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CORZ on Nasdaq

Core Scientific

Logo: Core Scientific, Inc., Public domain, via Wikimedia Commons5

US-based company that operates data centers founded in 20171

Core Scientific, Inc. is a US-based company with its registered office in Dover, Delaware. Core Scientific operates data centers. Originally active in bitcoin mining, the company has shifted its focus to building GPU cloud and colocation offerings for large customers' AI applications.3 Its shares trade on Nasdaq under the symbol CORZ.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

2017Founded1

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  • TickerCORZ on Nasdaq1
  • Industrydata center1
  • HeadquartersDover1
  • Websitewww.corescientific.com
  • Incorporated inDE6
  • Business address838 Walker Road, Suite 21-2105, Dover, De 199046
  • Filer categoryLarge accelerated filer6
  • Legal formCorporation4
  • LEI5299003RGB2LAZ65RK734
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressc/o Registered Agent Solutions, Inc., 838 Walker Road Suite 21-2, 19904 Dover, United States4
  • Registered withDivision of Corporations, Department of State, 45719224

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Core Scientific, Inc. is a US-based company with its registered office in Dover, Delaware. Core Scientific operates data centers. Originally active in bitcoin mining, the company has shifted its focus to building GPU cloud and colocation offerings for large customers' AI applications.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

11.9%Gross margin9
-77.0%Operating margin9
-90.5%Net margin9
-37.5%Revenue growth, 20259
-$450.8MFree cash flow9

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue64¢$281.1M
  • Selling, general and admin36¢$159.2M
  • Income tax0¢$583.0K

Out of $319.0M in revenue.9 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending100¢$729.0M

Out of $278.2M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.9

Financial statements

Revenue1011129$319.0M in 2025+429% since 2020
0$200.0M$400.0M$600.0M$800.0M2020: $60.3M$60.3M20202021: $544.5M$544.5M2021+803%2022: $640.3M$640.3M2022+18%2023: $502.4M$502.4M2023−22%2024: $510.7M$510.7M2024+2%2025: $319.0M$319.0M2025−38%
Gross profit1011129$37.9M in 2025+304% since 2020
0$100.0M$200.0M$300.0M2020: $9.4M$9.4M20202021: $238.9M$238.9M2021+2443%2022: $8.4M$8.4M2022−96%2023: $123.5M$123.5M2023+1370%2024: $121.1M$121.1M2024−2%2025: $37.9M$37.9M2025−69%
Operating income1011129-$245.6M in 2025+3782% since 2020
-$3.0B-$2.0B-$1.0B0$1.0B2020: -$6.3M-$6.3M20202021: $131.5M$131.5M20212022: -$2.1B-$2.1B20222023: $9.0M$9.0M20232024: -$142.1M-$142.1M20242025: -$245.6M-$245.6M2025+73%
Net income1011129-$288.6M in 2025+2265% since 2020
-$3.0B-$2.0B-$1.0B0$1.0B2020: -$12.2M-$12.2M20202021: $47.3M$47.3M20212022: -$2.1B-$2.1B20222023: -$246.5M-$246.5M2023−89%2024: -$1.4B-$1.4B2024+483%2025: -$288.6M-$288.6M2025−80%
Fiscal year2019202020212022202320242025
Revenue$60.3M10$544.5M11$640.3M12$502.4M9$510.7M9$319.0M9
Cost of revenue$50.9M10$305.6M11$631.9M12$378.9M9$389.6M9$281.1M9
Gross profit$9.4M10$238.9M11$8.4M12$123.5M9$121.1M9$37.9M9
Research and development$5.3M10$7.7M11$27.0M12$7.2M12$11.8M12
Selling, general and admin$108.1M9$113.7M9$159.2M9
Operating expenses$72.2M10$253.0M10
Operating income-$6.3M10$131.5M11-$2.1B12$9.0M9-$142.1M9-$245.6M9
Income before tax$63.1M11-$2.2B12-$245.8M9-$1.4B9-$288.0M9
Income tax$010$15.8M11-$17.1M12$683.0K9$859.0K9$583.0K9
Net income-$12.2M10$47.3M11-$2.1B12-$246.5M9-$1.4B9-$288.6M9
Earnings per share-$0.1410$0.2311-$6.3012-$0.659-$4.879-$0.889
Earnings per share (diluted)-$0.1410$0.2011-$6.3012-$0.659-$4.879-$0.889
Shares (weighted, basic)207.3M shares11340.6M shares12379.9M shares9255.8M shares9318.1M shares9
Shares (weighted, diluted)233.3M shares11340.6M shares12379.9M shares9255.8M shares9318.1M shares9

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Corporate structure

Core Scientific sits at the top of its group. 5 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Core Scientific

  • Core Scientific Miami, Florida, United States
    • American Property Acquisition I, LLC Subsidiary · North Carolina, United States
    • American Property Acquisition, LLC Subsidiary · Delaware, United States
    • American Property Acquisitions VII, LLC Subsidiary · Georgia, United States
    • Core Scientific Mining (Oklahoma) LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Core Scientific reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Construction in progress$112.0M12 Dec 31, 2024$183.9M12 Dec 31, 2023−39.1%
Property and equipment, net$1.3B9 Dec 31, 2025$433.5M9 Dec 31, 2024+198.4%
Finance-lease assets$1.8M9 Dec 31, 2025$5.9M9 Dec 31, 2024−68.6%
Operating-lease assets (leased space)$108.5M9 Dec 31, 2025$114.5M9 Dec 31, 2024−5.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$311.4M9 Dec 31, 2025$836.2M9 Dec 31, 2024−62.8%

Properties, in its own words

Our corporate headquarters is located at 838 Walker Road, Suite 21-2105, Dover, Delaware 19904, and we also maintain leased

office space in Texas and Florida. Our data center facilities include leased sites in Alabama, North Dakota, and Texas and owned sites

The rest of Item 2

in Georgia, Kentucky, North Carolina, and Oklahoma. We believe our facilities are suitable and adequate for our current operations.

Item 2 of the 10-K filed Mar 2, 2026.16

The story

Core Scientific was founded in Seattle in 2017, but later relocated its operational headquarters to Austin. Its founders include B. Kevin Turner, former COO of Microsoft. The company initially specialized in Bitcoin mining using renewable energy and digital asset infrastructure.

In 2021, Core Scientific announced plans to go public via a SPAC merger with Power & Digital Infrastructure Acquisition Corp. The IPO was completed in January 2022, with a valuation of over $4 billion at the time of listing, raising $190 million for Core Scientific.

However, at the end of 2022, Core Scientific filed for bankruptcy under Chapter 11 following a sharp drop in Bitcoin prices and high debt levels. Operations continued during the proceedings. In January 2024, the company emerged from bankruptcy after undergoing extensive restructuring and reorganization.

Since 2024, the company has been increasingly focusing on high-performance computing (HPC) for artificial intelligence. In 2025, contracts worth US$10 billion were signed for the operation of data centers.

In July 2025, CoreWeave announced its intention to acquire Core Scientific in a deal worth US$9 billion.

In March 2026, it was announced that Core Scientific had sold approximately $175 million worth of Bitcoin holdings to accelerate the expansion of its AI infrastructure. Bitcoin mining, on the other hand, is to be discontinued. In addition to selling its Bitcoin holdings, the company also took out a billion-dollar loan to build new data centers in several US states.

Core Scientific currently operates 10 data centers (as of March 2026) spread across seven US states.

From Wikipedia’s article on Core Scientific, shared under CC BY-SA 4.0.7

Leadership

Who has led Core Scientific, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Patrick C. Eilers2021
  2. Michael J. Levitt2022
  3. Adam Taylor Sullivan2024–now

President

  1. Adam Taylor Sullivan2023

Chief financial officer

  1. James P. Nygaard Jr.2021–2022
  2. Michael Trzupek2022
  3. Denise Marie Brucia Sterling2022–2025
20202025
Board members and other officers (27)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • American Property Acquisition I, LLC North Carolina8
  • American Property Acquisition, LLC Delaware8
  • American Property Acquisitions VII, LLC Georgia8
  • Core Scientific Mining (Oklahoma) LLC Delaware8

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Power & Digital Infrastructure Acquisition Corp.Jan 8, 2021 to Jan 19, 20226

Timeline

  1. Sep 10, 20268-K Regulation FD disclosure47
  2. Aug 27, 20268-K Entered a material agreement; New debt or obligation; Regulation FD disclosure48
  3. Aug 14, 20268-K Regulation FD disclosure; Other events49
  4. Jul 29, 20268-K Executive or director change; Regulation FD disclosure50
  5. Jul 28, 20268-K Unregistered sale of shares; Regulation FD disclosure51
  6. Jul 28, 20268-K Results of operations; Regulation FD disclosure52
  7. May 26, 20268-K Executive or director change; Regulation FD disclosure53
  8. May 15, 20268-K Shareholder vote54
  9. May 6, 20268-K Entered a material agreement; Regulation FD disclosure55
  10. May 6, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation56
  11. May 6, 20268-K Results of operations; Regulation FD disclosure57
  12. May 5, 20268-K Executive or director change58
  13. Jan 25, 2024New chief executive Adam Taylor Sullivan becomes CEO17
  14. Jan 31, 2022New chief executive Michael J. Levitt becomes CEO18
  15. Feb 9, 2021New chief executive Patrick C. Eilers becomes CEO19
  16. 2017Founded Founded1

Calendar

Coming up

  1. Nov 5, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported ($0.46) a share, on Oct 24, 2025.59

When it reported results

  1. Jul 28, 2026Reported quarterly or annual results52
  2. May 6, 2026Reported quarterly or annual results57
  3. Mar 2, 2026Reported quarterly or annual results60
  4. Oct 24, 2025Reported quarterly or annual results61
  5. Aug 8, 2025Reported quarterly or annual results62
  6. May 7, 2025Reported quarterly or annual results63
  7. Feb 26, 2025Reported quarterly or annual results64
  8. Nov 6, 2024Reported quarterly or annual results65

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

619 filings to the SEC since October 2021: 7 annual reports, 19 quarterly reports, 164 major events, 188 insider forms, 67 large holders, 1 private raises, 173 other. The latest 20:

  1. Oct 14, 20264 EDGAR
  2. Oct 13, 2026144 EDGAR
  3. Oct 7, 20264 EDGAR
  4. Oct 5, 20264 EDGAR
  5. Oct 5, 20264 EDGAR
  6. Sep 30, 20264 EDGAR
  7. Sep 23, 20264 EDGAR
  8. Sep 17, 20264 EDGAR
  9. Sep 16, 20264 EDGAR
  10. Sep 10, 20268-K EDGAR
  11. Sep 10, 20264 EDGAR
  12. Sep 2, 20264 EDGAR
  13. Aug 27, 20268-K EDGAR
  14. Aug 26, 20264 EDGAR
  15. Aug 24, 20264 EDGAR
  16. Aug 20, 20264 EDGAR
  17. Aug 19, 20264 EDGAR
  18. Aug 14, 20268-K EDGAR
  19. Aug 14, 2026SCHEDULE 13G EDGAR
  20. Aug 14, 2026SCHEDULE 13G/A EDGAR

The 619 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

75 open-market trades by officers, directors and large owners since October 2021: 22 buys and 53 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 28, 2026DUCHENE TODD MSee remarksSale10,000$16.76$167.6KForm 4
Sep 21, 2026DUCHENE TODD MSee remarksSale10,000$18.37$183.7KForm 4
Sep 15, 2026Weiss Eric StantonDirectorBuy6,000$16.33$98.0KForm 4
Sep 14, 2026DUCHENE TODD MSee remarksSale10,000$17.14$171.4KForm 4
Sep 8, 2026DUCHENE TODD MSee remarksSale10,000$18.67$186.7KForm 4
Aug 31, 2026DUCHENE TODD MSee remarksSale10,000$16.23$162.3KForm 4
Aug 24, 2026DUCHENE TODD MSee remarksSale10,000$17.45$174.5KForm 4
Aug 20, 2026CRAIN ELIZABETHDirectorBuy6,000$18.33$110.0KForm 4
Aug 18, 2026Weiss Eric StantonDirectorBuy7,000$19.19$134.3KForm 4
Aug 17, 2026DUCHENE TODD MSee remarksSale10,000$20.10$201.0KForm 4
Aug 10, 2026DUCHENE TODD MSee remarksSale10,000$19.98$199.8KForm 4
Aug 3, 2026DUCHENE TODD MSee remarksSale10,000$22.24$222.4KForm 4
Jul 27, 2026DUCHENE TODD MSee remarksSale10,000$20.95$209.5KForm 4
Jul 20, 2026DUCHENE TODD MSee remarksSale10,000$22.30$223.0KForm 4
Jul 13, 2026DUCHENE TODD MSee remarksSale10,000$22.45$224.5KForm 4
Jul 6, 2026DUCHENE TODD MSee remarksSale10,000$22.63$226.3KForm 4
Jun 29, 2026DUCHENE TODD MSee remarksSale10,000$26.17$261.7KForm 4
Jun 22, 2026DUCHENE TODD MSee remarksSale10,000$29.29$292.9KForm 4
Jun 15, 2026DUCHENE TODD MSee remarksSale10,000$28.20$282.0KForm 4
Jun 8, 2026DUCHENE TODD MSee remarksSale10,000$26.85$268.5KForm 4

All 75 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Adam SullivanPresident and Chief Executive Officer34$815.8K$22.9M89
2025James NygaardExecutive Vice President, Chief Financial Officer52$450.0K$9.7M89
2025Todd DuCheneExecutive Vice President, Chief Legal and Administrative Officer62$523.8K$7.4M89
2025Denise SterlingFormer Executive Vice President, Chief Financial Officer$500.0K$6.1M89
2024Adam SullivanPresident and Chief Executive Officer34$563.0K$41.9M89
2024Todd DuCheneExecutive Vice President, Chief Legal and Administrative Officer62$500.0K$15.4M89
2024Denise SterlingFormer Executive Vice President, Chief Financial Officer$424.6K$4.8M89
2023Adam SullivanPresident and Chief Executive Officer34$378.3K$890.8K89
2023Todd DuCheneExecutive Vice President, Chief Legal and Administrative Officer62$492.3K$492.4K89
2023Denise SterlingFormer Executive Vice President, Chief Financial Officer$300.0K$392.1K89

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Sep 9, 2022Filed a private offering of equity90 Form D: $100 million offered in all Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.28,122,262$719.6M0.0%+3,492,391
Situational Awareness LP26,008,473$665.6M3.3%No change
Jericho Capital Asset Management L.P.22,882,942$585.6M4.8%+11,159,492
Vanguard Portfolio Management LLC18,661,783$477.6M0.0%+47,247
UBS Group AG15,889,496$406.6M0.1%−9,644,444
Vanguard Capital Management LLC13,797,507$353.1M0.0%+432,618
Two Sigma Investments, LP10,275,907$263.0M0.2%+4,689,937
Geode Capital Management, LLC8,495,597$244.6M0.0%+691,916
Value Aligned Research Advisors, LLC9,187,797$235.1M1.4%+1,468,835
Two Seas Capital LP9,028,509$231.0M8.8%−7,123,324
State Street Corp7,747,021$198.2M0.0%+460,745
Valiant Capital Management, L.P.7,474,231$191.3M11.9%+622,906
Ascentis Wealth Management, LLC7,282,008$186.3M27.9%−10
Jane Street Group, LLC6,468,992$165.5M0.1%+6,407,759
Morgan Stanley6,338,943$162.2M0.0%+2,866,937
Jpmorgan Chase & Co5,452,208$141.8M0.0%+233,450
Oaktree Capital Management LP4,993,708$127.8M3.4%−4,357,000
Monarch Alternative Capital LP4,600,000$117.7M22.8%New
Helix Partners Management LP4,550,000$116.4M31.4%+139,000
Apollo Management Holdings, L.P.4,520,165$115.7M1.9%New
Citadel Advisors LLC4,041,333$103.4M0.1%−2,093,022
American Century Companies Inc4,038,573$103.3M0.0%+1,536,813
Fifth Third Bancorp3,998,795$102.3M0.2%+1,322
Avala Global LP3,975,334$101.7M3.8%New
Clearline Capital LP3,960,803$101.4M6.5%−4,178,513

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Core Scientific is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCore Scientific, Inc./tx2
  • CIK0001839341
  • Employer ID (EIN)86-124383716
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company16
  • Incorporated inDelaware16
  • Fiscal year endsDecember 312
  • Industry code (SIC)6199 Finance Services2
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance2
  • Business address838 Walker Road, Suite 21-2105, Dover, DE 199042
  • Phone(425) 998-53002
  • Shares outstanding321,340,441 as of Jul 23, 202614
  • Public float$4.2B as of Jun 30, 202516
  • AuditorKPMG LLP, Chicago, Illinois PCAOB ID 185; it also attests to the company’s internal control over financial reporting16
  • On EDGAR sinceJan 8, 20212
  • Filings674 in all: 8-K (158), 4 (154), 424B3 (51), 425 (39), 3 (34), 144 (29), CORRESP (19), 10-Q (17)2
    All 50 form types

    SCHEDULE 13G/A (14), SCHEDULE 13D/A (13), SCHEDULE 13G (13), UPLOAD (11), 8-K/A (10), SC 13G (10), 4/A (9), DFAN14A (7), S-1/A (7), S-4/A (6), SC 13D (6), SC 13D/A (6), 10-K (5), EFFECT (5), NT 10-Q (5), 10-Q/A (4), S-1 (4), DEF 14A (3), S-8 (3), SC 13G/A (3), 10-K/A (2), 25-NSE (2), ARS (2), CERT (2), DEFA14A (2), DEFM14A (2), SCHEDULE 13D (2), 3/A (1), 424B4 (1), 8-A12B (1), 8-A12B/A (1), D (1), DEFC14A (1), DRS (1), NT 10-K (1), PRE 14A (1), PREC14A (1), S-1MEF (1), S-4 (1), SEC STAFF ACTION (1), T-3 (1), T-3/A (1)

  • Latest filingsAnnual report (10-K) Mar 2, 2026
    Quarterly report (10-Q) Jul 28, 2026
    Proxy statement (DEF 14A) Mar 31, 2026
    Latest 8-K (8-K) Sep 10, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, par value $0.00001 per shareCORZThe Nasdaq Global Select Market
Warrants, each whole warrant exercisable for one share ofCORZWThe Nasdaq Global Select Market
Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $0.01 per shareCORZZThe Nasdaq Global Select Market

From the cover page of the 10-K filed Mar 2, 2026 (Section 12(b) of the Exchange Act).16

Risk factors and legal proceedings

The risks Core Scientific names in Item 1A of its 10-K filed Mar 2, 2026: 79 risks under these headings, as written.16

  • below together with all of the other information contained in this Annual Report on Form 10-K, including our financial statements and
  • related notes elsewhere in this Annual Report on Form 10-K and in the section titled “Management’s Discussion and Analysis of
  • Financial Condition and Results of Operations,” before deciding to invest in our securities. Although we have organized risks
  • generally according to these categories in the discussion below, many of the risks may have ramifications in more than one
  • category. These categories, therefore, should be viewed as a starting point for understanding the significant risks we face and not as a
  • limitation on the potential impact of the matters discussed. If any of the events or developments described below were to occur, our
  • business, prospects, operating results and financial condition could suffer materially, the trading price of our securities could decline,
  • and you could lose all or part of your investment. The risks and uncertainties described below are not the only ones we face.
  • Additional risks and uncertainties not presently known to us, or that we currently believe to be immaterial, may also adversely affect
  • our business.
  • Risks Related to our Businesses and Industries
  • Our success depends in large part on our ability to timely and successfully convert our existing facilities to support our high-
The other 68 risks
  • density colocation customers and to attract new high-density colocation customers. Delays in the expansion or modification of
  • existing facilities or the construction of new facilities or significant cost overruns could present significant risks to our business
  • and could have a material adverse effect on our business, financial condition and results of operations.
  • Currently our high-density colocation business is highly dependent on a single customer.
  • Our increased focus on high-density colocation may not be successful and depends on the continuing development and
  • resource and computational requirements of high-density colocation applications such as cloud computing, machine learning and
  • artificial intelligence and continuing need for the infrastructure and services we provide.
  • Our success in our digital asset segments depends in large part on our ability to mine bitcoin in a profitable manner which
  • We may not be able to maintain our competitive position as the Bitcoin network experiences increases in total network hash
  • As more processing power is added to a network, our relative percentage of total processing power on that network is
  • expected to decline absent significant capital investment, which has an adverse impact on our ability to generate revenue from
  • processing transactions on that network and could have a material adverse effect on our business, financial condition and results
  • Our business is capital intensive, and failure to obtain the necessary capital when needed will force us to delay, limit or
  • terminate our expansion efforts or other operations, which would have a material adverse effect on our business, financial
  • If we do not accurately predict our facility requirements, it could have a material adverse effect on our business, financial
  • We are subject to risks associated with our need for significant electric power and the limited availability of electrical power
  • and resources, equipment and materials designed to provide usable electrical power within our facilities, which could have a
  • material adverse effect on our business, financial condition and results of operations. An inability to purchase and develop
  • additional sources of low-cost sources of energy effectively or to obtain real estate, materials and equipment to operate our
  • facilities efficiently will have a material adverse effect on our business, financial condition and results of operations.
  • If we fail to accurately estimate the factors upon which we base our contract pricing, we may generate less profit than
  • expected or incur losses on those contracts, which could have a material adverse effect on our business, financial condition and
  • Any failure in our critical systems, facilities or services we provide could lead to disruptions in our and our customers’
  • businesses and could harm our reputation and result in financial penalty and legal liabilities, which would reduce our revenue and
  • We may be vulnerable to physical security breaches, which could disrupt our operations and have a material adverse effect
  • on our business, financial condition and results of operations.
  • Physical risks and regulatory changes relating to climate change may impact our costs, our access to materials and
  • resources and demand for cryptocurrencies, potentially adversely impacting our business, capital expenditures, results of
  • operations, financial condition and competitive position.
  • If our information technology systems or those of the third parties with whom we work or our data, are or were
  • compromised, we could experience adverse consequences resulting from such compromise, including but not limited to regulatory
  • investigations or actions; litigations; fines and penalties; disruptions of our business operations; reputational harm; loss of
  • revenue or profits; and other adverse consequences.
  • We are subject to stringent and evolving U.S. and foreign laws, regulations, and rules, contractual obligations, industry
  • standards, policies and other obligations related to data privacy and security. Our actual or perceived failure to comply with such
  • obligations could lead to regulatory investigations or actions; litigation (including class claims) and mass arbitration demands;
  • fines and penalties; a disruption of our business operations; reputational harm; loss of revenue or profits; loss of customers or
  • sales and other adverse business consequences.
  • Our future success depends on our ability to keep pace with rapid technological changes that could make our current or
  • future technologies less competitive or obsolete.
  • We may not be able to adequately protect our intellectual property rights and other proprietary rights, which could have a
  • We may infringe on third-party intellectual property rights or other proprietary rights, which could have a material adverse
  • Our success is dependent on the ability of our management team and our ability to attract, develop, motivate and retain
  • other well-qualified employees, which may be more difficult, costly or time-consuming than expected.
  • A slowdown in market and economic conditions, particularly those impacting the cloud computing, machine learning and
  • AI industries, the demand for high-density colocation infrastructure and services, and the blockchain industry and the blockchain
  • hosting market, could have a material adverse effect on our business, financial condition and results of operations.
  • Our business is heavily impacted by social, political, economic and other events and circumstances in the United States and
  • in countries outside of the United States, most particularly Asian and other non-Western countries.
  • Global conflict could negatively impact our business, results of operations and financial conditions.
  • Changes in tariffs or import restrictions could have a material adverse effect on our business, financial condition and
  • We have identified a material weakness in our internal control over financial reporting, which has resulted in the
  • ineffectiveness of our internal control over financial reporting and disclosure controls and procedures as of the end of the period
  • covered by this Annual Report on Form 10-K. While we are working to remediate the identified material weakness, we cannot
  • assure you whether or when we will be successful in remediating the identified material weakness or that additional material
  • weaknesses will not be identified in the future. Failure to maintain an effective system of internal control may result in material
  • misstatements of our financial statements or cause us to fail to meet our periodic reporting obligations.
  • We may be required to record long-lived asset impairment charges, which could result in a significant charge to earnings.
  • Losses relating to our business may be uninsured, or insurance may be limited.
  • Our business is highly dependent on a small number of digital asset mining equipment suppliers.
  • Miner manufacturers may continue requiring significant advance deposits before orders are fulfilled and delivered.
  • Our reliance on third-party mining pool service providers for our earned mining reward payouts may have a negative
  • impact on our operations.
  • If there are significant changes to the method of validating blockchain transactions, such changes could reduce demand for
  • digital assets like bitcoin.
  • The further development and acceptance of consensus algorithms and other cryptographic and algorithmic protocols are
  • subject to a variety of factors that are difficult to evaluate. The slowing or stoppage of development or acceptance of blockchain
  • networks and digital assets would have an adverse material effect on the successful development of the mining operation and value

Legal proceedings

We are involved in lawsuits, claims and other legal matters that arise in the ordinary course of business. The outcome of these

matters cannot be predicted with certainty; however, we believe that the ultimate resolution of these matters will not have a material

adverse effect on our consolidated financial position, results of operations or cash flows. To the extent that the ultimate resolution of

any matter differs from our current estimates reflected in the recorded reserves, we could incur additional charges that could be

The opening of Item 3, Legal Proceedings.16

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