Cryptomine firm turned AI data center developer Core Scientific is expanding its landholdings with a new site in Texas.

As part of its Q4 2025 results posted this week, the company announced that it has secured a new development site in Hunt County, Texas, outside Dallas. The 265-acre site can reportedly support up to 285MW of leasable capacity (430MW gross capacity) across multiple buildings.

Full details haven't been shared, but the site could begin energizing in 2027, reaching full power by 2029. An on-site substation is planned.

Revenue for Q4 2025 was $79.8 million compared to $94.9m in the fourth quarter of 2024. Net income was $216m, compared to a net loss of $291.1m in the prior-year period -- primarily due to a GAAP non-cash fair value gain of $330.3m.

Colocation revenue was $31.3m, up from $8.5m the previous year. Self-hosting cryptomining revenue was $42.2m, down from $79.9m in Q4 2025, while hosted cryptomining revenues were down $200,000 to $6.3m.

Capital expenditures were $279.2m for the quarter, $226.2m of which was funded by CoreWeave as part of a hosting deal with the AI cloud firm.

“We’re now past the halfway point on our existing builds and scaling our colocation platform into a 1.5GW pipeline of leasable capacity,” said Adam Sullivan, Core Scientific CEO. “With a multi-geography footprint and proven execution, we’re accelerating RFS timelines across multiple sites to position the company for durable growth.”

Core Scientific said it has 520MW of leasable capacity at its existing sites, and another 700MW in unaccounted opportunities.

AI Cloud firm CoreWeave, which has twice tried and failed to buy Core Scientific, is contracted to lease 590MW of capacity across five sites: Denton (260MW) and Austin (20MW), Texas; Dalton (175MW), Georgia; Muskogee (70MW), Oklahoma; and Marble (65MW), North Carolina.

Core Scientific also has projects in Pecos, Texas; Calvert City, Kentucky; Grand Forks, North Dakota; and Auburn, Alabama.

During the earnings call, Sullivan said the company was close to announcing a new customer leasing agreement with an unnamed customer, and is in “active discussions” with hyperscalers, neoclouds, and large enterprises. The firm currently has 500MW under exclusivity arrangements with a “large investment-grade counterparty,” he noted.

He noted that while the company was in negotiations with CoreWeave about a possible merger, “hyperscalers simply would not engage with us.”

“Those conversations restarted following termination, and we have made significant headway,” he added.

In Dalton, Georgia, Sullivan said the firm had acquired an additional 175 acres of land for an expansion that will take the site to 450MW.

The company is also working to convert its Pecos site from cryptomining to HPC colocation. Sullivan said the company expects “every megawatt in our portfolio to be dedicated to colocation within the next three years.”

Core Scientific CFO Jim Nygaard noted that while the “vast majority” of the company’s revenue continues to come from our Bitcoin mining operations, the firm's primary focus was on scaling the colocation business.

“Although colocation revenue in 2025 was limited, we expect to reach an important inflection point in the coming months as we begin billing for additional megawatts, bringing colocation revenue to a level that will not only cover our operating costs, but also drive significant margin expansion going forward,” he said.