Core Scientific
29 named things its latest annual report says its results depend on, each in the company's own words. 14 of them are also named by other companies we've read.
Customers
Suppliers
Bitmain Technologies Limited
depends on · substantially all of our minersnamed as a riskHistorically, we have sourced substantially all of our miners from Bitmain Technologies Limited (“Bitmain”), one of the leading manufacturers of digital asset mining equipment.Business (Item 1)
Tennessee Valley Authority
depends on · 150 MWThe table below summarizes the gross utility power capacity in MW by facility location and electric utility provider as of December 31, 2025:Business (Item 1)
Duke Energy
depends on · 82 MWThe table below summarizes the gross utility power capacity in MW by facility location and electric utility provider as of December 31, 2025:Business (Item 1)
Denton Municipal Electric
depends on · 394 MWThe table below summarizes the gross utility power capacity in MW by facility location and electric utility provider as of December 31, 2025:Business (Item 1)
Texas-New Mexico Power
depends on · 300 MWThe table below summarizes the gross utility power capacity in MW by facility location and electric utility provider as of December 31, 2025:Business (Item 1)
Dalton Utilities
depends on · 195 MWThe table below summarizes the gross utility power capacity in MW by facility location and electric utility provider as of December 31, 2025:Business (Item 1)
Oklahoma Gas & Electric
depends on · 100 MWThe table below summarizes the gross utility power capacity in MW by facility location and electric utility provider as of December 31, 2025:Business (Item 1)
Nodak Electric Cooperative, Inc.
depends on · 100 MWThe table below summarizes the gross utility power capacity in MW by facility location and electric utility provider as of December 31, 2025:Business (Item 1)
Alabama Power Company
depends on · 50 MWThe table below summarizes the gross utility power capacity in MW by facility location and electric utility provider as of December 31, 2025:Business (Item 1)
Block, Inc.
depends onIn 2024 we entered into an agreement with Block, Inc. a technology company developing ASICs, to acquire 3 nm ASICs customized for digital asset mining.Business (Item 1)
Partners and platforms
Coinbase Global, Inc.
depends onnamed as a riskCertain digital assets held by us are stored using Coinbase Global, Inc. (“Coinbase”), a third-party digital asset service.Risk factors (Item 1A)
Mining pools
depends onnamed as a riskWe utilize third party mining pools to receive our earned mining rewards from a given network.Risk factors (Item 1A)
Places
Texas
operates in · 3As of December 31, 2025, we owned or leased ten data centers in Alabama (1), Georgia (2), Kentucky (1), North Carolina (1), North Dakota (1), Oklahoma (1), and Texas (3) totaling 920 MW of total leasable customer power capacity, or 1.4 GW on a gross utility power capacity basis.Business (Item 1)
Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more
Hazards
Extreme temperatures and grid curtailment
named as a riskThe Company’s colocation operations can be affected when extreme temperatures in locations where its data centers operate result in local power price volatility that necessitates economic or grid stabilization-driven curtailment.Business (Item 1)
Commodities and inputs
High-voltage transformers and switchgear
depends on · 12 to 18 monthsnamed as a riskCertain components, including high-voltage transformers, switchgear, generators and advanced cooling systems, can require lead times of 12 to 18 months or longer, which can materially affect data center construction schedules.Business (Item 1)
Regulators
Office of Foreign Assets Control (OFAC)
subject tonamed as a riskHowever, because of the pseudonymous nature of blockchain transactions, we may inadvertently engage in transactions with persons named on OFAC’s SDN list.Risk factors (Item 1A)
Also named by ABNB, ADP, AIG, APP, BMI, BMNR, BPOP, CAT and 46 more
Financial Crimes Enforcement Network (FinCEN)
subject tonamed as a riskTo the extent that our activities cause us to be deemed an MSB under the regulations promulgated by FinCEN under the authority of the U.S. Bank Secrecy Act, we may be required to comply with FinCEN regulations, including those that would mandate us to implement anti-money laundering programs, make certain reports to FinCEN and maintain certain records.Risk factors (Item 1A)
Also named by ABNB, ADP, AFRM, BMNR, COIN, EEFT, FISV, SNEX and 2 more
Public Utility Commission of Texas
subject tonamed as a riskThe Public Utility Commission of Texas is required to review and potentially revise the methodology for allocating wholesale transmission charges to large-load customers by December 31, 2026.Business (Item 1)
Electric Reliability Council of Texas (ERCOT)
subject tonamed as a riskFacilities interconnecting after December 31, 2025 must install remote-disconnect equipment to enable ERCOT-directed load shedding during grid stress events.Business (Item 1)
Also named by GLXY
Georgia Public Service Commission
subject tonamed as a riskIn Georgia, the Public Service Commission adopted a rule in January 2025 allowing Georgia Power to impose minimum billing requirements, longer contract terms, and site-specific cost allocations on new large-load customers exceeding 100 megawatts, including data centers.Business (Item 1)
Also named by SO
Laws and programs
Investment Company Act of 1940
subject to · 40%named as a riskIf certain digital assets, including bitcoin, were to be deemed securities, and consequently, investment securities by the SEC, we could be deemed an inadvertent investment company.Risk factors (Item 1A)
Also named by ABR, AMG, AMP, ARCC, ARES, BAM, BCSF, BEN and 28 more
U.S. tariffs on China
subject to · up to 25%named as a riskThese tariffs have subjected certain digital asset mining equipment manufactured overseas to additional import duties of up to 25%.Risk factors (Item 1A)
Texas Senate Bill 6
subject to · loads exceeding 75 megawattsnamed as a riskSB 6 applies to customers with loads exceeding 75 megawatts at a single site and requires such customers to contribute to transmission interconnection costs, disclose duplicative interconnection requests, and maintain backup generation or load curtailment capability during grid emergencies.Business (Item 1)
Also named by NRG
Oklahoma HB 3594
subject toThis legislation supports our facility under development for colocation services in Muskogee, Oklahoma.Business (Item 1)
Kentucky House Bill 775
subject toKentucky’s expanded data center incentive program, enacted through House Bill 775 in 2025, broadened eligibility for sales and use tax exemptions on qualified data center equipment statewide based on county population thresholds.Business (Item 1)
Accelerating Federal Permitting of Data Center Infrastructure executive order
subject toWhile this executive order may benefit our colocation operations by reducing permitting timelines for future expansion, the scope and durability of these measures remain uncertain and subject to change.Business (Item 1)
Technology
Bitcoin halving
6.25 bitcoin to 3.125 bitcoinnamed as a riskIn April 2024, the Bitcoin protocol executed its fourth planned halving, wherein the bitcoin rewards issued for each solved block declined from 6.25 bitcoin to 3.125 bitcoin.Risk factors (Item 1A)
Also named by BMNR