Core Scientific will complete its exit from bitcoin mining during the fourth quarter and enter 2027 as a pure-play high-density colocation provider. In the third quarter, colocation revenue rose nearly 60% sequentially to $215.4 million, while digital asset self-mining revenue fell about 79% year over year to $12.3 million. Colocation represented nearly 92% of total revenue of $232.9 million and generated $128.4 million in gross profit at a 60% margin, while adjusted EBITDA more than tripled to $133.6 million. The company is billing for 485 megawatts of colocation capacity and expects its CoreWeave and AMD agreements, covering roughly 1.1 gigawatts, eventually to generate $1.8 billion in average annual revenue. The mining exit has nevertheless cost $41.9 million in contract termination losses, and the company ended September with about $1.7 billion in liquidity.
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