Core Scientific, Inc.
CORZpublicneocloudData-center hosting
What this company owes, to whom, at what cost and when it comes due. Every figure is the one the company itself states. cohort: neocloud · verified 2026-09-28 How these figures are built →
how it is counted
what the filer owes that is not on its balance sheet at this date: leases not yet commenced plus unrecorded purchase obligations, counted once. A filer that reports the same figure under both (Meta, Alphabet, Equinix, Arm, Applied Digital, Astera Labs) has stated one fact twice, and offBalanceNote says so
- Notes priced since 2024 · 4 →each tranche in the ledger as the company itself states it
how it is counted
principal in USD billions — native for USD, spot rate on the pricing date otherwise (fx recorded)
- $6.9B
- Loans and credit facilities · 7 →as signed; the figure counts new facilities, the count amendments too
how it is counted
the commitment as the company states it — a ceiling for revolvers and delayed-draw facilities, not an amount drawn; new facilities only: an amendment restates a commitment already counted.
- $1.2B
- Debt due in 12 months →no five-year schedule read for this company
how it is counted
the company's own maturity schedule for all its long-term debt, as its latest report states it: principal due in the next twelve months, years two to five and after; USD billions
- —
- Long-term debt on the balance sheet →on its balance sheet at 2026-06-30
how it is counted
long-term debt including its current portion, read line by line off the company's own balance sheet (ADR-0044), an asset manager's consolidated funds' debt apart where it is reported apart; its derivation says when the notes to the accounts gave a part, when the date came from the next report's prior-period column, or when finance leases sit inside a line
- $4.3B
- Cost of debt · 2026 Q2 →interest cover -1.93× · capex over operating cash flow —
how it is counted
4 × the quarter's interest cost ÷ average funded debt (borrowings + finance lease liabilities when the company states them apart; rateBasis says which) — interest cost is the interest expense plus the interest capitalised into what the company builds where it states that for the quarter; none when it states it only for a year in which it capitalised a tenth or more of its interest; interest expense under US GAAP includes finance-lease interest, so funded debt is the cleaner basis; a manager's consolidated VIEs' debt taken out of its debt line is added back where its interest expense pays for it
- 6.59%
When it comes due
Its own schedule
None read.
Notes and facilities since 2024, by maturity year
What has it committed to?
Obligations as the company states them — leases and purchase obligations as it reports them, long-term debt read off its balance sheet — each at the date it last stated it. The off-balance-sheet total is what it owes that its balance sheet does not carry.
Obligations as stated
| Off the balance sheet | $3.1B | 2026-06-30 | Unrecorded purchase obligations at 2026-06-30 |
| Unrecorded purchase obligations | $3.1B | 2026-06-30 | unconditional purchase obligations not recorded on the balance sheet |
| Long-term debt on the balance sheet | $4.3B | 2026-06-30 | long-term debt including its current portion, read line by line off the company's own balance sheet (ADR-0044), an asset manager's consolidated funds' debt apart where it is reported apart; its derivation says when the notes to the accounts gave a part, when the date came from the next report's prior-period column, or when finance leases sit inside a line |
| Lease liabilities on the balance sheet | $109M | 2026-06-30 | operating plus finance, discounted operating + finance lease liabilities |
| Lease payments due | $145M | 2026-06-30 | operating plus finance, undiscounted operating + finance undiscounted payments due |
Obligations created, as announced
| 2026-08-27 | material definitive agreement | $3.0B | credit agreement | Core Scientific, Inc., JPMorgan Chase Bank, N.A. |
| 2026-08-27 | direct financial obligation | $3.0B | credit agreement | Core Scientific, Inc., JPMorgan Chase Bank, N.A. |
| 2026-05-06 | material definitive agreement | $3.3B | notes due | Core Scientific, Inc., Core Scientific Finance Holding LLC, J.P. Morgan Securities LLC, Core Scientific Austin LLC, Core Scientific Denton LLC, Core Scientific Dalton LLC |
| 2026-05-06 | direct financial obligation | $3.3B | notes due | Core Scientific, Inc., Core Scientific Finance Holding LLC, J.P. Morgan Securities LLC, Core Scientific Austin LLC, Core Scientific Denton LLC, Core Scientific Dalton LLC |
| 2026-05-06 | material definitive agreement | $421M | guarantee | Core Scientific, Inc., Polar Merger Sub, LLC, Polaris DS LLC, Top Access Enterprises Limited, Altair LLC, Electric Company |
| 2026-03-23 | material definitive agreement | $1.0B | credit agreement | Core Scientific, Inc., Morgan Stanley Senior Funding, Inc., JPMorgan Chase Bank, N.A., Initial Credit Agreement. The Company |
| 2026-03-23 | direct financial obligation | $1.0B | credit agreement | Core Scientific, Inc., Morgan Stanley Senior Funding, Inc., JPMorgan Chase Bank, N.A., Initial Credit Agreement. The Company |
| 2026-03-06 | material definitive agreement | $500M | credit agreement | Core Scientific, Inc., Morgan Stanley Senior Funding, Inc. |
| 2026-03-06 | direct financial obligation | $500M | credit agreement | Core Scientific, Inc., Morgan Stanley Senior Funding, Inc. |
| 2025-07-07 | material definitive agreement | $270M | — | Core Scientific, Inc., CoreWeave, Inc., Unvested Company, Per Company |
| 2024-12-05 | material definitive agreement | $625M | senior notes | Core Scientific, Inc., U.S. Bank Trust Company |
| 2024-12-05 | direct financial obligation | $625M | senior notes | Core Scientific, Inc., U.S. Bank Trust Company |
| 2024-08-19 | material definitive agreement | $460M | senior notes | Core Scientific, Inc., U.S. Bank Trust Company |
| 2024-08-19 | direct financial obligation | $460M | senior notes | Core Scientific, Inc., U.S. Bank Trust Company |
| 2024-01-23 | material definitive agreement | $260M | credit agreement | Core Scientific, Inc., Computershare Inc., Computershare Trust Company, N.A., Nasdaq Stock Market LLC |
| 2024-01-23 | direct financial obligation | $260M | credit agreement | Core Scientific, Inc., Computershare Inc., Computershare Trust Company, N.A., Nasdaq Stock Market LLC |
What has it borrowed, and at what cost?
Each note tranche in the ledger priced since 2024, as the company itself states it, and each credit facility as signed. Nothing is netted, nothing is estimated.
Notes priced since 2024
| 2026-05-06 | $3.30B | 7.75% | 2031 | fixed | — |
| 2026-05-06 | $3.30B | floating | 2031 | floating | — |
| 2024-03-13 | $150M | floating | 2028 | floating | — |
| 2024-01-23 | $150M | floating | 2027 | floating | — |
Loans and credit facilities as signed
| 2026-08-27 | letter of credit facility “The Credit Agreement provides for (a) a senior secured revolving credit facility in an aggregate principal amount of up to $100.0 million outstanding at any time (the “Revolving Credit Facility”), and (b) a letter of credit facility in an aggregate principal amount of up to $500.0 million outstanding at any time (the “L/C Facility” and together with the Revolving Credit Facility, the “Facilities”” | $500M | — | SOFR + 1.750% | — | JPMorgan Chase Bank, N.A. |
| 2026-08-27 | revolving credit facility “The Credit Agreement provides for (a) a senior secured revolving credit facility in an aggregate principal amount of up to $100.0 million outstanding at any time (the “Revolving Credit Facility”), and (b) a letter of credit facility in an aggregate principal amount of up to $500.0 million outstanding at any time (the “L/C Facility” and together with the Revolving Credit Facility, the “Facilities”” | $100M | secured | SOFR + 1.750% | — | JPMorgan Chase Bank, N.A. |
| 2026-03-23 | delayed draw term loan · amended “(“JPM”), as amendment no. 1 term lender, which amends the Company’s existing credit agreement (the “Initial Credit Agreement”) with the lenders party thereto from time to time and the Agent to increase the term loan commitments thereunder by $500.0 million, to $1.0 billion total, pursuant to the accordion feature of the Initial Credit Agreement.” | $1.00B | — | — | — | Morgan Stanley Senior Funding, Inc. |
| 2026-03-06 | loan facility “The Credit Agreement provides for a senior secured loan facility (the “Term Loan Facility”) in an aggregate principal amount of $500.0 million.” | $500M | secured | SOFR + 2.50% | — | Morgan Stanley Senior Funding, Inc. |
| 2024-01-23 | credit facility “On the Effective Date, under the terms of the Plan, the Company entered into a credit and guaranty agreement, dated as of January 23, 2024 (the “Exit Credit Agreement”), by and among the Company, as borrower, the guarantors named therein, the lenders party thereto and Wilmington Trust, National Association, as administrative agent and collateral agent, consisting of an $80 million first-lien credi” | $80M | secured | 13.0% fixed | 2027-01-23 | Wilmington Trust, National Association |
| 2024-01-23 | term loan “On the Effective Date, under the terms of the Plan, the Company entered into a credit and guaranty agreement, dated as of January 23, 2024 (the “Exit Credit Agreement”), by and among the Company, as borrower, the guarantors named therein, the lenders party thereto and Wilmington Trust, National Association, as administrative agent and collateral agent, consisting of an $80 million first-lien credi” | $40M | secured | 13.0% fixed | 2027-01-23 | Wilmington Trust, National Association |
| 2024-01-23 | delayed draw term loan “On the Effective Date, under the terms of the Plan, the Company entered into a credit and guaranty agreement, dated as of January 23, 2024 (the “Exit Credit Agreement”), by and among the Company, as borrower, the guarantors named therein, the lenders party thereto and Wilmington Trust, National Association, as administrative agent and collateral agent, consisting of an $80 million first-lien credi” | $20M | secured | 13.0% fixed | 2027-01-23 | Wilmington Trust, National Association |
Private credit — loans only their lenders publish
| 2025-02-26 | Core Scientific, Inc. “States Digital Assets Technology and Services Core Scientific, Inc. Type of Investment Equipment Financing Investment Date August 31, 2021 Maturity Date October 1, 2024” | Trinity Capital Inc. | Equipment Financing | — | 2024-10-01 |
| 2025-02-26 | Core Scientific, Inc. “States Digital Assets Technology and Services Core Scientific, Inc. Type of Investment Equipment Financing Investment Date November 19, 2021 Maturity Date December 1, 2024 Interest Rate Fixed interest rate 10.7%; EOT 5.0%” | Trinity Capital Inc. | Equipment Financing | Fixed interest rate 10.7%; EOT 5.0% | 2024-12-01 |
| 2025-02-26 | Core Scientific, Inc. “States Digital Assets Technology and Services Core Scientific, Inc. Type of Investment Equipment Financing Investment Date December 13, 2021 Maturity Date January 1, 2025 Interest Rate Fixed interest rate 10.5%; EOT 5.0%” | Trinity Capital Inc. | Equipment Financing | Fixed interest rate 10.5%; EOT 5.0% | 2025-01-01 |
| 2025-02-26 | Core Scientific, Inc. “States Digital Assets Technology and Services Core Scientific, Inc. Type of Investment Equipment Financing Investment Date February 9, 2022 Maturity Date March 1, 2025” | Trinity Capital Inc. | Equipment Financing | — | 2025-03-01 |
Cost of debt, from its own statements
Latest quarter, 2026 Q2: cost of debt 6.59%, interest cover -1.93×, capex over operating cash flow —.
equity not positive — debt/equity not meaningful
Cost of debt: 4 × the quarter's interest cost ÷ average funded debt (borrowings + finance lease liabilities when the company states them apart; rateBasis says which) — interest cost is the interest expense plus the interest capitalised into what the company builds where it states that for the quarter; none when it states it only for a year in which it capitalised a tenth or more of its interest; interest expense under US GAAP includes finance-lease interest, so funded debt is the cleaner basis; a manager's consolidated VIEs' debt taken out of its debt line is added back where its interest expense pays for it Interest cover: operating income ÷ interest expense. Capex over operating cash flow: cash purchases of PP&E ÷ operating cash flow; null when operating cash flow is not positive.
What equity has it sold?
Raises as announced, and shares actually sold under an at-the-market programme when the company states the period.
Equity and hybrid raises
| 2024-12-05 | convertible “(the “Company”) completed its previously announced private offering (the “Offering”) of $625.0 million aggregate principal amount of its 0.00% Convertible Senior Notes due 2031 (the “Notes”), which includes the exercise in full of the initial purchasers’ option to purchase up to an additional $75.0 million aggregate principal amount of Notes.” | $625M | 0% | 2031 |
| 2024-08-19 | convertible “(the “Company”) completed its previously announced private offering (the “Offering”) of $460.0 million aggregate principal amount of its 3.00% Convertible Senior Notes due 2029 (the “Notes”), which includes the exercise in full of the initial purchasers’ option to purchase up to an additional $60.0 million aggregate principal amount of Notes.” | $460M | 3% | 2029 |
When does it come due, and who holds it?
The company's own five-year schedule, what we have placed by year from the notes and facilities since 2024, and the price the funds that hold its paper report.
No five-year debt maturity schedule is read for this company.
What we have placed by maturity year, since 2024
| 2027 | $150M | $140M | 1 | 3 |
| 2028 | $150M | — | 1 | 0 |
| 2031 | $6.60B | — | 2 | 0 |
Not on this ladder: facilities with no maturity date
| 2026-08-27 | letter of credit facility | $500M | — |
| 2026-08-27 | revolving credit facility | $100M | — |
| 2026-03-06 | loan facility | $500M | — |
No fund-reported price for its paper. Fund holdings are matched only on identifiers the ledger already holds, so a tranche with no CUSIP in the ledger cannot be matched.
How does it compare?
The same twelve measures every company on the AI trade page carries, beside the median across them. Below each measure, the arithmetic behind it.
Twelve measures, beside the median
| Self-funding operating cash flow $0.5B ÷ capex $1.5B over 4 quarters to 2026Q2 | 0.35× | 1.31× across 40 companies | 2026Q2 |
| Funding mix of $1.5B of capex over 4 quarters to 2026Q2: operations 35.3%, new debt 521.3% ($6.6B notes + $1.1B facilities), equity 0.0% | 35.3% | — | 2026Q2 |
| Off balance sheet $3.1B off the balance sheet ÷ (that + $4.3B long-term debt); each figure as the filer last stated it (longTermDebt 2026-06-30, unrecordedPurchaseObligations 2026-06-30) | 41.9% | 41.9% across 23 companies | 2026-06-30 |
| Committed facilities $1.2B committed across 6 new facilities, 0.29× the $4.3B of long-term debt on the balance sheet | $1.2B | — | 2026-06-30 |
| Marginal cost of debt principal-weighted coupon of $3.3B priced in the last twelve months; the book carries 5.11%, a gap of +2.64 points | 7.75% | — | — |
| New-issue spread median of 1 USD tranches: coupon less the 10-year Treasury on each pricing date (range 339–339 bp) | 339 bp | — | — |
| Floating-rate share $4.7B floating ($3.6B notes + $1.1B facilities off SOFR) ÷ $8.1B raised | 57.7% | 0% across 40 companies | — |
| Rate shock (+100 bp) $4.7B of floating debt × 100 bp = $0.05B more interest a year; interest cover would be -1.48× on the latest quarter annualised | $47M | — | — |
| Secured share of new facilities $0.7B secured ÷ $1.2B committed; $0.5B does not say | 59.7% | 0% across 24 companies | — |
| Refinancing burden debt due within two years ÷ operating cash flow over four quarters | — the filer tags no maturity schedule | 0.15× across 23 companies | — |
| Liquidity runway ($1.8B cash and equivalents as tagged — short-term investments are not included — + $1.2B committed) ÷ $0.4B a quarter of capex and interest, as of 2026Q2 | 7.8 | — | 2026Q2 |
Does our ledger explain its balance sheet?
Across 3 of 14 quarter(s) its debt rose $3.8B and the notes we hold for those quarters total $6.6B — 172.1% explained.
the change in the filer's own borrowings over a fiscal quarter, against the principal of the tranches our ledger says were priced inside that quarter; this is not a reconciliation to the penny and is not meant to be; we do not track repayments, draws under facilities, commercial paper or currency translation.