2), Kentucky (1), North Carolina (1), North Dakota (1), Oklahoma (1), and Texas (3) to support artificial intelligence-related workloads, primarily for our one existing HPC customer, but also to support our commitment to meeting the growing demand for HPC solutions and diversifying our revenue streams.

Currently, the vast majority of our revenue is from mining bitcoin for our own account (‘self-mining”).

We remain committed to maintaining the efficiency of our digital asset mining while capitalizing on the opportunities presented by the growing HPC hosting business.

Business Strategy

Our business strategy is to grow our revenue and profitability by expanding our existing large-scale data center infrastructure portfolio configured for specialized computers performing specific, high-value applications such as cloud computing, machine learning and artificial intelligence, and maximizing the portion of our existing infrastructure portfolio contracted for HPC hosting.

We intend to continue to strategically develop and make operational the infrastructure necessary to support our existing contractual commitments to our existing HPC customer and to support expected customer growth and additional demand by leveraging our data center expertise and capabilities.

We intend to seek additional opportunities and to engage additional customers in the HPC Hosting segment to expand our business into these areas using our knowledge, expertise, existing and future infrastructure where favorable market opportunities exist.

Our strategy is focused on hyperscale cloud-based providers and enterprises, including potential customers we believe have significant data center infrastructure needs that have not yet been outsourced or will require additional data center space and power to support their growth and their increasing reliance on technology infrastructure in their operations.

We believe our capabilities for serving the needs of large hyperscale providers and enterprises will continue to enable us to capitalize on the growing demand for outsourced data center facilities in our markets and in new markets where our customers are located or plan to be located in the future.

Blockchain and Bitcoin

Blockchains are decentralized digital ledgers that record and enable secure peer-to-peer transactions without third-party intermediaries.

Blockchains enable the existence of bitcoin by allowing participants to confirm transactions without the need for a central certifying authority.

When a participant requests a transaction, a peer-to-peer computer network consisting of nodes validates the transaction and the user’s status using known algorithms.

After the transaction is verified, it is combined with other transactions to create a new block of data for the ledger.

The new block is added to the existing blockchain in a way that is permanent and unalterable, thereby completing the transaction.

As each new block refers back to and “connects” with the immediately prior solved block associated with it, the addition of a new block adds to the blockchain in a manner similar to a new link being added to a chain.

Bitcoin, known as a cryptocurrency, is a medium of exchange that uses encryption techniques to control the creation of units and to verify the transfer of funds.

Consumers use digital assets such as bitcoin because they offer lower cost and faster peer-to-peer payment options without the need to provide personal details.

Every single transaction, and the ownership of every single digital asset in circulation, is recorded in the blockchain, which effectively contains a record of all account balances.

Companies and individuals engaged in mining use powerful miners that tally digital asset transactions to operate the blockchain.

These miners update stored records each time a transaction is made and ensure the authenticity of information.

Each account on the blockchain is identified solely by its unique public key, which renders it effectively anonymous, and is secured with its associated private key, which is kept secret, like a password.

The combination of private and public cryptographic keys constitutes a secure digital identity in the form of a digital signature, providing strong control of ownership.

No single entity owns or operates the network associated with these bitcoin.

The infrastructure that enables the network is collectively maintained by a decentralized public user base.

Because the network operates in a decentralized manner, it does not rely on governmental authorities or financial institutions to create, transmit or determine the value of bitcoin.

Rather, value is determined by market factors, primarily the supply and demand for the units, with prices being set in transfers by mutual agreement or through barter among transacting parties, as well as by the number of counterparties that may accept bitcoin.

As bitcoin transactions can be broadcast to the network by any user’s blockchain and bitcoin can be transferred without the involvement of intermediaries or third parties, there are currently little to no transaction costs in direct peer-to-peer transactions involving bitcoin.

Bitcoin can be converted to fiat currencies, such as the U.S.

dollar, at rates determined on various exchanges.

Bitcoin prices are quoted on various exchanges and demonstrate volatility.

The user community has viewed bitcoin to offer several advantages over traditional (also known as “fiat”) currency, including:

• Acting as a fraud deterrent, as digital assets recorded on a blockchain are virtually impossible to counterfeit, reverse, or modify;

• Immediate settlement;

• Elimination of counterparty risk;

• No requirement for a trusted intermediary;

• Lower transaction fees;

• Identity theft prevention;

• Universal accessibility;

• Transaction verification and confirmation processes that prevent double spending;

• Decentralized mining at any time of day without any central authority (governments or financial institutions);

• Universal value.

During the year ended December 31, 2024, the trading price of one bitcoin ranged from a low of $38,515 in January 2024 to a high of $108,253 in December 2024.

As of February 20, 2025, the trading price of one bitcoin was $98,334.

Bitcoin Mining

In a proof-of-work approach such as bitcoin, specialized computers, or “miners,” power and secure blockchains by solving complex cryptographic algorithms to validate transactions on specific digital asset networks.

In order to add blocks to the blockchain, a miner must map an input data set consisting of the existing blockchain, plus a block of the most recent digital asset transactions and an arbitrary number called a “nonce,” to an output data set of a predetermined length using the SHA256 cryptographic hash algorithm.

Solving these algorithms is also known as “solving or completing a block.” In the Bitcoin network, solving a block results in a reward of bitcoin in a process known as “mining.” These rewards of bitcoin currently can be sold profitably when the sale price of bitcoin exceeds the cost of mining, which generally consists of the cost of mining hardware, the cost of the electrical power to operate the machine, and other facility and overhead costs associated with housing, operating and supporting the equipment.

Mining processing power is generally referred to as “hashing power.” A “hash” is the computation run by mining hardware in support of the blockchain.

A miner’s “hash rate” refers to the rate at which it is capable of solving such computations per second.

Miners with a higher rated hash rate when operating at maximum efficiency have a higher chance of completing a block in the blockchain and receiving a digital asset reward than those operating at a lower hash rate or with lower efficiency.

Currently, the likelihood that an individual mining participant acting alone will solve a block and be awarded a digital asset reward is extremely low.

As a result, to maximize the opportunities to receive a reward, most large-scale mining organizations have joined with other similar operators in “mining pools” where the computing power of each pool participant is coordinated to complete the block on the blockchain and mining rewards are distributed to participants in accordance with the rules of the mining pool.

Fees payable to the operator of the pool typically represent 0.05% to 0.08% of the reward earned and are deducted from the amounts earned by each pool participant.

Mining pools are subject to various risks including communication connection issues, outages and other disruptions that can impact the quantity of digital assets earned by participants.

The miners we operate are highly specialized computer servers built to use application-specific integrated circuit (“ASIC”) chips that are designed specifically to mine bitcoin.

With miners we produce computing power, known as “hash rate,” with which we verify transactions on the Bitcoin blockchain.

Bitcoin “mining” refers to the process of proposing and verifying transaction updates to the Bitcoin blockchain, which helps keep the Bitcoin network and its blockchain secure.

Our bitcoin mining operation is focused on the generation of bitcoin by solving complex cryptographic algorithms to validate transactions on the Bitcoin network blockchain, which is commonly referred to as “mining.” Our digital asset self-mining activity competes with myriad mining operations throughout the world to complete new blocks on the blockchain and earn the reward in the form of bitcoin.

Mathematically Controlled Supply

The method for creating new bitcoin is mathematically controlled in a manner such that the supply of bitcoin grows at a limited rate, based on a pre-determined schedule.

The number of bitcoin awarded for solving a new block is automatically halved every 210,000 blocks.

This means every block up to and including block 210,000 produced a reward of 50 bitcoin, while blocks beginning with 210,001 produced a reward of 25 bitcoin.

Since blocks are mined on average every 10 minutes, 144 blocks are mined per day, on average.

At 144 blocks per day, 210,000 blocks take four years to mine, on average.

The current fixed reward for solving a new block decreased to 3.125 bitcoin per block in April 2024, from 6.25 bitcoin per block.

The next halving for the bitcoin blockchain is

anticipated to occur in 2028 at block 1,050,000.

This deliberately controlled rate of bitcoin creation means that the number of bitcoin in existence will never exceed 21 million unless the Bitcoin network’s source code (and the underlying protocol for bitcoin issuance) is altered.

Digital asset mining profitability depends on access to low-cost energy, driving the expansion of infrastructure in regions with the most affordable power.

Owning and operating this infrastructure enabled our strategic transition to HPC hosting services, which generate higher recurring revenues than digital asset mining.

We expect this trend to continue, as the demand for low-cost power remains a critical factor for both digital asset mining and emerging AI and data center workloads.

High-Performance Computing Hosting

HPC is a technology that uses clusters of powerful processors that work in parallel to process massive data sets and solve complex problems at extremely high speeds.

The proliferation of data, as well as data-intensive and AI enabled applications and use cases, is driving demand for the computing power of HPC.

Traditionally, HPC has involved an on-premises infrastructure, investing in supercomputers or computer clusters.

Our HPC hosting revenue is generated by licensing colocation data center space and related services to a licensee at our Austin, Texas data center.

These licensing agreements and orders include lease components, nonlease components (such as power delivery, physical security, maintenance and other billable expenses), as well as noncomponent elements such as taxes.

Under these contracts, customers pay fixed payments (based on electric capacity) and variable payments on a recurring basis.

HPC colocation leases may include all or portions of a data center, where customers may also lease office space to support their colocation operations where revenue is primarily based on power usage as well as square footage.

(“we,” “us,” “our,” the “Company,” “Core Scientific,” or “Core”) designs, builds and operates large-scale,

purpose-built data centers that support high-density colocation services and digital asset mining for both our own account and to a

lesser extent, third- party customers.

Our data centers are optimized for power-intensive, mission-critical computing workloads, with a

focus on artificial intelligence (“AI”) and other high-performance computing (“HPC”) applications.

As of December 31, 2025, we owned or leased ten data centers across seven U.S.

states, representing approximately 1.4

gigawatts (“GW”) of gross utility power capacity, or approximately 920 megawatts (“MW”) of total leasable customer power

A portion of these facilities were in operation as of December 31, 2025, with the remainder under construction or in various

stages of development.

Since its inception in 2017, Core Scientific has been focused on building and operating high-power, purpose-built data centers,

initially for digital asset mining and hosting third-party digital asset mining customers.

The Company historically targeted sites with

abundant, reliable and cost-effective power, strong network connectivity, available land or existing buildings suitable for

redevelopment, attractive economic incentives, and access to utilities.

In developing its facilities, the Company typically designed

powered shells and sufficient fiber connectivity to high performance data center standards, enabling flexibility to support increasing

power densities and evolving compute requirements over time.

In 2024, the Company announced its strategy to focus its data center infrastructure and expertise to the high-density colocation

compute business and in February 2024, entered into long-term contract with CoreWeave, Inc.

(“CoreWeave”) to deliver 16 MW of

infrastructure at our Austin, Texas facility.

In June 2024, Core Scientific announced that it had entered another contract with

CoreWeave for 200 MW of leased customer power capacity.

Through the exercise of several contractual options during 2024 and into

early 2025, total leased customer power capacity under the relationship with CoreWeave increased to approximately 590 MW of

leased power capacity.

In 2025, we derived the majority of our revenue from earning digital assets for our own account but expect that a meaningful

amount of our revenue will be derived from high-density colocation (“HDC”) in 2026, as billable customer power capacity gets

delivered to our end customer.

We intend to convert every megawatt in our portfolio to high-density colocation infrastructure over the

next three years, while continuing to digital asset mine during conversion only to meet existing power commitments at facilities where

HDC conversion is taking place or to honor a small number of digital asset mining hosting commitments.

We are also actively

evaluating opportunities to acquire new sites, including land and power capacity, to expand our data center footprint beyond our

current portfolio.

Industry Background

We participate in the third-party colocation market, providing customers with access to purpose-built data center environments

that deliver secure physical space, reliable electrical power, cooling systems and facility operations required to support IT and

networking equipment.

Customers deploy and manage their own hardware, while the operator designs, builds and operates the

underlying infrastructure needed to maintain uptime, power availability and cooling requirements.

Customers often utilize third-party

colocation services as part of a broader infrastructure strategy to accelerate deployment timelines, expand into additional

geographic markets or optimize capital allocation, while retaining control over their hardware, software and data.

Within the third-party colocation market, providers offer wholesale, retail or hybrid colocation services, which differ primarily

based on contract size, deployment scale and customer profile.

Our operations are primarily focused on wholesale colocation, which

typically involves large, long-term agreements with a limited number of customers, often with initial terms of 10 years or more for

dedicated suites, halls or entire buildings, with leased customer power capacity that can range from several megawatts to tens or

hundreds of megawatts per customer.

Wholesale customers are commonly hyperscale cloud providers, AI and other HPC operators

and large enterprises with the operational capability to manage hardware and networking at scale.

Wholesale colocation agreements are commonly structured as either triple-net or modified gross leases, which differ in how

operating costs are allocated between the operator and the customer.

Under a triple-net structure, the customer is generally responsible

for substantially all operating expenses associated with the leased space, including power, maintenance, taxes, insurance and other

facility-related costs.

Modified gross leases, by contrast, typically involve the operator retaining responsibility for certain facility-level

operating expenses, while the customer is billed separately for power and, in some cases, other variable operating costs.

structures are frequently paired with long-term, take-or-pay contractual commitments, under which the customer is obligated to pay for

leased customer power capacity regardless of utilization, providing operators with revenue visibility over the contract term.

The colocation industry has evolved significantly in recent years, driven in particular by the large-scale deployment of

infrastructure to support AI and other HPC workloads.

We expect demand for AI-focused compute resources to continue to grow

significantly as generative AI adoption accelerates and AI use cases expand across industries.

These compute-intensive environments

require substantially higher rack power densities, specialized cooling technologies and access to large-scale, power capacity.

requirements continue to increase, demand is shifting toward operators capable of supporting high-density, accelerator-driven

workloads and delivering the associated power and cooling infrastructure at scale, trends that are expected to continue shaping the

Key Industry Trends

Significant increase in power density and infrastructure requirements driven by AI and HPC.

The rapid expansion of AI and other HPC workloads is driving materially higher infrastructure requirements across the

colocation industry.

Traditional enterprise and cloud deployments have historically operated at rack power densities of approximately

5 to 15 kilowatts per rack, whereas AI and HPC workloads increasingly require 50 kilowatts per rack or more, with deployments

increasingly exceeding 100 kilowatts per rack.

Supporting these higher-density environments requires substantially greater electrical

capacity, advanced cooling technologies and access to large, contiguous blocks of power, and introduces additional complexity in

facility design and construction.

As a result, traditional data center designs optimized for air-cooled environments are often insufficient

for these workloads, and new developments increasingly incorporate liquid-cooled or hybrid cooling architectures.

These shifts place greater importance on operators with the technical, engineering and construction experience required to

design, build and operate high-density data center infrastructure at scale.

For many years, our digital asset mining operations

have required the design, construction and operation of infrastructure capable of supporting high power density workloads, including

large-scale electrical deployments, specialized cooling systems and complex facility operations.

These operations have involved

managing significant power loads, coordinating with utilities, and maintaining continuous operations across geographically distributed

We believe this experience provides relevant technical and operational expertise as we repurpose existing facilities and

develop new infrastructure to support AI-related workloads and high-density colocation services.

Evolving utility requirements and commercial terms.

In response to the significant increase in power demand driven by the continued proliferation of AI infrastructure, a

growing number of electric utility providers have adjusted their commercial and operational requirements, particularly in markets with

limited availability of incremental power capacity, where the pace of new generation and grid infrastructure development has not kept

up with demand from large-scale data center projects.

As a result, utilities have implemented more structured and disciplined

commercial frameworks designed to better align power reservations with demonstrated project execution and load growth.

measures increasingly include the requirement for significant collateral postings at contract execution, minimum monthly demand

commitments and other financial assurances as conditions to reserving and delivering large amounts of power capacity.

Utilities may also impose requirements related to phased load ramping, minimum utilization thresholds, capacity reservation

charges or demand-based metrics, including kilovolt-amperes-based or similar measures.

In some cases, these practices are intended to

discourage speculative capacity reservations or “power banking” and to prioritize projects that demonstrate near-term readiness and

execution certainty.

These evolving utility requirements can increase upfront costs, extend pre-construction timelines and add

complexity to power procurement, project planning and contracting for colocation providers and their customers, particularly in

markets with limited available capacity or constrained grid infrastructure.

Supply chain sourcing and availability of skilled labor play a key role in delivery timelines.

The development of large-scale data center infrastructure to support AI and other high-performance computing workloads is a

lengthy and complex process, with conventional large data centers typically requiring 18 to 24 months, or longer, from site selection

and permitting through construction and energization, excluding grid interconnection timelines.

These timelines reflect the significant

upfront design and engineering work required to coordinate electrical, mechanical and cooling systems, as well as the scale of

construction and commissioning activities necessary to deliver power-intensive colocation infrastructure.

We believe the procurement of long-lead-time electrical and mechanical equipment has become among the most significant

factors affecting delivery timelines for large-scale AI infrastructure deployments.

Certain components, including high-voltage

transformers, switchgear, generators and advanced cooling systems, can require lead times of 12 to 18 months or longer, which can

materially affect data center construction schedules.

In addition, demand for experienced data center contractors and specialized

subcontractors, including licensed electricians, engineers and commissioning professionals, has increased significantly across the

industry in recent years.

As a result, while the ability to secure large amounts of power capacity is often viewed as a primary

bottleneck, we believe extended equipment lead times and skilled labor availability are likely to play an increasingly important

role in determining data center construction timelines over the coming years.

Data Center Portfolio

As of December 31, 2025, we owned or leased ten data centers in Alabama (1), Georgia (2), Kentucky (1), North Carolina (1),

North Dakota (1), Oklahoma (1), and Texas (3) totaling 920 MW of total leasable customer power capacity, or 1.4 GW on a gross

utility power capacity basis.

Business Operations and Segments

We have three operating segments:

“Digital Asset Self-Mining,” consisting of performing digital asset mining for our own account, “Digital Asset Hosted Mining,” consisting of providing hosting services to third parties for digital asset mining, and “HPC Hosting,” consisting of providing hosting services to third parties for graphics processing unit (“GPU”) based HPC hosting operations.

Prior to April 1, 2024, we operated only in the Digital Asset Self-Mining and Digital Asset Hosted Mining segments.

Our Digital Asset Self-Mining operation segment generates revenue from the deployment and operation our own large fleet of computers (“miners”) within our owned digital infrastructure as part of a pool of users that process transactions conducted on one or more blockchain networks.

In exchange for this activity, we receive digital assets in the form of bitcoin.

We began digital asset mining at scale in 2018 and in 2020 became one of the largest North American providers of hosting services primarily for third-party mining customers.

We had an average hourly operating power demand of approximately 572 MW for the year ended December 31, 2024.

Our Digital Asset Hosted Mining operation segment generates revenue through the sale of electricity-based consumption contracts for our hosting services, which are recurring in nature.

Our Digital Asset Hosted Mining operation segment provides a full suite of services to our digital asset mining customers.

We provide deployment, monitoring, troubleshooting, optimization and maintenance of our customers’ digital asset mining equipment and provide necessary electrical power, repair and other infrastructure services necessary for our customers to operate, maintain and efficiently mine digital assets.

We do not expect to further expand our Digital Asset Hosted Mining operations in 2025 and future years.

Our HPC Hosting operation segment generates revenue by providing colocation, cloud and connectivity services to customers in exchange for a fee.

Our HPC Hosting operation segment provides colocation, facilities operations, security and other services to third-party HPC customers to support workloads for machine learning and artificial intelligence.

As of December 31, 2024, we have secured approximately 1,317 MW of contracted power capacity to operate and manage one of the largest data center infrastructure asset bases among publicly listed North American miners with operational capacity of approximately 784 MW to support of our existing and planned HPC operations as well as our existing digital asset mining operations.

“Colocation,” consisting of providing high-density colocation services to third parties for

AI / HPC operations, “Digital Asset Self-Mining,” consisting of performing digital asset mining for our own account, and “Digital

Asset Hosted Mining,” consisting of providing hosting services to third parties for digital asset mining.

Prior to April 1, 2024, we

operated primarily in the Digital Asset Self-Mining and Digital Asset Hosted Mining segments.

During fiscal year 2024, our

“Colocation” segment was referred to as “HPC Hosting.”

We derived the majority of our 2025 revenue from earning digital assets for our own account but expect to rapidly increase

revenue derived from high-density colocation (“HDC”) as capacity gets delivered to our existing and future end customers.

to convert every megawatt in our portfolio to HDC infrastructure over the next three years.

Our Colocation segment provides space,

power, cooling, facilities operations, security and other services to third-party customers to support workloads for machine learning

and artificial intelligence.

Under these contracts, customers pay fixed payments (based on electric capacity) and variable payments on

a recurring basis.

HDC colocation leases may include all or portions of a data center, where customers may also lease office space to

support their colocation operations where revenue is primarily based on power usage as well as square footage.

Our Digital Asset Self-Mining segment generates revenue from the deployment and operation of our own large fleet of

specialized computers, or “miners” within our owned digital infrastruc ture as part of a pool of users that solve complex cryptographic

algorithms to validate transactions conducted on one or more blockchain networks.

In the Bitcoin network, solving a block results in a

reward of bitcoin in a process known as “mining.” These rewards of bitcoin currently can be sold profitably when the sale price of

bitcoin exceeds the cost of mining, which generally consists of the cost of mining hardware, the cost of the electrical power to operate

the machine, and other facility and overhead costs associated with housing, operating and supporting the equipment.

Our Digital Asset Hosted Mining segment generates revenue through the sale of electricity-based consumption contracts for our

hosting services, which are recurring in nature.

Our Digital Asset Hosted Mining operation segment provides a full suite of services to

our digital asset mining customers.

We provide deployment, monitoring, troubleshooting, optimization and maintenance of our

customers’ digital asset mining equipment and provide necessary electrical power, repair and other infrastructure services necessary

for our customers to operate, maintain and efficiently mine digital assets.

We do not expect to further expand our Digital Asset Hosted

Mining operations in 2026 and future years and may not derive consequential digital asset hosting revenue in future periods .

Power Providers

Historically, we have contracted with large electric utility providers to provide a sufficient supply of electricity to power the mining operations in our facilities.

We have fixed, variable and interruptible bi-lateral power supply consumption agreements with electric power suppliers at our various facilities.

These agreements provide for both firm and interruptible power supply through each provider’s transmission and distribution systems to dedicated substations owned by the power provider, the local utility or the

We value our relationships with our power providers and work to lever our operating capabilities to take advantage of any interruptible programs and cost saving opportunities.

The table below summarizes the contracted capacity in megawatts (“MW”) by facility location and electric utility provider as of December 31, 2024:

We have fixed, variable and interruptible bi-lateral power supply consumption agreements with electric power suppliers at our

various facilities.

These agreements provide for both firm and interruptible power supply through each provider’s transmission and

distribution systems to dedicated substations owned by the power provider, the local utility or the Company.

relationships with our power providers and work to leverage our operating capabilities to take advantage of any interruptible programs

and cost saving opportunities.

The table below summarizes the gross utility power capacity in MW by facility location and electric utility provider as of

December 31, 2025 :

Electric Utility Providers

Contracted Power Capacity (MW)

Gross Utility Power

Capacity (MW)

Facility Location

Tennessee Valley Authority 150 Calvert City, Kentucky ("Calvert")

Murphy Electric Power Board 35 Marble, North Carolina ("Marble 1")

Duke Energy 68 Marble, North Carolina ("Marble 2")

Dalton Utilities 53 Dalton, Georgia ("Dalton 1 & 2")

Dalton Utilities 142 Dalton, Georgia ("Dalton 3")

Tennessee Valley Authority

Paducah-Calvert City, Kentucky

Murphy Electric Power Board

Marble, North Carolina

Dalton Utilities

Dalton, Georgia

Nodak Electric Cooperative, Inc.

100 Grand Forks, North Dakota ("Grand Forks")

Denton Municipal Electric 391 Denton, Texas ("Denton")

Grand Forks, North Dakota

Denton Municipal Electric

Dallas-Denton, Texas

Texas New-Mexico Power

253 Pecos, Texas ("Cottonwood”)

Oklahoma Gas & Electric

100 Muskogee, Oklahoma ("Muskogee 1")

Austin Energy 15 Austin, Texas

Alabama Power Company 10 Auburn, Alabama

Muskogee, Oklahoma

Austin Energy

Austin, Texas

Alabama Power Company

Auburn, Alabama

Facility Development

Our experienced in-house facility development teams, utilizing from time to time the expertise of third parties, focus on sourcing, evaluating, designing, engineering, and developing the facilities where we host our customers HPC colocation needs and facilities where we earn digital assets, primarily bitcoin, through self-mining.

We primarily engage third parties to construct our facilities according to our design specifications.

Our experienced in-house facility development teams, utilizing from time to time the expertise of third parties, focus on

sourcing, evaluating, designing, engineering, and developing the facilities where we host our customers’ HPC colocation needs and

facilities where we earn digital assets, primarily bitcoin, through self-mining.

We primarily engage third-party contractors to construct

our facilities according to our design specifications.

Mining Equipment

Our mining operations rely on specialized digital asset mining hardware equipped with ASIC chips ("ASICs") designed to solve cryptographic hashes for blockchain networks using the SHA-256 algorithm.

Historically, we have sourced substantially all of our miners from Bitmain Technologies Limited (“Bitmain”), one of the leading manufacturers of digital asset mining equipment.

In 2024 we entered into an agreement with Block, Inc.

a technology company developing ASICs, to acquire 3 nm ASICs customized for digital asset mining.

We intend to utilize the ASICs in custom manufactured mining machines to refresh a portion of our existing mining fleet.

We intend to design these machines to maximize available mining infrastructure, optimize mining performance and reduce the total cost of digital asset mining within our mining facilities.

As of December 31, 2024, we had deployed approximately 171,100 bitcoin miners, which number consists of approximately 164,000 self-miners and approximately 7,100 hosted miners, which represented 19.1 exahash per second (“EH/s”) and 1.0 EH/s for self-miners and hosted miners, respectively.

Human Resources

As of December 31, 2024, we had 325 full-time employees.

All of our employees are located in the United States in more than 30 states.

We also engage consultants and contractors to supplement our permanent workforce on an as needed basis.

None of our employees are represented by a labor union or covered by collective bargaining agreements, and we have not experienced any work stoppages.

Our mission and values are the foundation for our Company culture.

More specifically, our mission is to accelerate digital innovation by scaling high-value computing rapidly, efficiently, and responsibly.

As for our values, they include:

(1) operating with integrity and maintaining the highest standards, and supporting each other as a single team, to ensure our collective success (“Team

(2) acting as owners of the business, in the interest of all stakeholders, holding ourselves and each other accountable for our actions and outcomes (“Extreme Ownership”);

(3) relentlessly seeking to accelerate the world’s digital transformation and improve the way we do business to reduce costs, improve quality and grow (“Innovate & Simplify”);

and (4) seeking to maximize transparency with all our stakeholders to ensure understanding, alignment and constructive dialog (“Transparency”).

Our mission and values reflect who we are and the way our employees interact with one another, our customers, partners, and shareholders.

Working together and guided by our mission and values, we are committed to creating a company where everyone is included and respected, and where we support each other in reaching our full potential.

Additionally, Core Scientific works diligently to attract and retain top talent from a diverse range of sources in order to meet the current and future demands of our business.

Our competitive compensation and benefits offerings in combination with a strong employee value proposition leverages our shared sense of purpose and collaborative working environment as well as our innovative and cutting-edge business helps us attract and retain top talent at our Company.

Furthermore, we strive to empower our people to find new and better ways of doing things, and our dynamic business means that careers can develop in exciting and unexpected directions.

Each of the HPC and bitcoin mining markets are highly competitive.

In the HPC market, we compete with numerous established data center providers, including Equinix, Inc., Digital Realty Trust, NTT, Switch, Inc., and CyrusOne Inc., as well as private operators specializing in HPC or colocation services, and digital asset miners looking to convert existing digital mining facilities into HPC colocation facilities.

Many of these competitors are better established, have better brand recognition, and are well capitalized, and organized to take advantage of certain tax benefits for their investors, lowering their external cost of capital.

Many of our competitors seek to establish data centers in the same geographic regions as we do and compete for the same sources of power, equipment and customers as Core Scientific.

Our mining operations rely on specialized digital asset mining hardware equipped with ASIC chips ("ASICs") designed to solve

cryptographic hashes for blockchain networks using the SHA-256 algorithm.

Historically, we have sourced substantially all of our

miners from Bitmain Technologies Limited (“Bitmain”), one of the leading manufacturers of digital asset mining equipment.

we entered into an agreement with Block, Inc.

a technology company developing ASICs, to acquire 3 nm ASICs customized for

digital asset mining.

As of December 31, 2025 , we deployed approximately 151,400 bitcoin miners, which number consists of approximately

135,500 self-miners and approximately 15,900 hosted miners, which represented 15.7 exahash per second (“EH/s”) and 2.2 EH/s for

self-miners and hosted miners, respectively.

As of December 31, 2024 , we deployed approximately 171,100 bitcoin miners, which

number consists of approximately 164,000 self-miners and approximately 7,100 hosted miners, which represented 19.1 EH/s and 1.0

EH/s for self-miners and hosted miners, respectively.

Each of the HDC and bitcoin mining markets are highly competitive.

In the HDC market, we compete with numerous established data center providers, including both public and private companies

• Aligned Data Centers;

• Compass Datacenters;

• Equinix, Inc.;

• Digital Realty Trust;

• Switch, Inc.;

• Vantage Data Centers;

• CyrusOne Inc.

Many of these competitors are more established, have better brand recognition, are well capitalized, and are organized to take

advantage of certain tax benefits for their investors, lowering their external cost of capital.

Many of our competitors seek to establish

data centers in the same geographic regions as we do and compete for the same sources of power, equipment and customers as Core

Competitors compete on price, facility location, reputation and perceived skill with respect to performance.

We believe that our experience in the digital asset mining market, our ability to rapidly deliver scalable, purpose-built data centers, combined with cutting-edge, energy-efficient technologies, will enable us to compete favorably within the HPC market.

Our bitcoin self-mining operations compete globally with other mining operations throughout the world to complete new blocks on the blockchain and earn the reward in the form of bitcoin.

We compete on the basis of our total number of miners, the hash rate we are able to consistently generate, the size and skill of the mining pool through which we participate and the efficiency of our miner and mining operations.

A mining pool is created when mining participants pool the processing power of their miners over a network and mine transactions together.

Rewards are then distributed proportionately to the pool participants based on the work/hash power contributed to solving a block.

Digital asset mining is now dominated by large-scale, industrial miners operating large dedicated facilities around the world, including sovereign nation states with considerable resources who mine directly or support mining operations through their sovereign wealth funds, all of whom compete to solve new blocks, acquire new and used miners, and purchase and consume energy and supplies to build mining facilities.

Our mining operations also compete with non-digital asset operations for access to suitable real estate and access to affordable and dependable electric power.

In addition to competing to solve new blocks, we compete to acquire new miners, to raise capital, to obtain access to facilities for the location of mining operations, and to develop or acquire new technologies.

We believe that

our experienced data center and engineering leadership team, our proven ability to rapidly deliver scalable, purpose-built data centers,

combined with cutting-edge, energy-efficient technologies, will enable us to compete favorably within the HDC market.

Additionally, we compete with other digital asset miners who have signed contracts with AI / HPC customers to convert

existing digital mining facilities into HDC facilities including:

• Applied Digital Corporation;

• Cipher Mining Inc.;

• Galaxy Digital;

• Hut 8 Corp.;

• Terawulf, Inc.

Our digital asset self-mining operations compete globally with other mining operations throughout the world to complete new

blocks on the blockchain and earn the reward in the form of bitcoin.

We compete on the basis of our total number of miners, the hash

rate we are able to consistently generate, the size and skill of the mining pool through which we participate and the efficiency of our

miner and mining operations.

Our mining operations also compete with non-digital asset operations for access to suitable real estate

and access to affordable and dependable electric power.

Our hosting activities compete with a large number of other hosting operations.

Our success in our hosting operations depends on our ability to supply hosting space and power, our performance with respect to installation, operation and repair of customer equipment, our ability to obtain replacement parts, the value of our service offering to our customers and the availability of mining equipment.

To compete effectively as a hosting provider, we continue to market our services effectively to large-scale miners that value our ability to host at scale and who are willing to pay a premium hosting fee for our high up-time and operational expertise.

In both our self-mining and hosting activities, we additionally compete with other operations and participants for equity and debt financing since our business is capital intensive.

Several public companies (traded in the United States, Canada, and internationally), such as the following, may be considered self-mining and hosting competitors to the Company:

• Argo Blockchain PLC;

Our success in our hosting operations depends

on our ability to supply hosting space and power, our performance with respect to installation, operation and repair of customer

equipment, our ability to obtain replacement parts, the value of our service offering to our customers and the availability of mining

In both our self-mining and hosting activities, we additionally compete with other operations and participants for equity and

debt financing since our business is capital intensive.

Several public companies (traded in the United States, Canada, and internationally), such as the following, may be considered

self-mining and hosting competitors to the Company:

• Applied Digital Corporation

• Bit Digital, Inc.;

2 unchanged sentences

• CleanSpark, Inc.

• Hive Blockchain Technologies Inc.;

• Hut 8 Corp.;

• Marathon Digital Holdings, Inc.;

• Riot Platforms, Inc.;

• TeraWulf Inc.

Other market participants in the bitcoin mining industry include investors and speculators, retail users transacting in digital assets, and service companies that provide a variety of services, including buying, selling, payment processing and storing of bitcoin.

To continue to be successful, we will require sufficient additional capital to build additional facilities and to acquire new mining equipment and related infrastructure.

Subject to raising additional capital, our bitcoin initiatives will compete with other industry participants that focus on investing in and securing the blockchains of bitcoin and other digital assets.

Emergence from Bankruptcy

On January 15, 2024, the Company and certain of its affiliates filed with the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) the Fourth Amended Joint Chapter 11 Plan of Core Scientific, Inc.

and its Affiliated Debtors (with Technical Modifications) (the “Plan of Reorganization”).

On January 16, 2024, the Bankruptcy Court entered an order confirming the Plan of Reorganization.

On January 23, 2024 (the “Effective Date”), the conditions to the effectiveness of the Plan of Reorganization were satisfied or waived and the Company emerged from bankruptcy.

On January 24, 2024, the Company’s common shares began trading on the Nasdaq market under the ticker symbol CORZ.

On the Effective Date, a new Board of Directors was constituted and the Company, in accordance with the Plan of Reorganization satisfied and extinguished claims in the Chapter 11 cases through the issuance of (i) new common stock (“New Common Stock”), (ii) new warrants (“New Warrants”), (iii) contingent value rights (“CVRs”), (iv) new secured convertible notes due 2029 (“New Secured Convertible Notes”), and (v) new secured notes due 2028 (“New Secured Notes”).

For more detailed information regarding our emergence from bankruptcy, refer to Notes 3 — Chapter 11 Filing and Emergence from Bankruptcy, 8 — Convertible and Other Notes Payable, 9 — Contingent Value Rights and Warrant Liabilities and 12 — Stockholders' Deficit to our consolidated financial statements in Item 8 of Part II of this Annual Report on Form 10-K.

Human Resources

As of December 31, 2025 , we had 325 full-time employees.

All of our employees are located in the United States in 26 states .

We may also engage consultants and contractors from time to time to supplement our regular full-time workforce on an as needed

None of our employees are represented by a labor union or covered by collective bargaining agreements, and we have not

experienced any work stoppages.

Our mission and values are the foundation for our Company culture.

More specifically, our mission is to accelerate digital

innovation by scaling high-density computing rapidly, efficiently, and responsibly.

As for our values, they include :

(1) operating with

integrity and maintaining the highest standards, and supporting each other as a single team, to ensure our collective success (“Team

(2) acting as owners of the business, in the interest of all stakeholders, holding ourselves and each other accountable for our

actions and outcomes (“Extreme Ownership”);

(3) relentlessly seeking to accelerate the world’s digital transformation and improve the

way we do business to reduce costs, improve quality and grow (“Innovate & Simplify”);

and (4) seeking to maximize transparency

with all our stakeholders to ensure understanding, alignment and constructive dialog (“Transparency”) .

Our mission and values reflect

who we are and the way our employees interact with one another, our customers, partners, and shareholders.

Working together and

guided by our mission and values, we are committed to creating a company where employees have the opportunity to advance their

careers and make a difference in our business performance.

Core Scientific works diligently to attract and retain the best available talent in both the data center space as well as functional

experts from a wide range of industries and sectors.

We offer competitive base compensation, performance-based annual incentives,

equity at certain levels and benefits offerings to create a compelling employment proposition.

Along with our performance focused

culture and team first mentality, Core Scientific has created a best in class destination for talented employees.

Intellectual Property

We seek protection for our intellectual property as appropriate.

To establish and protect our proprietary rights, we rely upon a combination of patent, copyright, trade secret and trademark laws and contractual restrictions such as confidentiality agreements, licenses and intellectual property assignment agreements.

We have filed over 120 patent applications in technologies such as blockchain, data center management, infrastructure and cooling.

To establish and protect our proprietary rights, we rely upon a

combination of patent, copyright, trade secret and trademark laws and contractual restrictions such as confidentiality agreements,

licenses and intellectual property assignment agreements.

We have filed over 130 patent applications in technologies such as blockchain, data center management, infrastructure and

The patent applications have been filed in the United States and in certain locations outside the United States.

A subset of the patent applications have issued as patents.

We maintain a policy requiring our employees, contractors, consultants and other third parties to enter into confidentiality and proprietary rights agreements to control access to our proprietary information.

These laws, procedures and restrictions provide only limited protection, and any of our intellectual property rights may be challenged, invalidated, circumvented, infringed or misappropriated.

Furthermore, the laws of certain countries do not protect proprietary rights to the same extent as the laws of the United States, and we therefore may be unable to protect our proprietary technology in certain jurisdictions.

A subset of the

patent applications have issued as patents.

We maintain a policy requiring our employees, contractors, consultants and other third

parties to enter into confidentiality and proprietary rights agreements to control access to our proprietary information.

procedures and restrictions provide only limited protection, and any of our intellectual property rights may be challenged, invalidated,

circumvented, infringed or misappropriated.

Furthermore, the laws of certain countries do not protect proprietary rights to the same

extent as the laws of the United States, and we therefore may be unable to protect our proprietary technology in certain jurisdictions.

Moreover, our platform incorporates software components licensed to the general public under open-source software licenses.

We obtain many components from software developed and released by contributors to independent open-source components of our platform.

Open-source licenses grant licensees broad permissions to use, copy, modify and redistribute those open-source components of our platform.

obtain many components from software developed and released by contributors to independent open-source components of our

Open-source licenses grant licensees broad permissions to use, copy, modify and redistribute those open-source components

of our platform.

As a result, open-source development and licensing practices can limit the value of our software copyright assets.

We pursue the registration of our domain names, trademarks and service marks in the United States and in certain locations outside the United States.

We pursue the registration of our domain names, trademarks and service marks in the United States and in certain locations

outside the United States.

To protect our brand, we file trademark registrations in some jurisdictions.

Government Regulation

Due to the relatively short history of digital assets like bitcoin, and their emergence as a new asset class, government regulation of blockchain and bitcoin is constantly evolving, with increased interest expressed by U.S.

and international regulators.

In October 2020, the Cyber-Digital Task Force of the U.S.

Department of Justice published a report entitled “Cryptocurrency:

An Enforcement Framework” that detailed the Department’s view with respect to digital assets and the tools at the Department’s disposal to deal with threats posed by digital assets.

In February 2021, representatives of the government of Inner Mongolia, China announced plans to ban digital asset mining within the province due to the energy and rare earth mineral demands of the industry.

In March 2021, the nominee for Chair of the U.S.

Securities and Exchange Commission (“SEC”) expressed the need for investor protection along with promotion of innovation in the digital asset space.

In March 2022, former President Biden signed an Executive Order outlining an “whole-of-government” approach to addressing the risks and harnessing the potential benefits of digital assets and its underlying technology.

The executive order lays out a national policy for digital assets over six highlighted priorities.

In January 2023, the U.S.

House of Representatives created a new congressional subcommittee focused on digital assets, the Subcommittee of Digital Assets, Financial Technology and Inclusion, operating under the House Financial Services Committee.

In addition to the activities of the United States federal government and its various agencies and regulatory bodies, government regulation of blockchain and digital assets is also under active consideration by similar entities in other countries and transnational organizations, such as the European Union.

State and local regulations within the United States also may apply to our activities and other activities in which we may participate in the future.

Other governmental or semi-governmental regulatory bodies have shown an interest in regulating or investigating companies engaged in blockchain or digital asset businesses.

For instance, the SEC has taken an active role in regulating the use of public offerings of proprietary coins (so-called “initial coin offerings”) and has made statements and official promulgations as to the status of certain digital assets other than bitcoin as “securities” subject to regulation by the SEC.

The effect of any regulatory change by the federal, state, local or foreign governments or any self-regulatory agencies on the Company is impossible to predict, but such change could be substantial and may have a material adverse effect on the Company’s business, financial condition and results of operations.

For example, in November 2022, the State of New York enacted a law prohibiting new proof-of-work mining activities that use power generated from carbon inputs.

While the Company does not currently operate in New York, there is no guarantee that future regulation or adverse action will not take place and interpretation of existing regulations in a manner adverse to our business is possible.

In January 2024, a decade after initial applications were filed, the SEC approved a series of spot Bitcoin exchange-traded funds, which have received billions of dollars of in-flows.

In February 2024, the U.S.

Energy Information Administration (the “EIA”) commenced a six-month survey among participants in the U.S.

cryptocurrency mining industry to collect data to track and analyze the electricity consumption by such industry participants.

The EIA’s analysis would focus on how the energy demand for cryptocurrency mining is evolving, identify geographic areas of high growth, and quantify the sources of electricity used to meet cryptocurrency mining demand.

It is unclear what, if any, regulatory policy changes may result following the collection and analysis of the data obtained through the EIA’s survey if it proceeds, but if regulators seek to curb electricity consumption by cryptocurrency mining operations in the future our business could be adversely affected.

As of February 23, 2024, the U.S.

Department of Energy (the agency governing the EIA) agreed to temporarily suspend this survey following a lawsuit by a cryptocurrency association and bitcoin mining company.

Most recently, in January 2025, the Acting SEC Chairman announced the launch of a crypto task force dedicated to developing a comprehensive and clear regulatory framework for crypto assets, in contrast to the SEC’s prior reliance on enforcement actions to regulate cryptocurrencies.

The extent and content of any forthcoming laws and regulations are not yet ascertainable, and they may not be ascertainable in the near future.

The Company will closely monitor the outcome of this and other regulatory developments concerning cryptocurrency mining, as to the potential effects on our business.

In addition, various foreign jurisdictions either have adopted, or may adopt, laws, regulations or directives that affect digital assets such as bitcoin, digital asset networks, and their users and participants.

Such laws, regulations or directives may conflict with those of the United States, may negatively impact the acceptance of bitcoin by users, merchants and service providers outside of the United States, and may therefore impede the growth of bitcoin.

Presently, we do not believe any U.S.

or state regulatory body other than the State of New York has taken any action or position adverse to bitcoin with respect to its production, sale, and use as a medium of exchange;

however, future changes to existing regulations or entirely new regulations may affect our business in ways it is not presently possible for us to predict with any reasonable degree of certainty.

As the regulatory and legal environment evolves, we may become subject to new laws, such as further regulation by the SEC and other agencies, which may affect our mining and other activities.

Government regulation of large-scale data center operations continues to evolve in the United States.

Multiple federal and state

regulators have expressed interest in oversight of data center infrastructure, AI and other HPC applications, and the energy-intensive

computing activities associated with large-scale data center operations.

Federal agencies have increased scrutiny of energy use by large-scale data center operators.

Future regulatory action related to

the energy usage of data center operations, including possible reporting or operational requirements, could affect our colocation

In July 2025, the President signed an executive order titled “Accelerating Federal Permitting of Data Center Infrastructure,”

which directs federal agencies to streamline permitting and environmental review for large-scale AI data center projects requiring

more than 100 megawatts of new electrical load.

The executive order also directs the Departments of the Interior, Energy, and Defense

to authorize data center construction on appropriate federal lands, and instructs the Secretary of Commerce to launch an initiative to

provide financial support for qualifying projects.

While this executive order may benefit our colocation operations by reducing

permitting timelines for future expansion, the scope and durability of these measures remain uncertain and subject to change.

State level regulation of large-scale data center operations is also developing.

In June 2025, Texas enacted Senate Bill 6, which

introduces significant new requirements for large-load electricity customers, including data centers within the Electric Reliability

Council of Texas (“ERCOT”) region.

SB 6 applies to customers with loads exceeding 75 megawatts at a single site and requires such

customers to contribute to transmission interconnection costs, disclose duplicative interconnection requests, and maintain backup

generation or load curtailment capability during grid emergencies.

Facilities interconnecting after December 31, 2025 must install

remote-disconnect equipment to enable ERCOT-directed load shedding during grid stress events.

The Public Utility Commission of

Texas is required to review and potentially revise the methodology for allocating wholesale transmission charges to large-load

customers by December 31, 2026.

Oklahoma’s HB 3594, effective November 2024, requires that any regulations imposed on digital asset mining businesses also

apply to traditional data centers and prohibits discriminatory electricity rates for such operations.

This legislation supports our facility

under development for colocation services in Muskogee, Oklahoma.

Kentucky’s expanded data center incentive program, enacted through House Bill 775 in 2025, broadened eligibility for sales

and use tax exemptions on qualified data center equipment statewide based on county population thresholds.

In Georgia, the Public Service Commission adopted a rule in January 2025 allowing Georgia Power to impose minimum billing

requirements, longer contract terms, and site-specific cost allocations on new large-load customers exceeding 100 megawatts,

including data centers.

In December 2025, the Georgia PSC approved approximately 9,885 megawatts of new generation capacity,

driven largely by projected data center demand, with conditions requiring large-load customers to bear a significant share of associated

infrastructure costs.

In other locations where we operate, including North Carolina, North Dakota, and Alabama, no state statute presently restricts

data center operations, although state commissions and local zoning authorities continue to evaluate rules applicable to large electricity

load facilities and data centers.

These state level developments may increase our compliance obligations, affect economic terms for

power, or restrict siting or loading of our colocation operations.

Regulatory frameworks include environmental requirements, zoning and land use considerations, cybersecurity expectations,

and requirements related to data privacy.

These obligations may increase over time as governments respond to growth in data center

activity and increasing demand for power.

The effect of future regulatory changes at the federal or state level is difficult to predict.

Any such changes could materially

affect our operations, energy costs, customer demand, or the profitability of colocation activities.

Environmental

The effects of human activity on global climate change have attracted considerable public and scientific attention, as well as the attention of the United States and other foreign governments.

In general, efforts are being made by government regulators and others to reduce greenhouse gas emissions, particularly those from coal combustion power plants.

Some of these plants may be those our operations rely upon for power.

In addition, there are increasing concerns over the quantity of energy, particularly from non-renewable sources, used for bitcoin mining and its effects on the environment (with lesser recognition for any positive contributions by bitcoin mining to the operation of existing electrical grids and systems).

While the nature or effect on the Company of any environmental regulatory changes by federal, state, local or foreign governments or self-regulatory agencies is impossible to predict , the added cost of any environmental taxes, charges, assessments or penalties levied on power plants we rely upon could be passed on to us, increasing the cost to run our facilities.

If environmental laws or regulations or industry standards are either changed or adopted and impose significant operational restrictions and compliance requirements on our operations, our business, capital expenditures, results of operations, financial condition and competitive position could be materially adversely impacted.

The Company’s production of bitcoin and its HPC operation can be affected when extreme temperatures in locations where its data centers operate result in local power price volatility that necessitates economic or grid stabilization-driven curtailment.

Our HPC data centers run on back-up generators in the event of a power outage or curtailment.

Digital asset generation from the Company’s mining operations may also vary depending on the Company’s total hash rate at a given point in time relative to the total hash rate of the Bitcoin network.

The effects of human activity on global climate change have attracted considerable public and scientific attention, as well as the

attention of the United States and other foreign governments.

In general, efforts are being made by government regulators and others

to reduce greenhouse gas emissions, particularly those from coal combustion power plants.

Some of these plants may be those our

operations rely upon for power.

In addition, there are increasing concerns over the quantity of energy, particularly from non-renewable

sources, used for bitcoin mining and its effects on the environment (with lesser recognition for any positive contributions by bitcoin

mining to the operation of existing electrical grids and systems).

While the nature or effect on the Company of any environmental regulatory changes by federal, state, local or foreign

governments or self-regulatory agencies is impossible to predict , the added cost of any environmental taxes, charges, assessments or

penalties levied on power plants we rely upon could be passed on to us, increasing the cost to run our facilities.

If environmental laws

or regulations or industry standards are either changed or adopted and impose significant operational restrictions and compliance

requirements on our operations, our business, capital expenditures, results of operations, financial condition and competitive position

could be materially adversely impacted.

The Company’s colocation operations can be affected when extreme temperatures in locations where its data centers operate

result in local power price volatility that necessitates economic or grid stabilization-driven curtailment.

Our data centers are equipped

with backup generators designed to support critical facility infrastructure in the event of a power outage or curtailment.

Peak demand periods, which typically occur during summer and winter months, may result in elevated power prices or grid

constraints that affect the availability or cost of power at our data centers.

Grid operators may direct mandatory curtailment of large-load customers during grid emergency events.

In certain jurisdictions

where we operate, including Texas, regulatory frameworks require large-load facilities to comply with mandatory load reduction or

remote disconnection instructions issued by the grid operator during periods of extreme grid stress.

We would comply with any such

mandatory curtailment directives and utilize backup generators designed to support critical facility infrastructure.

With respect to our

colocation operations, mandatory curtailment events directed by a grid operator are force majeure events under our customer

Corporate Information

Our principal executive offices are located at 838 Walker Road, Suite 21-2105, Dover, Delaware 19904, and our telephone number is (512) 402-5233.

Our principal executive offices are located at 838 Walker Road, Suite 21-2105, Dover, Delaware 19904, and our telephone

number is (512) 402-5233.

Our corporate website address is www.corescientific.com.

Information contained on or accessible through our website is not a part of this Annual Report on Form 10-K, and the inclusion of our website address in this Annual Report on Form 10-K is an inactive textual reference.

Information contained on or accessible through

our website is not a part of this Annual Report on Form 10-K, and the inclusion of our website address in this Annual Report on Form

10-K is an inactive textual reference.

Available Information

Our principal executive offices and telephone number are listed on the cover page of this Annual Report on Form 10-K and our website address is www.corescientific.com.

The contents of our website are not part of this Annual Report on Form 10-K and our internet address is included in this document as an inactive textual reference only.

We currently make our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy reports and all amendments to those reports available free of charge on our website as soon as reasonably practicable after we file such reports with, or furnish such reports to, the SEC.

You can access our filings through the SEC’s internet site:

www.sec.gov (intended to be an inactive textual reference only).

We currently make our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy

reports and all amendments to those reports available free of charge on our website at www.corescientific.com as soon as reasonably

practicable after we file such reports with, or furnish such reports to, the SEC.

The SEC maintains an internet site that contains reports,

proxy and information statements and other information regarding issuers that file electronically with the SEC at www.sec.gov.

information contained on the websites referenced in this Annual Report on Form 10-K is not incorporated by reference into this filing,

and references to such website addresses are intended to be inactive textual references only.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business