Current calculation methods for the vertical bearing capacity of steel pipe piles are predominantly designed for smaller diameters and do not account for the soil inside the pile. This necessitates an evaluation of their applicability to piles with diameters exceeding 2.0 m. This study aims to refine the existing formula for calculating vertical bearing capacity, as outlined in the Port Engineering Foundation Code of China, by investigating the vertical bearing capacity of large-diameter steel pipe piles through numerical simulations. By analyzing the relationship between the internal friction resistance of the soil core within the pipe and the bearing capacity for diameters ranging from 2 m to 10 m, this paper proposes a revised formula specifically tailored for steel pipe piles with diameters greater than 2 m, incorporating the effect of the soil core. The validity of the proposed formula is then confirmed through comparison with field data from four large-diameter steel pipe piles. The results demonstrate that the modified method proposed in this study performs better than the original formula when compared with the measured data.