Core Scientific, a digital infrastructure company focused on high-density colocation and data centers, announced it has expanded its strategic financing facility to $1 billion following an additional $500 million commitment from JPMorgan Chase Bank.
The new commitment was added under the accordion feature of the company’s previously established 364-day credit facility, which initially included a $500 million commitment from Morgan Stanley. With the latest addition, total available financing capacity under the facility now reaches $1 billion.
Borrowings under the facility carry an interest rate based on the Secured Overnight Financing Rate, plus 250 basis points. The company said the expanded financing strengthens its ability to accelerate the development and deployment of data center infrastructure to meet growing demand.
Core Scientific plans to use the proceeds for general corporate purposes tied to its data center expansion strategy. This includes equipment purchases, pre-development activities, real estate acquisition, and securing additional energy resources to support its facilities.
The company is transitioning much of its infrastructure toward artificial intelligence workloads and next-generation colocation services while continuing to operate digital asset mining operations. It expects revenue from high-density colocation services to increase significantly over time as more facilities are repurposed.
KEY QUOTES
“We are proud to have commitments from Morgan Stanley and J.P. Morgan under this Facility. With $1 billion of total financing capacity now available, we are well positioned to execute on our development and go-to-market strategy, deploying capital to accelerate infrastructure delivery and meet the strong demand environment.”
Adam Sullivan, Chief Executive Officer of Core Scientific
