Core Scientific, a Nasdaq-listed operator of data centers for Bitcoin mining and AI workloads, said it has secured $1 billion in strategic financing capacity, including a $500 million commitment from JPMorgan. CEO Adam Sullivan said the backing of Morgan Stanley and JPMorgan positions the company to execute its go-to-market plans and expand its data center infrastructure.
“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,” Sullivan said.
The financing will support equipment, property, and energy investments for high-density colocation data centers. The facility carries interest at SOFR plus 2.5%.
From bankruptcy to billion-dollar credit line
Core Scientific emerged from Chapter 11 bankruptcy in January 2024 after restructuring roughly $400 million of debt. Faced with rising Bitcoin network difficulty and revenue pressure after the halving, the company shifted from expanding its self-mining operations to offering high-density colocation services for AI and machine learning workloads, leveraging its existing power capacity and footprint.
In Q4 2025, Core Scientific reported strong colocation growth even as overall revenue declined. Colocation revenue rose 268% year over year to more than $31 million, while total quarterly revenue fell about 16% to roughly $80 million from around $95 million a year earlier as lower-margin self-mining was wound down. Gross profit increased to nearly $21 million from $4.8 million the prior year. Net income was $216 million, reflecting a GAAP non-cash fair value gain of $330 million versus a net loss of $291 million in Q4 2024. The company ended the quarter with about $533 million in liquidity.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
