Core Scientific reports another 48 MW delivered at Dalton campus
The July presentation showed about 30 MW billing against 175 MW leased at Dalton; the new update leaves acceptance and revenue timing unspecified.
Julian Okafor
A Georgia data centre's latest construction update adds capacity without specifying when the new infrastructure starts earning revenue. Core Scientific, Inc. NASDAQCORZ, a Miami-based operator converting bitcoin mining facilities to high-density colocation, reported another 48 MW delivered at Dalton on Monday.
The company said the deliveries followed its July update and concerned Phase 2, being built for the campus's first customer. Its July presentation identified that customer as CoreWeave, Inc. NASDAQCRWV, an AI cloud provider. The deck showed about 30 MW billing at Dalton against approximately 175 MW leased.
The Oct. 19 post did not disclose customer acceptance, a revised billing total or the revenue start date for the additional capacity. The July schedule targeted completion of the CoreWeave buildout at Dalton in early 2027; Monday's post did not announce a revised completion date for that work.
Core Scientific shares rose 1.85 per cent to US$13.73 at Monday's 4:00 p.m. EDT Nasdaq close, according to NASDAQCORZ. Its next scheduled financial update is Nov. 5, when investors can compare construction progress with reported billing and revenue.
July Billing Covered About 30 MW At Dalton
Core Scientific's July 28 earnings presentation placed Dalton within approximately 590 MW leased across five CoreWeave campuses. It showed the other four locations substantially complete or complete, while Dalton retained an estimated early-2027 completion date.
The Dalton figures left approximately 145 MW outside the billing column in July, calculated from leased capacity less billing capacity. Adding the new 48 MW to July's billing figure would assume that every delivered megawatt had entered billing, a step the October post does not establish.
Core Scientific chief executive Adam Sullivan described the relationship's expansion in his July 28 prepared remarks. He put the remaining CoreWeave buildout at 150 MW across the portfolio, distinguishing unfinished construction from the total leased capacity.
"Our agreement with CoreWeave began with a 16-megawatt lease at our Austin campus in 2024 and has since expanded to 590 megawatts of total contracted capacity," Sullivan said.
The July deck described the CoreWeave contracts as having 12-year terms with two five-year options. It put potential revenue over their terms above US$10 billion, an aggregate across the relationship rather than a revenue estimate for Monday's Dalton deliveries. July's deck estimated approximately US$850 million in average annualized colocation GAAP revenue for the full relationship. It also said the contracts provide no ability to terminate unilaterally, while both parties share execution risk.
Colocation Revenue Grew In The June Quarter
Core Scientific's July 28 results reported second-quarter colocation revenue of US$136.7 million, compared with US$77.5 million in the first quarter. Billing capacity reached 395 MW at June 30 and 437 MW by mid-July.
That mid-July billing total represented approximately US$635 million in average annualized colocation GAAP revenue, according to the July release. It was a companywide measure, so it cannot establish the revenue contribution of the additional Dalton capacity.
Second-quarter capital expenditures were US$797.5 million, including property, equipment, land and development rights, the July results showed. Liquidity stood at US$1.82 billion at June 30, a measure combining cash and cash equivalents with digital assets. The same June-quarter results reported a US$1,155.3 million net loss, driven primarily by changes in warrant fair value as the company's stock price appreciated.
CoreWeave reported second-quarter revenue of US$2.575 billion for the period ended June 30. It reported 1.5 GW of active power against approximately 3.7 GW of contracted power across its business.
CoreWeave shares fell 0.44 per cent to US$61.12 at Monday's 4:00 p.m. EDT Nasdaq close, according to NASDAQCRWV. Its companywide active-power figure is a separate operating measure from Core Scientific's Dalton construction deliveries.
July Plan Targeted CoreWeave Buildout Completion In Early 2027
Monday's post supplied an incremental delivery figure without replacing the July completion schedule or providing a dated milestone for the next Phase 2 tranche. It also gave no delivery dates within the July-to-October interval, preventing an allocation of the entire increment to one reporting quarter.
The Dalton update follows Mugglehead's coverage of staged data centre customer agreements. Here, the Oct. 19 development concerns construction progress under an existing customer relationship, with billing for the new capacity still unspecified in the post.
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Core Scientific's Oct. 15 earnings notice schedules third-quarter results before markets open on Nov. 5, followed by a call at 8:30 a.m. EST. That is the next scheduled test of whether delivered capacity has entered billing, ahead of the July plan's early-2027 completion target for the CoreWeave buildout at Dalton.
