Core Scientific added a new risk factor on data center moratoriums to its third-quarter 10-Q, filed with the SEC on 5 November, and the filing says CoreWeave represented approximately 84% of its total revenue for the nine months ended 30 September.
The filing says Core Scientific controlled approximately 2.6 GW of gross utility power, or approximately 1.7 GW of leasable customer power, across 11 data centers in seven states, four of them in Texas. That is about 36% of its sites in Texas and about 65% of its gross power leasable to customers, by our arithmetic.
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The key insight: Core Scientific’s September 2026 10-Q adds a risk factor on data center moratoriums, Texas curtailment rules and organized opposition, and says CoreWeave represented approximately 84% of total revenue for the nine months; four of its 11 data centers are in Texas, about 36% by our arithmetic.
The June 2026 10-Q listed three updated risk factors. The September 10-Q lists four, and the added one opens: “Our data center operations are subject to a highly evolving regulatory landscape and any adverse changes to applicable laws or regulations could adversely affect our ability”.
The filing says “Certain state, local, and municipal jurisdictions in the United States are also considering or have approved moratoriums on new data center construction, citing public health, safety, and environmental concerns.”
It names Texas: “states such as Texas, where we currently intend to operate four data center facilities, have recently moved to regulate large-scale data centers by subjecting large electricity loads to curtailment or disconnection during grid emergencies.”
It also lists physical attacks, “including those motivated by geopolitical events, opposition to AI, and opposition to data center development”, and says “Opposition to data center development has also become more organized and coordinated across jurisdictions and our public profile may draw particular attention to projects associated with us.”
Core Scientific’s 11 data centers by state, as listed in its Form 10-Q for the quarter ended 30 September 2026.
One Customer, and Its New Structure
The filing says Core Scientific’s colocation revenue “is currently derived entirely from a single customer, CoreWeave”. It adds that during the nine months CoreWeave entered into agreements transferring certain license agreements to CW SPV, a special purpose vehicle that is an indirect subsidiary of CoreWeave, and that “CoreWeave remains a primary obligor under those agreements.”
The company says the assignment “introduces an additional layer of counterparty structure” and that its “practical ability to enforce recourse against CoreWeave would depend on its financial condition at the time of any default.”
Revenue under the leases with AMD and a Neocloud counterparty “is not expected to commence, in phases, until the beginning of 2027”, the filing says. It reports approximately $4.4 billion aggregate principal amount of indebtedness for borrowed money as of 30 September.
What CoreWeave Said a Day Earlier
On 4 November a CoreWeave spokesperson said, according to a Briefs Finance summary of a Bloomberg report, “We do not currently anticipate any impact to CoreWeave’s existing customer commitments or associated backlog as a result of shifts in the political landscape.”
Our earlier piece, from Core Scientific’s earnings presentation, showed it billing about 485 MW of roughly 590 MW leased to CoreWeave, with those revenues paid into a lockbox tied to $3.3 billion of senior secured notes due 2031.
Connecting the Coverage
Our related pieces on Core Scientific, CoreWeave and data-center siting:
As we read the filing, the added risk factor is the only change to the list of updated risk factors between the June and September 10-Qs, which grew from three to four.
As we read the concentration disclosures, Core Scientific’s colocation revenue rests on one customer until the AMD and neocloud leases begin, which the filing places at the beginning of 2027.
As we read the CW SPV passage, the company flags the new structure itself: CoreWeave remains a primary obligor, and the filing says recourse would depend on CoreWeave’s financial condition at the time of any default.
Core Scientific, Form 10-Q for the quarter ended 30 September 2026
“Opposition to data center development has also become more organized and coordinated across jurisdictions and our public profile may draw particular attention to projects associated with us.”
Three Implications
FOR COREWEAVE The filing says CoreWeave represented approximately 84% of Core Scientific’s total revenue for the nine months ended 30 September.
FOR TEXAS The filing says Core Scientific currently intends to operate four data center facilities in Texas and names the state’s curtailment and disconnection rules for large loads.
FOR THE BALANCE SHEET The filing reports approximately $4.4 billion aggregate principal amount of indebtedness for borrowed money as of 30 September.
The framework says: “The structural bottleneck isn’t computing, it’s electrons.”
As we read it, Core Scientific’s new risk factor is written in the same terms: it lists its capacity as gigawatts of utility power and names curtailment of large electricity loads during grid emergencies. The framework predates this filing and does not discuss Core Scientific.
What Is Not Established
The risk factor does not name a specific moratorium affecting Core Scientific’s own sites in the passages we read. It does not quantify any effect of the 3 November election results. We have not read a transcript of Core Scientific’s earnings call, and the CoreWeave statement comes from a summary of Bloomberg’s report, not from CoreWeave directly.
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Core Scientific’s September 10-Q adds moratoriums, Texas curtailment rules and organized opposition to its list of risks, while the filing puts CoreWeave at approximately 84% of nine-month revenue and its colocation revenue entirely with that one customer until the AMD and neocloud leases begin.
A note on sourcing. Risk factors, revenue concentration, the CoreWeave assignment, power and site figures come from Core Scientific’s Form 10-Q for the quarter ended 30 September 2026, filed with the SEC on 5 November. The CoreWeave statement comes from a Briefs Finance summary of a 4 November Bloomberg report. Percentages are our arithmetic.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
