CORZ · CIK 1839341
What Core Scientific, Inc. told the SEC could break it.
Core Scientific's disclosures cluster on how concentrated its business is at almost every link. Revenue is highly dependent on a single relationship: 72% of 2025 total revenue came from bitcoin mining recognized through one customer, its mining pool, while its separate colocation segment is 100% dependent on CoreWeave. The concentration extends to where it stores value, with substantially all of its digital assets held by a single third-party custodian whose failure could impair nearly all its bitcoin. On the cost side, electricity is its most significant commodity expense — borne directly in self-mining and unhedged — and almost all of its mining equipment is made overseas, exposing it to U.S. import tariffs of up to 25% that have already raised its costs.
4 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- 72% of revenue from one self-mining (mining-pool) customerhigh
Core Scientific's revenue is highly concentrated: 72% of total revenue in 2025 (80% in 2024, 78% in 2023) was generated from digital asset mining of bitcoin recognized through a single customer (its mining pool), so loss of that pool relationship or a change in its terms would disrupt the majority of revenue. (Its Colocation segment is separately 100% dependent on CoreWeave.)
“For the years ended December 31, 2025, 2024 and 2023, 72%, 80%, and 78%, respectively, of the Company's total revenue was generated from digital asset mining of bitcoin from one customer.”
SEC filing →As of 2026
Commodity & input dependence
- Electricity — most significant commodity operating costmedium
Electricity is Core Scientific's most significant commodity operating cost across its mining and colocation data centers; while colocation contracts include power pass-through provisions, its self-mining segment directly bears electricity price volatility, and it holds no commodity hedges.
“Certain operating costs incurred by us are subject to price fluctuations caused by the volatility of underlying commodity prices, the most significant of which is electricity.”
Other disclosures
- Single third-party custodian holds substantially all digital assetsmedium
Substantially all of Core Scientific's digital assets are held by a single third-party digital asset service, so insolvency, security failure or operational disruption at that one custodian could impair access to or value of nearly all of the company's bitcoin holdings.
“As of December 31, 2025 and 2024, substantially all of our digital assets were held by one third-party digital asset service.”
SEC filing →As of 2026
Regulatory & policy
- Up to 25% import tariffs on overseas-made mining equipmentmedium
Almost all equipment for digital asset mining (and much colocation gear) is manufactured outside the U.S.; U.S.–China trade policy has subjected certain mining equipment to additional import duties of up to 25%, which has already increased Core Scientific's equipment costs, with further tariffs or import restrictions a continuing threat to its fleet expansion.
“These tariffs have subjected certain digital asset mining equipment manufactured overseas to additional import duties of up to 25%. The amount of the additional tariffs and the number of products subject to them has changed numerous times based on action by the U.S. government. These tariffs have increased costs of digital asset mining equipment.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“One customer, CoreWeave, currently accounts for 100% of our Colocation segment revenue.”
Cited →
Its suppliers
“In 2024 we entered into an agreement with Block, Inc. a technology company developing ASICs, to acquire 3 nm ASICs customized for digital asset mining.”
Cited →Bitmain Technologies Limited
“Historically, we have sourced substantially all of our miners from Bitmain Technologies Limited (“Bitmain”), one of the leading manufacturers of digital asset mining equipment.”
Cited →
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