Core Scientific announced that it has completed the initial closing of a $500 million 364-day loan facility from Morgan Stanley, with the potential to expand the total commitments to up to $1 billion through an accordion feature. The financing strengthens the company’s liquidity as it continues to develop and scale its data center infrastructure.
The facility carries an interest rate based on the secured overnight financing rate (SOFR) plus 250 basis points. Core Scientific said the funds will be used for general corporate purposes tied to the development of its data center assets.
According to the company, the proceeds may support a range of development activities, including purchasing equipment, covering pre-development costs, acquiring real property, and securing additional energy supply agreements for data center operations.
Core Scientific operates large-scale, purpose-built data centers that support high-density colocation services. The company also runs its own fleet of computers to earn digital assets, but is increasingly transitioning its infrastructure to support artificial intelligence workloads and next-generation colocation services.
While digital asset mining currently accounts for the majority of its revenue, the company expects a growing share to come from high-density colocation services as it converts more facilities to support AI and other advanced computing workloads.
The company operates facilities across multiple U.S. states, including Alabama, Georgia, Kentucky, North Carolina, North Dakota, Oklahoma, and Texas.
KEY QUOTES
“This strengthens our liquidity and enhances our financial flexibility as we execute our development and go-to-market strategy. With this additional financing capacity, we can operate decisively by deploying capital to expedite project ready-for-service timelines, making us an even more compelling infrastructure provider for customers.”
Adam Sullivan — Chief Executive Officer, Core Scientific
