--- title: "Core Scientific: reading contracted, energized and billed capacity | Aguasto" description: "Analyze dated public infrastructure disclosures with strict measurement/status distinctions; this is an independent third-party case, not an Aguasto customer story." canonical: "https://www.aguasto.com/research/cases/core-scientific-capacity-disclosures" last-updated: "2026-10-12" --- # Core Scientific: reading contracted, energized and billed capacity | Aguasto Canonical HTML: [Core Scientific: reading contracted, energized and billed capacity](https://www.aguasto.com/research/cases/core-scientific-capacity-disclosures) > Analyze dated public infrastructure disclosures with strict measurement/status distinctions; this is an independent third-party case, not an Aguasto customer story. [Aguasto](https://www.aguasto.com/) [Industry cases](https://www.aguasto.com/research/cases) Core Scientific: reading contracted, energized and billed capacity [Resources](https://www.aguasto.com/resources) [GPU Library](https://www.aguasto.com/gpus) [Model Index](https://www.aguasto.com/models) [Inference Stack](https://www.aguasto.com/inference-stack) [Learn](https://www.aguasto.com/learn) [Insights](https://www.aguasto.com/insights) [Research](https://www.aguasto.com/research) [Engineering tools](https://www.aguasto.com/tools) Third-party industry case ## Core Scientific: reading contracted, energized and billed capacity Analyze dated public infrastructure disclosures with strict measurement/status distinctions; this is an independent third-party case, not an Aguasto customer story. Original Aguasto conceptual illustration. Not manufacturer geometry, an operating Aguasto asset, or a measured benchmark. By Aguasto Research · Published October 12, 2026 · Revision 1 Aguasto Research documents third-party hardware, models and software. References do not represent Aguasto inventory, evaluated deployments or available inference services. ### A disclosure case, not a deployment model This case examines Core Scientific's own April and July 2026 disclosures to show how capacity language changes the interpretation of an infrastructure story. Core Scientific is the disclosed developer/operator; CoreWeave is the named counterparty in the April project disclosure. Neither company is presented as an Aguasto customer or partner. Aguasto's analytical purpose is to retain the status and date attached to each figure. A project pipeline, utility capacity, a contracted IT allocation and a billed operating measure cannot be added into a single available-GPU total. The case is a reading method, not a claim about the operator's exact capacity on the publication date. [Core Scientific Form 8-K Exhibit 99.2 — project disclosure (external source)](https://investors.corescientific.com/sec-filings/all-sec-filings/content/0001193125-26-165121/d149019dex992.htm) · [Core Scientific Announces Second Quarter 2026 Results (external source)](https://investors.corescientific.com/news-events/press-releases/detail/139/core-scientific-announces-second-quarter-2026-results) ### The April disclosure separates several boundaries Core Scientific's April 21 Form 8-K exhibit describes approximately 590 MW of contracted net critical IT capacity and approximately 900 MW of secured grid capacity across the disclosed projects. It also reports approximately 350 MW energized and more than 185 MW active capacity being billed as of March 13, 2026. Those figures share a disclosure but describe different boundaries and a stated earlier observation date. Use a state table rather than one combined bar. Grid capacity belongs to the electrical boundary; net critical IT refers to the contractual technical allocation; energized and billed measures indicate different delivery stages. Do not infer accelerator count, model throughput or customer utilization from any of those numbers. [Core Scientific Form 8-K Exhibit 99.2 — project disclosure (external source)](https://investors.corescientific.com/sec-filings/all-sec-filings/content/0001193125-26-165121/d149019dex992.htm) ### Phasing changes what completion means The April exhibit says the Austin campus was completed in 2024 and describes phased delivery for the other projects, with substantial completion expected by the first half of 2027. That expected schedule is forward-looking. It is not proof that all project capacity was operating in April or that every phase would meet its forecast date. For analysis, preserve each project's delivered and anticipated states separately. Attach a date to an update rather than overwriting a historical plan with a current-tense operating claim. A customer agreement can establish a commercial relationship and planned technical allocation without establishing that all equipment has been installed and accepted. [Core Scientific Form 8-K Exhibit 99.2 — project disclosure (external source)](https://investors.corescientific.com/sec-filings/all-sec-filings/content/0001193125-26-165121/d149019dex992.htm) ### The July update has a broader portfolio scope In its July 28 second-quarter release, Core Scientific reports 395 billing MW for the quarter ended June 30 and 437 MW being billed as of mid-July. It also reports approximately 1.1 GW of total leased customer power capacity following additional announced business. The release therefore updates a billing measure and a broader leased portfolio; it is not simply a restatement of April's CoreWeave project boundary. A comparison should name both scope and date. Keep quarter-end billing separate from a later intra-quarter observation. Avoid treating the difference between contracted capacity and billing as one directly comparable backlog unless the source uses the same boundary for both. [Core Scientific Announces Second Quarter 2026 Results (external source)](https://investors.corescientific.com/news-events/press-releases/detail/139/core-scientific-announces-second-quarter-2026-results) ### Revenue labels need their own timeline The July release describes potential contracted revenue alongside actual quarterly results and an annualized colocation revenue figure associated with the mid-July billing level. Potential lifetime contract value, annualized revenue and recognized quarterly revenue are different measures. An analyst should retain the original label rather than presenting them as interchangeable cash received. The case does not derive investment returns, tenant credit conclusions or financing advice from these headlines. For a deeper financial analysis, use the actual filing definitions and period tables, then identify construction expenditure, contractual credits, utility responsibility and recognized revenue separately. No simplified capacity chart can substitute for that work. [Core Scientific Announces Second Quarter 2026 Results (external source)](https://investors.corescientific.com/news-events/press-releases/detail/139/core-scientific-announces-second-quarter-2026-results) ### The reusable lesson for infrastructure research The useful editorial method is a five-column evidence ledger: operator and project scope, measure, value, status and observation date. Add the source disclosure date and mark management expectations explicitly. Recheck later filings before describing a historical measure as current. Aguasto can apply this method to public industry cases while keeping its own strategic plans separate. It supports serious engineering discussion without implying asset ownership, customer affiliation or benchmarked compute output. The analytical conclusion is deliberately bounded: these disclosures demonstrate differentiated stages of development and billing, and show why the denominator and date must travel with every infrastructure figure. ### Scope & limitations - Historical disclosures at stated dates; not a verified current capacity inventory. - Independent third-party case; no Aguasto customer or partner relationship is claimed. - Grid, critical IT, energized, leased and billing MW have different boundaries. - Management projections and potential contract revenue are not realized results. ### Continue the research [The Aguasto modular thesis](https://www.aguasto.com/why-modular) [Potential OEM and strategic collaboration](https://www.aguasto.com/partners) ### Sources & verification Reference revision 1 · Reviewed October 12, 2026. Manufacturer claims and documentation are attributed; Aguasto has not run the cited products in production. - [Core Scientific Form 8-K Exhibit 99.2 — project disclosure ↗](https://investors.corescientific.com/sec-filings/all-sec-filings/content/0001193125-26-165121/d149019dex992.htm) Approximately 590 MW contracted net critical IT versus 900 MW secured grid capacity; Approximately 350 MW energized and over 185 MW billed as of March 13 2026; Phased delivery and completion expectations are forward-looking. Publication: 2026-04-21. Verified: 2026-10-12. - [Core Scientific Announces Second Quarter 2026 Results ↗](https://investors.corescientific.com/news-events/press-releases/detail/139/core-scientific-announces-second-quarter-2026-results) 395 billing MW at Q2 end and 437 as of mid-July; Approximately 1.1 GW total leased customer power capacity includes expanded portfolio; Potential contracted revenue distinct from quarter revenue. Publication: 2026-07-28. Verified: 2026-10-12. ### In this publication [A disclosure case, not a deployment model](https://www.aguasto.com/research/cases/core-scientific-capacity-disclosures#section-1) [The April disclosure separates several boundaries](https://www.aguasto.com/research/cases/core-scientific-capacity-disclosures#section-2) [Phasing changes what completion means](https://www.aguasto.com/research/cases/core-scientific-capacity-disclosures#section-3) [The July update has a broader portfolio scope](https://www.aguasto.com/research/cases/core-scientific-capacity-disclosures#section-4) [Revenue labels need their own timeline](https://www.aguasto.com/research/cases/core-scientific-capacity-disclosures#section-5) [The reusable lesson for infrastructure research](https://www.aguasto.com/research/cases/core-scientific-capacity-disclosures#section-6) [More case analyses ↗](https://www.aguasto.com/research/cases) [Source register ↓](https://www.aguasto.com/research/cases/core-scientific-capacity-disclosures#sources) ## Company navigation - 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