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Core Scientific Sold $208 Million in Bitcoin in Q1 for AI Infrastructure Buildout

Core Scientific says its expanded 590 MW CoreWeave agreement could generate $10.2 billion over 12 years, as first-quarter revenue, Bitcoin sales, and new financing support its shift toward AI infrastructure.

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Fact Check
All key elements of the claim are confirmed by the official Core Scientific investor relations press release (May 6, 2026) and corroborated by The Block and Data Center Dynamics. The $421 million deal price, the Polaris DS LLC acquisition, the Oklahoma power expansion to ~1.5 GW gross power at the Muskogee campus, and the strategic pivot from Bitcoin mining to AI data center infrastructure are all verified. The only minor nuance is that '1.5 gigawatts' refers to gross power capacity, while leasable AI colocation capacity is ~1.0 GW, but this is consistent with the claim's framing of 'Oklahoma power footprint.' No conflicting evidence was found.
Summary

Core Scientific reported a first-quarter net loss of $347.2 million after selling 2,385 BTC for about $208.3 million and recording $266.5 million in impairment charges. The company said stronger AI colocation and hosting revenue helped offset weaker Bitcoin self-mining, underscoring its shift toward infrastructure-based revenue. Core Scientific reported about $115 million in first-quarter revenue, including $77.5 million from hosting and $30.1 million from self-mining. Central to its strategy is an expanded 590 megawatt CoreWeave agreement projected to generate about $10.2 billion over 12 years. The company also issued $3.3 billion of 7.75% senior secured notes to fund data center construction and repay debt, while its earlier announced roughly $421 million Polaris DS LLC acquisition further reflects its move from self-mining toward hosting, AI infrastructure, and high-performance computing services.

Terms & Concepts
  • AI infrastructure: Physical computing capacity, power, and networking used to run artificial intelligence workloads, often through large-scale data centers.
  • Megawatt (MW): A unit of power capacity. In data centers, it measures how much electrical load a facility or contract can support.
  • Senior secured notes: Debt securities backed by collateral that rank ahead of unsecured debt in repayment priority.