護城河
護城河: 最新變動 2026-03-02 Core Scientific began as a bitcoin miner and is turning its sites into high-density colocation (HDC) data centres for AI and HPC tenants. At 31 December 2025 it owned or leased ten data centres across seven U.S. states, with "approximately 1.4 gigawatts ("GW") of gross utility power capacity, or approximately 920 megawatts ("MW") of total leasable customer power capacity", and it intends "to convert every megawatt in our portfolio to high-density colocation infrastructure over the next three years" (2025 10-K). The transition is now visible in the numbers: colocation revenue "represented 77% of total revenue" in the first half of 2026, against 12% a year earlier (Q2 2026 10-Q). By July 2026 the company was billing for 437 MW. It had about 1.1 GW contracted with two anchor customers, CoreWeave at 590 MW and AMD at 530 MW (about 380 MW leased directly to AMD and about 150 MW for a neocloud that AMD backs), and AMD holds an exclusive right, under specified conditions, to lease as much as 2 additional gigawatts (Q2 2026 call). Those long take-or-pay contracts, plus energized power at a time when the 10-K says utilities demand "significant collateral postings at contract execution" and large builds take "18 to 24 months, or longer", are the source of a narrow advantage. They do not make a protected franchise. The 10-K names nine established colocation providers and six converted miners as competitors, says competitors "compete on price", and reports that CoreWeave was 100 percent of colocation revenue. The Q2 2026 10-Q says colocation revenue "is concentrated with a single customer" and that the conversion-related material weakness is still unremediated. Build costs are "approximately $11 million to $12 million per megawatt" (Q2 2026 call), and the company expects to finance the AMD build-out through project-level bonds. Core Scientific is rated as having a narrow moat: contract-bound switching costs, with no evidence of a price premium or a scale advantage.
評級: 窄
Core Scientific's position rests on long-dated, take-or-pay leases of energized capacity, not on a protected market. Its 2025 Form 10-K (filed 2026-03-02) says wholesale colocation "typically involves large, long-term agreements with a limited number of customers, often with initial terms of 10 years or more". It adds that such leases are frequently paired with take-or-pay commitments "under which the customer is obligated to pay for leased customer power capacity regardless of utilization, providing operators with revenue visibility over the contract term." On the Q2 2026 call (2026-07-28, https://d1io3yog0oux5.cloudfront.net/_fda3a1f2f1890adaa7ac6c4d9d310971/corescientific/db/1085/11280/prepared_remarks/2Q26+Prepared+Remarks+Transcript+PDF.pdf) management said the company "now has approximately 1.1 gigawatts of total contracted billable capacity, representing more than $24 billion of base contracted revenue". That total combines CoreWeave's 590 MW, on what the CFO called "the 12-year lease terms", with AMD agreements for 530 MW that carry "more than $14 billion of base contracted revenue across the 15-year agreements with 2.5% annual escalators". Management also said it was "currently billing for 437 megawatts of capacity". The limits are just as clear. The 10-K says "Competitors compete on price, facility location, reputation and perceived skill with respect to performance" and that many rivals "are more established, have better brand recognition, are well capitalized". It also says "One customer, CoreWeave, currently accounts for 100% of our Colocation segment revenue." The Q2 2026 10-Q says a material weakness tied to converting mining facilities to HPC "has not been remediated". Long take-or-pay terms are the norm in wholesale colocation, so the contracts alone are contracted revenue, not an edge over rivals. What supports narrow is capacity already billing and a tenant that has expanded in place, and even that is bound to those contracts and to one customer today, so the band is narrow, not wide.
類型: 轉換成本
The lock-in is contractual and physical. The 10-K's description of colocation is that "Customers deploy and manage their own hardware, while the operator designs, builds and operates the underlying infrastructure", under take-or-pay leases "often with initial terms of 10 years or more". On the Q2 2026 call the COO described the AMD program as "an integrated colocation platform engineered to support AMD's Helios Rack-Scale systems" with a "close-coupled AMD design framework". Leaving would mean rebuilding that power, cooling and fit-out elsewhere. The relationship with CoreWeave shows the stickiness: it "began with a 16-megawatt lease at our Austin campus in 2024 and has since expanded to 590 megawatts of total contracted capacity". Intellectual property is not the source. The 10-K says the company has "filed over 130 patent applications" but that these laws and procedures "provide only limited protection". Scale is not the source either: the 10-K says rivals are "well capitalized" and some are organized to lower "their external cost of capital".
領先地位: 快速追隨者
No independent share or rank was found. The 10-K lists Aligned Data Centers, Compass Datacenters, Equinix, Digital Realty Trust, NTT, QTS, Switch, Vantage Data Centers and CyrusOne as HDC competitors and says "Many of these competitors are more established, have better brand recognition, are well capitalized". It separately names Applied Digital, Cipher Mining, Galaxy Digital, Hut 8, IREN and TeraWulf as miners converting facilities for AI and HPC customers. Against that field Core Scientific is scaling quickly from a small base: 437 MW billing and about 1.1 GW contracted at the Q2 2026 call. That makes it a fast follower behind larger incumbents. Its press releases describe the company as "a leader in designing, building and operating large scale, purpose-built data centers", but that is the company's own claim and is not counted.
定價權: 中等
Price is set competitively at signing and then locked in. The 10-K says "Competitors compete on price" and warns that "If we fail to accurately estimate the factors upon which we base our contract pricing, we may generate less profit than expected or incur losses on those contracts". Once signed, the AMD agreements carry "2.5% annual escalators" (Q2 2026 call), and the Q2 2026 10-Q says "power costs are passed through to our customer without markup". To win AMD, the company also gave AMD "market-priced warrants to purchase Core Scientific's common stock, subject to certain commercial conditions" (AMD release, 2026-07-28, https://investors.corescientific.com/news-events/press-releases/detail/138/core-scientific-and-amd-announce-infrastructure-partnership). In Q2 2026, colocation revenue was $136,669 thousand and the cost of colocation services was $56,686 thousand, including $35,073 thousand of power fees passed through to the customer (10-Q). Contracted escalators protect price over a 12- to 15-year term, but nothing shows a premium over rivals, so pricing power is moderate.
依所引來源做出的人工整理護城河判斷。 來源：sec.gov
與其他公司比較…
