Core Scientific [CORZ]
As of: 2026-07-29 · Framework: v1.5.1 / criteria.md 2026-07-29 · Type: MEASURED — dated events that would confirm or refute the implied path. Consumed by monitoring; blocks nothing.
Every date below is either taken from a filing or explicitly marked as an inference from filing history. Per the brief: a fabricated catalyst date is worse than an absent calendar. Nothing here is invented.
| Date | Event | Source | Why it matters |
|---|---|---|---|
| 2026-07-28 | Q2 2026 10-Q filed | 0001839341-26-000014 |
one day before this analysis. Colocation 83.2% of revenue at 59% gross margin; debt to $4,298m; $1,045.5m warrant mark |
| 2026-03-02 | 10-K/A FY2024 and 10-Q/As for all three 2025 quarters filed | EDGAR | already occurred — cause NOT investigated. The largest open item in this file |
| 2026-03-18 | 10-K/A FY2025 filed | EDGAR | as above |
| H1 2026, no precise date | Certain CoreWeave license agreements assigned to an SPV financing structure | 10-Q Q2 2026 | took long-term debt from $1,060.3m to $4,298.0m |
| 2026-05-xx | AMD warrant issued — up to 30,000,000 shares at $23.47 | 10-Q Q2 2026 | the only quantified element of the AMD relationship. Contract size undisclosed |
| May 2026 | PSUs granted, cliff vesting 2029-03-15 on relative TSR, energized megawatt growth and new customer acquisition over 2026–2028 | 10-Q Q2 2026 | management is paid on exactly the two variables the valuation turns on |
| Ongoing through 2026–2027, no dated schedule disclosed | Remaining ~195MW of the 590MW CoreWeave contract commencing billing | 10-Q Q2 2026 | the single most important forward variable. At current revenue per MW this is ≈$816m of annualised revenue |
| 2026-12-31 | Hosted mining operations conclude — company-stated date | 10-Q Q2 2026 | removes $5.997m/quarter of low-margin revenue and simplifies the story |
| ~early November 2026 (estimated from the 2025-10-24 prior-year filing date; NOT company-confirmed) | Q3 2026 10-Q | filing cadence | does colocation keep growing sequentially, and does self-mining gross margin stay negative? |
| 2028 (protocol) | next bitcoin halving | Bitcoin protocol | least exposed name in the cluster — self-mining is 13.1% of revenue and already loss-making at the gross line |
Note what is absent: CORZ does not tag remaining performance obligations, so unlike IREN ($710.3m) and WYFI ($923.7m) there is no disclosed contractual revenue schedule — only the 590MW/395MW capacity split. The MW figures are the substitute and they are management-stated, not audited RPO.
| Date | Event | Why it matters to CORZ |
|---|---|---|
| 2028 (protocol-determined) | Bitcoin halving | halves the block reward on the mining leg. Not a forecast — it is in the protocol |
| continuous | Global network hashrate / difficulty | IREN's 10-Q quantifies the mechanism: its own hashrate rose to 36.0 EH/s and it still mined fewer bitcoin, because implied global hashrate rose faster. The denominator always grows |
| 2026-12-31 | CORZ's hosted-mining operations conclude | removes a competitor's hosted capacity from the market |
| Q3 2026 | WYFI's $865m Nscale contract reaches full revenue contribution | the cluster's cleanest read on realised contracted AI economics — a live benchmark for every claimed pipeline |