Core Scientific's latest quarter shows how far its business has shifted from pure bitcoin mining toward AI infrastructure.

In first-quarter results released May 6, the company said colocation revenue reached $77.5 million, up from $8.6 million a year earlier. That made colocation its largest business line, ahead of digital asset self-mining revenue of $30.1 million, which fell from $67.2 million in the same quarter last year. Total revenue rose to $115.2 million.

The company also disclosed in its 10-Q that it sold 2,385 bitcoin for $208.3 million during the quarter. Core Scientific said the business is continuing to repurpose mining-oriented facilities for high-density compute, while capital spending reached $389.2 million in the period. It ended March with $1.04 billion of liquidity, including about $1.01 billion in cash.

That shift is increasingly tied to CoreWeave. Core Scientific said one colocation customer accounted for 67% of total revenue in the quarter, and its filings show the company now operates 10 data centers across seven U.S. states with about 1.86 gigawatts of gross utility power capacity. Earlier company disclosures said CoreWeave's contracted footprint with Core Scientific had expanded to roughly 590 MW across six sites, with projected revenue of $10.2 billion over 12-year terms.

The numbers make the transition clearer, but they also show the tradeoff: Core Scientific is becoming more like an AI infrastructure landlord, while taking on heavy capex and rising customer concentration to get there.