Nasdaq-listed Core Scientific saw its shares rise 12.29% during after-hours trading after it announced a data center expansion in Denton, Texas, in a new agreement with AI Hyperscaler CoreWeave that is expected to bring in $1.2 billion in contracted revenue.
The crypto mining firm's stock closed up 2.66% at $10.02 on Wednesday and then rose 12.29% to $11.25 during after-hours trading, according to data from Google Finance.
The expansion is set to add 70 megawatts (MW) to Core's Denton site to bring the full critical IT load to 260 MW. Typically, one megawatt-hour can power 500 to 1,000 households for an hour.
"By expanding our capacity in Denton, we’re building one of the largest GPU supercomputers in North America," said Core Scientific CEO Adam Sullivan. "We look forward to delivering even greater value for both our customers and shareholders."
Core Scientific's total contracted high-performance computing (HPC) infrastructure with CoreWeave would then expand to around 590 MW across six sites, with estimated potential cumulative revenue from the partnership set to exceed $10 billion.
The company's collaboration with CoreWeave is part of its focus on developing HPC projects that power advanced AI and other low-latency workloads. Competing Nasdaq-listed mining firm Riot Platforms also recently announced that it will focus on growing its AI and HPC sector in 2025.
Out of its contracted 1.3 gigawatts, Core Scientific plans to allocate 900 MW for HPC hosting, while the remaining 400 MW of contracted power would support the firm's bitcoin mining business.
Meanwhile, Core Scientific reported a total yearly revenue of $510.7 million in 2024, up 1.6% year-on-year. Of this amount, $408.7 million came from crypto self-mining, $77.6 million from hosted crypto mining, and $24.4 million from HPC hosting. In January, Core Scientific reported that it self-mined a total of 6,595 bitcoins in 2024.
The company booked a net loss of $1.3 billion last year, widening from the $246.5 million net loss in 2023.
"[Net loss] increased by $1.1 billion driven primarily by a net $1.4 billion mark-to-market adjustment on our warrants and other contingent value rights comprising a $1.5 billion increase in the fair value of warrant liabilities," the company said.
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