Signed and Billing: How Core Scientific Counts Its Data Center Capacity in Its Results for the Second Quarter of 2026

Core Scientific designs, builds and operates data centers for what it calls "high-density colocation", and says its facilities serve "artificial intelligence-related" workloads. Its release of July 28, 2026 reports results for "the second quarter ended June 30, 2026". The capacity it reports comes in more than one measure. Parts of the release follow, not the whole.

What is signed

Among its recent business developments, the company says it "Increased total leased customer power capacity to approximately 1.1 GW, representing more than $24 billion of potential contracted revenue." The term library defines leased capacity as "Power capacity that is committed to customers under executed customer contracts, regardless of whether service has commenced as of period end." Signed, whether or not service has begun. The same list carries a partnership with a company the release names, "with the potential to support up to 2.5 GW of leasable capacity, anchored by 15-year agreements for approximately 530 MW across five sites and more than $14 billion of potential base contracted revenue."

What is billing

On billing, the release says the company is "Billing for 437 MW of capacity as of mid-July, representing approximately $635 million in average annualized colocation GAAP revenue." In the term library, billable capacity is the "Portion of Leased Customer Power Capacity for which service has commenced", where the company is also "actively billing as of period end."

The table under "Financial Summary and Operating Metrics" has a row labeled "Billing MW". It gives 395 under "Q2 2026" and 225 under "Q1 2026". So the release gives a billing figure for "Q2 2026" in the table and another "as of mid-July" in the list.

Between a signed megawatt and a billing one stands the day service begins. For anyone lending against the signed figure, that day is the one to ask about.

What could be leased, and what is changing

The term library starts with what the company has agreed with utilities. Its "Gross Utility Power Capacity" is the "Total electric utility power capacity agreements associated with our data center sites under our control as of period end, including capacity that is commissioned for future use." What could be leased is "Our estimate of the total non-redundant customer IT load that our data center sites could support in the aggregate as of period end, regardless of whether such capacity has been contracted with customers or remains available for sale." An estimate, in the company's own word.

The release's description of the company says that "The majority of the Company's revenue is derived from high-density colocation services, with the remainder derived from earning digital assets for the Company's own account and from digital asset mining hosting services." It adds that "The Company is in the process of repurposing its remaining mining facilities to support its high-density colocation services business as circumstances allow." The timing is left to circumstances.

Repurposing "as circumstances allow" leaves the timing open.