Core Scientific (CORZ) Q4 FY25 earnings call: guidance and Q&A

Details on the two deals under discussion (size, location) and the importance of credit quality for potential tenants.

Adam Sullivan stated that hyperscaler conversations restarted after the merger agreement termination. They are currently under exclusivity arrangements for 500 megawatts with a large investment-grade counterparty and hope to sign one soon. He emphasized that they will not compromise on counterparty strength.

“We're in discussions across a number of them with a number of our sites. And one thing I'll say is we -- today, we sit with 500 megawatts under exclusivity arrangements with a large investment-grade counterparty, that we're excited to continue to advance forward, and we're really looking forward to hopefully signing one of those over the near future.”

asked by Jon Petersen · answered by Adam Sullivan

Confidence in leasing the Hunt County site given its later energization date, and trends in pricing for new deals.

Adam Sullivan expressed high confidence in the Hunt site, stating that construction schedules align with power ramp-up. He noted that lease rates are moving higher due to rising equipment and labor costs, and Core Scientific is proactively securing long-lead equipment and trades to lock in economics.

“We've definitely seen pricing continue to shift. Part of that is driven by equipment prices and labor prices continuing to rise in the market. And so you're seeing a similar move in terms of leasing economics.”

asked by Brett Knoblauch · answered by Adam Sullivan

Rough payment for Hunt County, energization scale, and clarification on "stabilization" for the $4 billion CoreWeave financing.

Adam Sullivan deferred payment details for Hunt County until closing but confirmed energization ramps with construction. Jim Nygaard clarified that "stabilization" refers to the full fulfillment of the 590 MW CoreWeave contract, representing $5B-$5.5B in infrastructure, allowing access to up to $4B in capital.

“When you look at the size of our contract with Core weave at 590 megawatts, it represents somewhere between $5 billion and $5.5 billion of total infrastructure. So when I say stabilization, and I indicate the availability of capital up to $4 billion, I'm referencing the full stabilization of the contract relative to the asset base that we're constructing.”

asked by Darren Aftahi · answered by Jim Nygaard

How new architectures and cooling paradigms impact site development, and the availability and evolution of investment-grade guarantees for Neo Cloud deals.

Matt Brown detailed the rapid evolution from H100 to various Grace Blackwell and GB platforms, and now Rubin Vera, requiring real-time adaptation in data hall designs. Adam Sullivan noted a widening range of guarantee sources (hyperscalers, chip manufacturers, investment-grade) and expects further evolution and centralization of terms in 2026.

“I think we're going to see all chip manufacturers start to begin to play the game of guarantees to help them secure their customers moving forward and really locking architecture in the data center around their GPU chipset.”

asked by George Sutton · answered by Adam Sullivan

Insight into hash rate expectations for the year, pursuit of block miners, and the strategic role of the 30 MW Alabama site.

Adam Sullivan stated Bitcoin mining is in runoff, optimizing for minimum power draw, with block units being installed to maintain productivity. He explained the Alabama site is strategically located for low latency, attracting various counterparties, and can serve both inference use cases and enterprise AI customers.

“For us, that business is still essentially in runoff today, right? We're trying to manage our machine fleet based on what our minimum power draw requirements are across a number of different sites, and that's something that we're going to continue to operate in that mode over the course of this year.”

asked by Kevin Dede · answered by Adam Sullivan