Bitcoin mining and data center operator Core Scientific has closed a $500 million loan facility with Morgan Stanley, with an option to expand the total financing to $1 billion. The company said the financing can be used for general corporate purposes tied to building and expanding data center assets, including equipment purchases, real estate acquisition and securing additional power agreements.
Core Scientific runs large-scale data centers across several U.S. states, including Texas, Georgia and North Carolina, hosting Bitcoin (BTC) mining rigs and other high-density computing workloads. The 364-day facility carries interest at the Secured Overnight Financing Rate (SOFR) plus 2.5% and includes an accordion feature that allows commitments to increase by another $500 million.
While Core Scientific currently derives most of its revenue from Bitcoin mining, it is converting much of its data center footprint to support AI-related and other high-density computing workloads. The financing announcement follows a recent drop in the company’s shares after a fourth-quarter earnings miss: crypto mining income for the quarter fell to $42.2 million, nearly 50% lower than the same quarter a year earlier.
Core Scientific’s shift toward AI and high-performance computing (HPC) follows a turbulent period. The company filed for Chapter 11 bankruptcy protection in December 2022 amid falling Bitcoin prices, rising energy costs and losses tied to the collapse of crypto lender Celsius. It emerged from bankruptcy in January 2024 and relisted its shares on Nasdaq after completing a court-approved restructuring.
After restructuring, Core Scientific began repurposing parts of its infrastructure to host AI and HPC workloads alongside its Bitcoin mining operations. That effort accelerated in June 2024 when the company signed a 12-year agreement with AI cloud provider CoreWeave to supply data center capacity for HPC, covering roughly 70 MW of infrastructure. In July 2025 CoreWeave proposed an all-stock acquisition of Core Scientific valued at about $9 billion, but the deal failed to secure sufficient shareholder approval in October and did not proceed.
Several other Bitcoin mining firms have similarly started converting infrastructure to serve AI and HPC demand. In July, Hive Digital Technologies announced plans to expand into HPC, aiming for a potential $100 million in annual revenue. Around the same time, TeraWulf signed 10-year colocation agreements with AI infrastructure company Fluidstack valued at $3.7 billion, with Google backing about $1.8 billion of the lease obligations.
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