Built, listed, filed, relisted
Core Scientific dates its own inception to 2017. It reached the public markets in January 2022 through a merger with Power & Digital Infrastructure Acquisition Corp, a listed shell whose name the SEC record still carries as the registrant's former name. Less than a year later the company was in bankruptcy.
The Chapter 11
On 21 December 2022 Core Scientific and certain affiliates filed voluntary petitions for relief under chapter 11 of the US Bankruptcy Code. The case ran in the United States Bankruptcy Court for the Southern District of Texas. Nasdaq delisted the shares in April 2023. The company's 2025 Form 10-K records the ending: on 16 January 2024 the court entered an order confirming the Fourth Amended Joint Chapter 11 Plan, on 23 January 2024 the plan became effective and the company emerged, and on 24 January 2024 the shares began trading on Nasdaq again under the ticker CORZ. Holders of the pre-emergence convertible notes had those obligations cancelled; holders of the old common stock received warrants. This was an insolvency proceeding, not a finding of wrongdoing by any court or regulator.
Colocation, and a merger the shareholders refused
The business now sells space and power as much as it mines. As of 31 December 2025 Core Scientific owned or leased ten data centres across seven US states, approximately 1.4 gigawatts of gross utility power capacity, or roughly 920 megawatts of leasable customer power. Its largest customer relationship is with CoreWeave, which began with a 16 megawatt contract in February 2024 and grew through option exercises to about 590 megawatts of leased capacity.
CoreWeave then tried to buy the company outright. A merger agreement was signed on 7 July 2025. At a special meeting on 30 October 2025 the shareholders did not approve it, and Core Scientific terminated the agreement the same day. Separately, the 2025 annual report restated prior financial statements after the company found that assets committed to demolition had been improperly kept on the books rather than impaired. Listing here is not endorsement.